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W.\. Do\TZALT L@WZTF@ZTBGZF Do\TZALT @M TGRI\MAOGDAF TBG WFATGD \TITG\ DA\TZALT L@WZT

F@ZTBGZF DA\TZALT @M TG \M@ZT ^@ZTB DA]A\A@F

DG : : 99LOGZK, W.\. DA\TZALT L@WZT

CIFG HlL ZTBQ jy ~Dgputy

U o i a f t a m m o]\.

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L`ur t `m Tir rif t L`ufty, Tgxis, =>tb Cu d a l a i o Da s t r a l t L`urt , `fHiy 4, :599, ini afs t J@I JIL, ifd Mrgddag Hil ( l` o ogl t avg oy ,

dgmgfdif t s ) , is Liusg F`. => -:7:=45 -99. Dgmgfdifts rgh`vgd tbglisg t` t b a s l`ur t `f Hiy :>, :599. J@I ifd JIL m a o gd i h`ta`ft` dashass `f Cu oy 7, :599, t b i t wis d a r gl t gd i t p o i a f t a m m ' ss t i t g l`ur t pg t a t a `f . Tbg l`ur t dgfagd tbg h`ta`f t` dashass ifdnrif tgd ogivg t` p o i a f t a m m t` m a o g if ihgfdgd l`hpoiaf t .

U o i a f t a m m ' s ihgfdgd l`hpoiaft ( L`hpoiaft ) issg r tgd tbgm`o o`wafn l oi ahs ini afs t dgmgfdifts 3 (9) jrgilb `m l`f t ril t ; (:)v a` oi t a`fs `m tbg Tgxis Mafiflg L`dg ifd tbg Tgxis Dglgpt avgTridg Uril t algs Ilt ( DTUI ); (

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L`uftrywadg, ` r ify b`odgr `m tbg f`tg wb` a s g f t a t o g d t` rglg avgpiyhgft `m tbg f`tg , is tbg Ogfdgr . Tbg mufl t a`f `m tbg dggd`m t r u s t wis dgslr ajgd is m`o o`ws3 Tbas \glur a ty Afs truhgftsglurgs t` Ogfdgr3 (a) tbg rgpiyhgft `m tbg O`if ifd i o orgfgwios , gxtgfs a`fs ifd h`dam ali t a`fs `m tbg F`tg; ifd a a ) tbgpgrm`rhiflg `m J`rr`wgr ' s l`vgfifts ifd inrgghgfts ufdgr t b a s\glur a ty Afs truhgft ifd tbg F`tg. F`t alg `m Zgh`vio, Gx. A , Gx.I i t

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`wf tbg f`tg , tbus t l`uod f`t iss anf tbg f`tg , ifd a t sissanfhgft `m tbg dggd `m t r u s t t` J@I sgpi ri t g mr`h tbg f`tg wis`m f` m`rlg ` r g m m g l t . ^bgf tbg f`tg wis purp`r tgdoy iss anfgd t`J@I p oi af t a m m wis af dgmiu o t `f piyhgft `m tbg f`tg .

H`rg s pg l a m a l i o o y `f tbg suj cgl t `m sgpiri t a`f `m tbg f`tgmr`h tbg dggd `m t r u s t , ifd tbg oilk `m `wfgrsbap `m tbg f`tg jyJ@I wbgf J@I ifd JIL l`fdultgd tbg m`rgl o`surg ij`ut wbalbp oi af t a m m l`hpoiafs, p o i a f t a m m i o ogngd3

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sbg l`ft afugd t` rglg avg m`rgl o`surg f` t algs mr`h J@I af tbghia o . Ad . i t 4-2. Tbgf, `f Ipra o >, :599, p o i a f t a m m lihg b`hgifd m`ufd i jan `rifng s anf mr`h i r gi o t ` r `f bgr ni tg t b i ts t i t g d bgr b`usg bid jggf m`rgl o`sgd `f I p r a o \ , :599. Ad. i t1. Mrgddag Hil o i t g r sgft p oi af t a m m i f` t alg t` vili tg o g t t g r ,ditgd Ipr a o 1, :599, afm`rhafn p o i a f t a m m t b i t Mrgddag Hilpurlbisgd tbg b`hg i t tbg m`rgl o`surg si og , ad . i t 95, m` r$9==,:4:, ad . i t 99. U o i a f t a m m it tghptgd t` bivg tbg m`rgl o`surgrgslafdgd, jut rglgavgd f` rgsp`fsg mr`h J@I. Ad. i t 95. Itprgsgf t , Mrgddag Hil a s i t t ghpt afn t` gv al t U o i a f t a m m ifd s g o otbg pr`pg r ty . Ad . i t 99.

JIL, J@I ifd Mrgddag Hil m a o g d h`ta`fs t` dashass tbgL`hpoiaft m` r m i a o u r g t` s t i t g i loi ah m` r r g o a g m . Af d a r g l trgsp`fsg t` p o i a f t a m m ' s i o o gni t a`fs tbi t HGZ\ bid f` iu tb`r a ty t`iss anf tbg f`tg t` J@I ifd t b i t watb`ut `wfgrsbap `m tbg f`tgJ@I bid f` iu tb ` r a t y t ` m`rgl o`sg `f p o i a f t a m m ' s pr`pgr ty , J@Iissg r tgd af a t s h`ta`f t` dashass tbi t 3

Tbg l`ftgft a`f Dgmgfdifts hust jg tbg b` odgrs ` m tbgF`tg t` pr`lggd watb i m`rgl o`surg si o g a s a f l ` r r g l t - jgliusg H`rtning Gogl t r`fal Zgnas t r i t a`f \ystghs, Afl.( HGZ\ ) bid tbg p`wgr t` m`rgl o`sg ifd s g o o tbgUr`pgrty , ifd bid tbg p`wgr t` iss anf tbgsg r a nb t s t`[J@IX, HGZ\'s iss anfhgft t` [J@IX wis s u m m a l a g f t t`navg [J@IX tbg iu tb ` r a t y t` m` rgl o`sg .

7

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Ill`rdafn t` Uoi af t a m m [ [J@ X bis t` jg tbg b` odgr`m tbg F`tg ifd Dggd `m Trus t t` m`rgl o`sg ifd HGZ\l`uod f`t iss anf tbg F`tg[ s` [J@ X dad ifd d`gs f`tbivg tbg iu tb ` r a t y t ` m` rgl o`sg . Tbas irnuhgft a sa fl`r rgl t . Uursuift t` tbg tgrhs `m tbg Dggd `m Trus t - wbalb wis gxglutgd jy Uoiaf t a m m --HGZ\ a s fihgd is tbgjgfgm al ai ry ifd f`hafgg m` r tbg `r an afi t afn ogfdgr[ iswgoo is a t s sullgss`rs ifd iss anfs . Af t bi t sihgd`luhgft [ U o i a f t a m m ilkf`wogdngd HGZ\ bid tbg r a n b t t`gxg rl a sg ify ` r i o o `m tbg a f t g rg s t s nrif tgd jyU o i a f t a m m af tbg Dggd `m Trus t afloudafn[ jut f`to aha tgd t@t tbg r anb t t` m`rgl o`sg ifd s g o o tbgUr`pgr ty .

Jr. af \upp. `m J@I s H`t. i t >-2 ( m``tf`tgs `hat tgd)U o i a f t a m m m a o gd i rgsp`fsg [ t` wbalb dgmgfdifts m a o g d i

rgpoy[ ifd p oi af t a m m m a o gd i su r - rgp oy .A A .

IfioysasH`st `m tbg nr`ufds `m tbg h`ta`fs t` dashass ippgir t` bivg

hgra t [ jut t bg rg a s i hic`r ahpgdahgft t` tbg nrif t afn `m tbgh`ta`fs . Is tbg Wfatgd \ti tgs \uprghg L`urt s` l o g i r oy gxpoiafgdippr`xahitgoy 945 ygirs in`3

Tbg f`tg ifd h`rtning irg afsgpirijog ; tbg m`rhgris gssgf t a i o [ tbg o i t t g r is if afl adgf t . f issanfhgft`m tbg f`tg l i r r a g s tbg h`rtning watb a t t wbaog ifissanfhgft `m tbg o i t t g r io`fg a s i fWo o a ty .

Lirpgftgr v . O`fnif [ 2< W.\. :>9[ :>4 (92>:) ( m``tf`tg `hattgd)Tbas jis a l p r`p`s a t a `f bis `m tgf jggf rgim m a rhgd . \gg Jiodwaf v.\ti tg `m H`.[ :29 W.\. 72=[ 71= (91

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915=); Karjy Ouhjgr L`. v. ^aoo aihs, :

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` r b`od tbg f`tg bis tbg p`wgr t` t r i fs m g r tbg f`tg mr`h tbg`r an afi o f`tg b`odgr t` if`tbgr ifd t bi t if gf t a ty tbi t d`gs f`t`wf `r b`od tbg f`tg lif l`fdult i m`rgl o`surg ufdgr tbg dggd `mt r u s t .

Tbg l`ur t d a sinrggs watb tbg l` ftgft a`f `m J@I tbi t J@I dadf`t bivg t` jg tbg `wfgr `r b`odgr `m tbg f`tg t` pr`lggd watbtbg m`rgl o`surg si og . Tbg rg o a iflg jy dgmgfdifts `f Lbiptgr 79`m tbg Tgxis Ur`pgrty L`dg a s haspoilgd. Ur`lgdurgs `ut o af afntbg s tgps ifd rgquarghgfts m`r i m`rgl o`surg i rg l`ftiafgd afLbiptgr 79. Wfdgr tbg Ur`pgrty L`dg, HGZ\ wis i h`rtningg jisgd`f g a t bg r tbg dg m af a t a `f `m i ~ j ` ` k gf t ry sys tgh, Tgx. Ur`p.L`dg 79.5559(9) (dgmafafn ~ j ` ` k gf t ry systgh ) ifd (4)(dgmafafn ~ h ` r t n i n g g ) , `r i o t g rfi t avg oy , tbg dg m af a t a `f `m i

~ b ` o d g r `m i sg l u r a t y afs t ruhgft , ad . 79.5559(4) ifd (=)(dgmafafn ~ s g l u r a t y afstruhgft is i ~ d g g d `m t r u s t , h`rtning, `r` tbgr l`f t ril t o a gf `f if a f t g rg s t af rgi o pr`pgr ty ) . @flg HGZ\iss anfgd a t s a f t g rg s t af tbg dggd `m t r u s t t` J@I J@I jglihg tbg

~ b ` o d g r `m i sg l u r a t y afstruhgft ifd wis tbg rg m` rg i~ h ` r t n i n g g . Ad. Tbg Ur`pgrty L`dg s t i t g s tbi t i ~ h ` r t n i n gsg rv alg r , sulb is JIL ~ h i y idhafas tg r tbg m`rgl o`surg `mpr`pg r ty ufdgr sgl t a`f 79.55: `f jgbi o m `m i h`rtningg, a m 3

(9) tbg h`rtning sg rv alg r ifd tbg h`rtningg bivggftg rgd a f t` if inrgghgft nrift afn tbg lur rgf t h`rtningsg rv alg r iu tb`r a ty t` s g rv alg tbg h`rtning; ifd

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:) tbg f`t algs rgquargd ufdgr \glta`f 79.55:(j)daslo`sg tbit tbg h`rtning sgrv algr a s rgprgsgftafn tbgh`rtningg ufdgr i sgrvalafn inrgghgft watb tbgh`rtningg ifd tbg fihg `m tbg h`rtningg ifd3I) tbg iddrgss `m tbg h`rtningga `rJ) tbg iddrgss `m tbg h`rtning sgrvalgr , a mtbgrg a s if inrgghgft nriftafn i h`rtningsgrvalgr tbg iutb`ra ty t` sgrvalg tbgh`rtning.

rd. 79.55:7 t a t o gd Idhafastrita`f `m M`rglo`surg jy H`rtning\grvalgr ) . B`wgvgr, afbgrgft af tbg pr`lgdurio s tgps `ut o afgdaf tbg Tgxis Ur`pgrty L`dg a s tbg issuhpta`f tbit wbitgvgr gft a tyquio a m ags is i h`rtningg g a tbgr `wfs tbg f`tg `r a s sgrvafn isif ingft m`r tbg `wfgr `r b`odgr `m tbg f`t a ifd, tbg s ti tu tgissuhgs tbit wbgf i m`rglo`surg a s l`fdultgd jy s`hg`fg `tbgrtbif tbg `wfgr `r b`odgr `m tbg f`tg, tbg pgrs`f l`fdultafn tbgm`rglo`surg wao o jg ilt afn is ingft `r f`hafgg m`r tbg `wfgr `rb`odgr.