Each Unit shall entitle the registered holder together with the registered holders of all other Units to the beneficial interest in the Trust Fund as an entirety but shall not entitle a Unitholder to any particular security or investment comprised in the Trust Fund or any part of the Trust Fund and no Unitholder shall be entitled to have transferred to them any property comprised in the Trust Fund.
The Trustees may issue Special Income Units which shall have the following rights restrictions and limitations:
- the issue price will be determined by the Trustees;
- the Trustees may distribute all or part of the net income of the Trust Fund of each Financial Year to or for the benefit of any one or more of the holders of Special Income Units as the Trustees think fit, to the exclusion of all other Special Income Unitholders and Ordinary Unitholders and regardless of the proportion that the Special Income Units held bears to all other Special Income Units. For the purpose of the distribution, the Trustees may identify income by reference to a class, character, source, or other description found in the ITAA;
- any one or more of the Special Income Units may be redeemed at par at any time at the option of the Trustees by notice in writing to the holders of those Units;
- the holding of a Special Income Unit shall not confer any right to vote at any meeting of Unitholders;
- Special Income Unit holders do not have the right to have capital advanced to them;
- upon the termination of the Trust the holders of Special Income Units shall be entitled to receive the amount of $1 for each Special Income Unit held by them in priority to any distribution in respect to the Ordinary Units but shall not be entitled to share in the capital of the Trust Fund;
- the Trustees may at any time with the consent of the Unitholders other than the holders of Special Income Units, issue Special Income Units to such persons and at such price as the Trustees think fit without being bound to seek the approval of any of the existing holders of Special Income Units; and
- any provisions of the Deed that relate to equality of the rights of Unitholders and proportional entitlement to the Trust Fund do not apply to Special Income Units.
Also, the Trustees may, by Special Resolution create, whether in respect of issued or unissued units, such new class or classes of Units with such preferred, deferred or other special rights, or subject to such rights of redemption whether at par or otherwise, or otherwise subject to such restrictions as the Trustees may determine.
The Trustees may also, by special resolution of the Unitholders of a particular class of Unit, re-classify the Units of that class.