TRUST DEED

This TRUST DEED is made this …………

 

BETWEEN

 

……. (NRIC No. ….), ……..(NRIC No. ……) and ……. (NRIC No. …) all of …….. (hereinafter collectively referred to as “First Party”); And …. (NRIC No. …) and …. (NRIC No. ….) both of ………. (hereinafter collectively referred to as “Second Party”) of the one part;

AND

 …. (NRIC No. …..) and ….. (NRIC No. ….) (hereinafter collectively referred to as “ the Trustee”) of the other part.

WHEREAS the First Party and the Second Party (hereinafter collectively referred to as “the Beneficiaries”) have jointly advanced monies equivalent to the sum of RINGGIT MALAYSIA …. (RM …) only (hereinafter referred to as “the Trust Monies”) to ….. (Company No. …), a company incorporated in Singapore and having its address at … (hereinafter referred to as “the Company”) and the same is deposited in an account with Barclays Bank…. (hereinafter referred to as “the Swiss Account”). 

AND WHEREAS the Beneficiaries have agreed to withdraw and transfer all the Trust Monies from the Swiss Account to be deposited into a designated account to be opened with a (commercial bank in Singapore) (hereinafter referred to as “the Trust Account”) in the joint names of the Trustee to be held UPON TRUST absolutely for and on behalf of the Beneficiaries with powers to deal with the same only upon the written instructions of the Beneficiaries on the terms and subject to the conditions contained in this TRUST DEED.

 

NOW THIS TRUST DEED WITNESSETH AS FOLLOWS:-

1.         The Trustee HEREBY DECLARES THAT the Trustee HOLDS all the Trust Monies and any interest accrued thereon IN TRUST absolutely for and on behalf of the Beneficiaries

2.         The Trustee hereby irrevocably agrees and covenants to hold all the Trust Monies deposited in the Trust Account for the benefit of the Beneficiaries and to deal with the same in accordance with the terms of this Trust Deed.

3.         The Beneficiaries hereby irrevocably agree that the signatories and mandate of operation of the Trust Account are as follows:-

 

Signatory Representing the First Party:

Signatories Representing the Second Party:

Alternate Signatories:

Mandate of Operation:

The mandate for the operation of the Trust Account is that all withdrawals and cheques for payment from the Trust Account shall be jointly signed by:-

a)   the First Party Signatory and the Second Party Signatory respectively; OR

b)  any one (1) of the Signatory from either the First Party or the Second Party and both of the Alternate Signatories. 

5.1       The Trustee hereby irrevocably agrees and undertakes to pay out of the Trust Account or transfer the Trust Monies to the Beneficiaries and /or their nominee or nominees or any party/parties as and when instructed or directed by the Beneficiaries by notice in the manner set out in Schedule 1 hereto (hereinafter called “the Payment Notice”):-

(a)      jointly signed by any one (1) of the signatories each from the First Party and the Second Party

            OR 

(b)        duly signed by any one (1) of the signatories from either the First Party or the Second Party and both the Alternate Signatories subject to Clause 5.2 hereof. 

5.2       The mandate under Clause 5.1 (b) shall only be effective if, the Payment Notice having been signed by any one (1) of the signatories from either the First Party or the Second Party (hereinafter referred to as “the Requesting Party”) and delivered to the other Party (hereinafter referred to as “the Receiving party”) is not signed by the Receiving Party within seven (7) days of delivery of the Payment Notice by the Requesting Party (hereinafter referred to as “the Signing Date”).

6          In the event that the Receiving Party fails, neglects or refuses to sign the Payment Notice upon expiry of the Signing Date, the Requesting Party shall be authorized to deliver the said Payment Notice to the Alternate Signatories who shall be irrevocably authorized and empowered to forthwith sign and issue the requested payment or cheque from the Trust Account to the payee as stated in the Payment Notice and in such event, the Beneficiaries hereby irrevocably and unconditionally agree, undertake and covenant with each other and with the Trustee that the Beneficiaries shall not howsoever make or cause to be made any claim or take any legal action or proceeding against the Alternate Signatories or the Trustee or against each other in respect of the said payment(s) and any matters related thereto. 

7          The Trustee hereby further declares that the Trustee shall not deal in whatsoever manner with the Trust Monies except as provided for in this Deed or as directed in writing by all the Beneficiaries.

8   This Deed shall be binding upon the heirs, executors, personal and/or legal representatives and assigns of the Beneficiaries.

 

IN WITNESS WHEREOF WE have hereunto set our hand and seal on the day the year first above written.

 

 

SIGNED by                                                         )

(NRIC No.                       ) as Trustee                )

in the presence of :                                           )

 

 

SIGNED by                                                        )

(NRIC No.                   ) as Trustee                    )

in the presence of :                                          )

 

 

SIGNED by the First Party                                 )

in the presence of:-                                         )

 

 

SIGNED by the Second Party                             )

in the presence of:-                                         )