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The following section provides an overview of the unit types relevant to our Unit Trust Deed (online order form here).

Any legally recognised form of property can form part of the unit trust fund (eg land, money, company shares, contractual rights, rights in patents etc). The unit trust is initially created by the initial unitholders subscribing for units and establishing the unit trust fund. This initial sum is then supplemented by further subscriptions and assets that are acquired.

Ordinary Units

Each ordinary unit entitles the registered holder together with the registered holders of all other units to the beneficial interest in the unit trust as an entirety,  but does not entitle a unitholder to any particular security or investment comprised in the unit trust (or any part of the unit trust), and no unitholder is entitled to have transferred to them any property comprised in the unit trust.

Special Units

The Trustees may issue Special Income Units which have the following rights restrictions and limitations:

a) the issue price will be determined by the Trustees;

b) the Trustees may distribute all or part of the net income of the Trust Fund of each Financial Year to or

           (i) for the benefit of any one or more of the holders of Special Income Units as the Trustees think fit, to

          (ii) the exclusion of all other Special Income Unitholders and Ordinary Unitholders and regardless of the

        (iii) proportion that the Special Income Units held bears to all other Special Income Units. For the purpose

        (iv )of the distribution, the Trustees may identify income by reference to a class, character, source, or

         (v) other description found in the ITAA;

c) any one or more of the Special Income Units may be redeemed at par at any time at the option of theTrustees by notice in writing to the holders of those Units;

d) the holding of a Special Income Unit shall not confer any right to vote at any meeting of Unitholders;

e) Special Income Unit holders do not have the right to have capital advanced to them (clause 9.10);

f) upon the termination of the Trust the holders of Special Income Units shall be entitled to receive an

          (i) amount equal to the sum paid by the registered holder of the Special Income Unit upon subscription

         (ii) for each Special Income Unit held by them in priority to any distribution in respect to the Ordinary Units

        (iii) but shall not be entitled to share in the capital of the Trust Fund;

g) the Trustees may at any time with the consent of the Unitholders other than the holders of Special

          (i) Income Units, issue Special Income Units to such persons and at such price as the Trustees think fit

        (ii) without being bound to seek the approval of any of the existing holders of Special Income Units; and

h) any provisions of this Deed that relate to equality of the rights.

Changes or Issuance of New Classes

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.

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