The constitution is a legally binding agreement between the Manager and Unit Holders. A copy of the Constitution can be viewed at the Manager's offices (see contact us for details).

The Constitution contains provisions dealing with the powers of the Manager as responsible entity of the Trust and the rights and interests of Unit Holders, which include the rights to receive distributions, attend meetings, register complaints and participate in a winding up. The Constitution also contains provisions seeking to limit the liability of Unit Holders to any amounts unpaid on Units belonging to that Unit Holder, however the effect of these provisions has not been finally determined by the courts.

In addition, the Constitution deals with a variety of general matters, including:

• the issue of Units and options;
• the creation and transfer of Units and options;
• the valuation of the Trust assets; and
• the duration of the Trust.

Manager

 The Manager is empowered under the Constitution to manage the Properties and investments of the Trust as if it were the absolute owner of these assets. The rights, obligations and powers of the Manager arise not only from the Constitution but also from the the relevant provisions of the Corporations Act.

Duties and Obligations of the Manager

The principle duties and obligations of the Manager are:

• to ensure the distribution of the net income of the Trust to Unit Holders;
• to collect and receive all income arising from the Properties;
• to repair and maintain the Properties;
• to sell or dispose of any part or all the Properties;
• to employ any necessary personnel or engage contractors or sub-contractors;
• to undertake proper management of the Trust;
• to make all necessary payments required for the proper management of the Trust;
• to keep records relating to the Trust;
• to insure and keep insured the Properties for their full insurable value;
• to maintain a current register of Unit Holders;
• to conduct the business of the Trust;
• to act in good faith and in the best interests of the Unit Holders;
• to comply with both the Constitution and compliance plan; and
• to act diligently and honestly. 

 Meetings of Unit Holders

 The Manager may call a meeting at any time and Unit Holders with at least 5% of the Units by value or at least 50 Unit Holders who are entitled to vote on the resolution may requisition the Manager to call a meeting of Unit Holders.

 Quorum

 The quorum for an ordinary resolution shall be at least 2 persons holding or representing by proxy or attorney at least 10% of the Units by both number and value.

The quorum for a special resolution shall be at least 4 persons holding or representing by proxy or attorney at least 20% of the Units by both number and value.

The quorum for an extraordinary resolution shall be at least 4 persons holding or representing by proxy or attorney at least 51% of the Units by both number and value.