Certified true copy of
the minute retained
in my Protocol
__________________
Notary Public
PROTOCOL NO: ___________2020
NOTARIAL DEED OF DONATION AND TRUST
………………. FAMILY TRUST
KNOW ALL MEN WHOM IT MAY CONCERN:
THAT on the ________ day of ___________ in the year of Our Lord Two Thousand and
Twenty (2020) before me,……………………………
Notary Public duly admitted and sworn residing and practising at Harare, Zimbabwe, in
the presence of the subscribing witnesses, personally came and appeared
Name of one parent
(Born: …………………….. ID No: …………………………….)
of ……………………………….., Harare
(hereinafter called the Trustee and Settlor)
/………
…………………………………
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(Born:…………………………. ID No: …………………………….)
of …………………………….., Harare.
…………………………………………
(Born: …………………………. ID No: ……………………………….)
of ………………………………………, Harare.
(hereinafter called the Trustees)
AND THE SAID APPEARERS DECLARED THAT:
WHEREAS THE Settlor is desirous, by reason of the love and affection he has for the
beneficiaries hereinafter mentioned, to make provision for them by way of donation and
settlement upon the Trustees as in this Deed recorded.
AND WHEREAS in order to give effect to the aforegoing it is necessary to act in
accordance with the provisions hereof;
NOW THEREFORE THESE PRESENTS WITNESS
1. NAME OF TRUST AND EFFECTIVE DATE
1.1 The Trust herein created shall be known as …………………………….
1.2 Notwithstanding the date of signature of this Deed, the Trust shall be
deemed to have come into operation on the date of its registration.
2. OBJECTS
The objects for which the Trust is established are: -
2.1 To make provision for and benefit to the beneficiaries of the Trust;
2.2 To purchase and acquire movable and immovable property in order to
further the objects of the Trust;
2.3 To invest the assets of the Trust Fund in such manner as the Trustees
deem fit;
2.4 To do all things as are incidental or conclusive to the aforegoing objects or
any one of them.
Beneficiaries/……….
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3. BENEFICIARIES
The Beneficiaries of the Trust in respect of the income of the Trust shall be:
i) …………………………………… (Born: ………………. ID No:
………………………………)
…………………………………………, Harare.
ii) ……………………………. (Born:………………….. ) I.D No ……………………………..)
……………………………………., Harare.
iii) …………………………………. (Born:……………………..) I.D No …………………………..)
…………………………………...
iv) Any child or children born of MM and NN
4. DONATION AND ACCEPTANCE
The Settlor hereby donates and settles upon the Trust the amount of ZWL$
500.00 The Trustees hereby accept the aforesaid donation for and on behalf of
the Trust.
5. FURTHER DONATIONS
a) The Settlor reserves to himself the right to make further donations and to
divest himself of the ownership of and any claim to any right, title and interest
in the assets which he may donate to the Trust from time to time and the
Trustees hereby agree to accept the ownership of and all right, title and
interest in any further sums of money or other assets which shall be donated
by him to the Trust from time to time.
6. IRREVOCABILITY
All donations made in terms of the Trust shall be irrevocable.
7. APPOINTMENT OF TRUSTEES
7.1 The Settlor hereby appoints the Trustee as Trustee for the purpose of
holding and administering the funds, investments and assets of the Trust in
terms of this Deed together with any further funds or assets which the
Settlor or any other person may hereafter allot, transfer, deliver or
bequeath to the Trust and the Trustees hereby accept appointment as
Trustees.
7.2 A Trustee shall be entitled at any time to resign as a Trustee by notice in
writing to that effect to co-Trustees.
7.3 A Trustee shall ipso facto vacate office if:-
7.3.1 he/she is declared insolvent or bankrupt or has made an
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assignment to, or an arrangement or composition with, his
creditors;
he/……
7.3.2 he/she is convicted whether in Zimbabwe or elsewhere of theft,
fraud, forgery, uttering a forged document, perjury or any other
offence for which dishonesty is an element;
7.3.3 in the opinion of the majority of the Trustees, he/she becomes
mentally or physically incapable of discharging his functions as a
Trustee;
7.3.4 any order is made under any enactment disqualifying him for
acting in any office as a Trustee.
7.4 Upon attaining the age of 25 (twenty-five), any of the beneficiaries may
become a trustee of the trust subject to consent of the settlor and the
trustees then in office.
7.5 The trustees shall not appoint any additional trustee without the consent of
the settlor.
8. POWERS OF TRUSTEES
The Trustees shall have all such powers as may be necessary to enable them to
administer the Trust in such manner as in their opinions may be most
advantageous for the Trust and the attainment of its objects and without
prejudice to the generality hereof they shall especially have the following powers:
8.1 to act in any manner and exercise all such rights and powers as if they
were the beneficial owners of the assets;
8.2 to invest any securities and to realise such securities and generally to invest
in any and all of the funds of the Trust in their sole unfettered discretion
which do not erode the initial capital.
8.3 to expend the funds of the Trust in any manner which they consider
beneficial
for the maintenance, improvement or alteration of the assets or any of the
funds of the Trust in their sole unfettered discretion;
8.4 to let and hire property, to allow any person to occupy any buildings
belonging to the Trust on such terms and conditions as the Trustees may in
their sole unfettered discretion see fit;
8.5 to pay all rates and taxes and any other expenses of any nature
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whatsoever incurred in respect of the administration of the Trust in their
sole unfettered discretion;
to/……
8.6 to employ persons to carry out the objects of the Trust and to pay them
out of Trust funds in their sole unfettered discretion;
8.7 to take action in any court of law for the recovery of any moneys due to the
Trust or to compel the fulfilment of obligations in favour of the Trust and
likewise to defend any proceedings which may be instituted against the
Trust in their sole unfettered discretion;
8.8 to allow for the payment of debts due to the Trust and to compromise
claims by the Trust in their sole unfettered discretion;
8.9 to carry on business in terms of any partnership entered into, from the
funds or with the assets of the Trust and to exercise all such powers as
may be necessary to carry on such business in their sole unfettered
discretion;
8.10 to carry on business as a sole proprietor from the funds or with the assets
of the Trust and to exercise all such powers as may be necessary to carry
on such business in their sole unfettered discretion;
8.11 to appoint additional trustees either to replace vacancies caused by the
death or resignation of any of them or purely to add to their number;
8.12 to make such awards out of the income of the Trust to the beneficiaries
deemed hereof, in their absolute discretion;
8.13 to distribute the capital of the Trust to the beneficiaries hereof, in
accordance with the provisions of this Deed.
8.14 To do all things as may be requisite in the premises or as may be necessary
or incidental to the due administration and control of the Trust or the due
execution of the Deed;
8.15 No Trustee shall be disqualified from contracting with the Trust nor be
liable to account to the Trust for any profits realized provided that the
nature of his interest is disclosed to the remaining Trustees before entering
into such contract;
8.16 A Trustee shall have the power to delegate his powers as Trustee to any
person anonymously approved by the existing trustees.
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Trustees/……….
9. TRUSTEES LIABILITY
9.1 The Trustees shall not be liable for any loss or depreciation, which
may be sustained by the Trust unless the Trustees have acted mala
fide or where such loss or, depreciation has arisen as a result of
dishonesty on the part of one or more of the Trustees.
10. ADMINISTRATION
10.1 Trustees shall keep or cause to be kept a proper set of accounts in
respect of their transactions which accounts may at the unfettered
discretion of the Trustees be audited annually by the Auditor to be
appointed by the Trustees Any bookkeepers, secretaries or auditors
appointed in terms hereof may have their terms of appointment, in
the sole discretion of the Trustees, be varied from time to time.
10.2 All moneys not invested shall be deposited in banking accounts to
be opened in the name of the Trust or in such Trust savings
accounts with any registered Building Society, Commercial Bank or
any other financial institution as the Trustees may, in their sole
unfettered discretion see fit;
10.3 The Trustees shall meet with such frequency as they shall decide in
their sole unfettered discretion, and there shall be a secretary to be
appointed from the existing trustees, who shall reduce the minutes
to writing and have them signed by all the trustees in attendance.
10.4 The quorum at a meeting of Trustees shall be all Trustees;
10.5 All decisions which the Trustees make shall be by unanimous
consent
order to be valid.
11. PERSONAL LIABILITY
The Trustees shall not incur any personal liability by reason of any loss or damage
sustained in or about or in any consequence of the exercise by them in good faith
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of any powers or discretion vested in them under this Deed or law except wilful
and individual fraud on the part of the Trustee.
Property/……….
12. PROPERTY
All property of any sort which is acquired by the Trust by virtue of a provision of
this Deed shall be vested in and become the property of the Trustees in Trust for
the purposes and use of the Trust.
13. AMENDMENTS
This Deed may be amended, added, altered or varied at any time by agreement or
resolution supported by all the Trustees being present at a meeting of which at
least seven days’ notice has been given. The amendments shall be enacted by
way of Deed of amendment.
14. LEGAL STATUS
The Trust shall be a foundation with corporate status and as such:
14.1 its rights and obligations shall vest in it independently of its Trustees;
14.2 it shall have perpetual succession;
14.3 it shall sue or be sued in its own name.
15. TRUSTEES CHARGES
The Trustees shall be entitled to charge a fee for their services at such rate as is
normal and usual in the administration of a Trust; and any Trustee who performs
a service in a professional capacity in connection with the administration of the
Trust shall be entitled to his normal professional fees therefore.
16. APPLICATION OF INCOME
The net income derived from the Trust after the payment of costs of
administration of the Trust and, if necessary, the capital of the Trust, shall be
utilised by the Trustees in their sole and absolute discretion to provide for the
maintenance and advancement of the Beneficiaries in every respect whatsoever.
17. CUSTODY OF TITLE DEEDS AND OTHER DOCUMENTS AND METHOD OF
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REGISTERING INVESTMENTS
All/………
17.1 All securities, title deeds and other documents belonging to or relating to
the Trust hereby created shall be deposited with and retained by a person
appointed by the Trustees for that purpose.
17.2 It shall not be necessary for any stocks, shares, securities and/or
investments
of the Trust to be registered in the name of the Trustees, but the same
may in the Trustees discretion, be registered in the name of any nominee
or nominees of the Trust.
17.3 Notwithstanding the provisions of this clause, the Trustees may, in their
discretion, appoint any other firm, bank or other institution to hold the
securities, title deeds and documents belonging to the Trust, or may
themselves hold the securities, title deeds and documents belonging to the
Trust.
18. TRUSTEE NOT TO RECOGNISE ASSIGNMENTS, CESSIONS AND PLEDGES
BY BENEFICIARIES
The Trustees shall not recognise any cession, assignment, alienation, mortgage or
pledge by the beneficiaries or substituted beneficiaries of any actual and/or
contingent right or rights they may have under this settlement.
19. BENEFITS TO BE SOLE AND ABSOLUTE PROPERTY OF BENEFICIARIES
No benefit devolving upon any beneficiary in terms of this Deed shall form or
constitute a portion of any communal or joint estate of such beneficiary but shall
and remain the sole, separate and exclusive property of such beneficiary and
should such beneficiary be married or marry in community of property, then any
benefit so
accruing shall be expressly excluded from the community of property, and in the
case of any beneficiary, such benefit shall also be free from the interference,
control and marital power of any husband or wife of such beneficiary. For the
purpose of this clause the word “benefit” shall be deemed to include both movable
and immovable property, and the provisions of this clause shall, moreover, apply
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not only to the benefit actually devolving upon the beneficiary under and in terms
of this Deed, but also to any and all benefits at any time thereafter, directly or
indirectly acquired by means of the proceeds thereof.
Trustees/………
20. TRUSTEES NEED NOT GIVE SECURITY FOR DUE ADMINISTRATION OF
THE TRUST
The Trustees shall not be required to give security for the due and faithful
administration of the Trust Fund, or for the due discharge of their trust, and any
Master or Masters of the High Court of Zimbabwe, or any corresponding or like
official or, officials having jurisdiction are hereby directed to dispense with such
security.
21. CASUS OMISSUS
In the event of any casus omissus being found herein or in the event of any doubt
arising as to the meaning of any particular part of this Deed, the Trustees shall act
as they deem proper, consulting, if they think fit, lawyers or accountants.
22. ACCEPTANCE CLAUSE
The Trustees hereby accept their appointment as such for ……………………..
TRUST.
23. TERMINATION OF TRUST
The Trust shall be terminated only after a unanimous decision of the Trustees in
office.
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Thus/…………
THUS DONE AND EXECUTED AT HARARE on the ___ day of October 2020 by the
Settlor and the Trustees, on the day and year aforementioned in the presence of the
undersigned witnesses.
AS WITNESSES
1. ___________________ _______________________________
SETTLOR: ………………………….
2.____________________
________________________________
TRUSTEE: ……………………………
_______________________________
TRUSTEE: …………………………..
Before me ___________________________________
NOTARY PUBLIC: ………………………
