This is the original Trust Deed for the AWU Fatal Accident and Death Benefits Fund.
Note the Trustees are the gentlemen trustees of the AWU Mining Division.
This is the Title Deed to the property at Burt Street purchased by the Trust. You will note the registered proprietor was the AWU West Australian Branch Industrial Union of Workers as at 6 May 1986.
Today I received this professional opinion on the Trust Fund Gillard set up for Bruce Wilson, stamped on 23 April 1992, the same day as the AWU WRA Application for incorporation was lodged.
Points to Note (especially pt 10)
1. Burt St was already in the name of the state registered Union from 6/5/86.
2. The April 92 deed was signed a s a result of a resolution of the (State) Union on 30/3/92. There is a notation in the titles office docs that these minutes were sighted.
3. The declaration of Trust dated 23/10/92 was only made to satisfy the then S55 of the Transfer of Land Act.
The current section is shown below
TRANSFER OF LAND ACT 1893 - SECT 55
55 . Trusts
(1) The Registrar shall not enter on a certificate of title notice of any trusts other than those set out in the body of the original Crown grant or certificate of title or contained or referred to in the transfer, or the ministerial order for the conveyance, of the relevant Crown land into the fee simple.
(2) Where a trust is declared in any other document and the document or a copy of it has been deposited with the Registrar, the Registrar may cause the document or copy to be kept for safe custody and reference but shall not register the document.
(3) The Commissioner may protect, in any manner he thinks fit, the rights of the persons for the time being beneficially interested in, or required to give consent under, a trust a record of which is kept under subsection (2).
(4) The rights incidental to any proprietorship, instrument, dealing or matter registered under this Act shall not be affected by the keeping of a record of a trust under subsection (2).
[Section 55 inserted by No. 81 of 1996 s. 29; amended by No. 31 of 1997 s. 96; No. 6 of 2003 s. 19.]
4.The Stat dec only relates to the 10/92 Deed. The Trustee is the state Union and Bruce Wilson has the power to affix its seal.
In practice however he would have done whatever he wanted.
5.The 4/92 deed evidences a settlement made by the Mining division Committee of the state Union. $301,000 plus the State Union declared it held Burt St on trust.
6.The range of Beneficiaries is not limited to AWU members working in Mining. Wilson could have taken the lot. He could have made the payment to Kernohan from here. He could have set up an entity in the Channel Isles with him as the sole beneficiary and paid over all the assets.
7. Persons in the mining industry can become contributors. The Trustee can pay benefits on the death of Financial contributors. The benefit is $2,500 or such other amount determined ie the $2,500 is not necessarily what will be paid. These persons are within the definition of primary beneficiaries.
8. Subject to any benefit declared but not paid as above the Trustee has an absolute discretion to distribute or lend or advance to any Beneficiary for their own use ant part of the Fund. Clause 4(b). They can deal with anyone they wish notwithstanding any connection to the Trustee Clause7.
9.If that isn’t enough the Trustee can alter the terms of the Trust any time they like. Clause 12.
10. So Gillard has put Wilson in a position where he can effectively do whatever he wants with this Trust Fund.
She has had at least this exposure to Discretionary Trusts.
If she really wanted an election fund allowing for contributors but preventing any split on persons withdrawing didn’t she have a perfect example here of how to do it.
BUT there may have been a bit of a problem getting a Corporate Trustee with the right name AND not so easy to avoid some attention from the Tax Office BUT compared with the problems of getting the WRA incorporated; a piece of cake.
So why go to all that trouble. She has got away with blue murder.
Much more on this soon.