Dear Bronwyn and David,
I have become aware that I have consented to being a director with the 2 of you in the William Robert Lee Discretionary Trust. This was not my intention as I thought I was acting as an appointee only to help facilitate payment of money owing to Georgie. I apologise for not having fully informed myself of the details but as you know I have been under stress with Mum dying and was put under more duress with the demand for early attention to Williams financial problems. My fault, I thought I was doing the right thing.
A motion was put to sell Nancy Lee’s shares to the 3 directors which I also inadvertently signed. I have become aware that this is not possible as the shares form part of Nancy Elizabeth’s Lee’s estate and as such are not capable of having trustees or appointers decide anything about them.
I will notify the Probate lawyers in the morning as to this concern and will also have to notify ASIC unless this decision is reversed as quickly as possible and probate distributed as it was meant to be to all 5 trusts.
I propose that all units be returned to the Nancy Lee estate, Thank you.
I propose that one of you or David resign as a director and that we sharethe responsibilities on a one to one basis.
decide anything a
The Sole Director, Appointer, Guardian and Trustee, Nancy Elizabeth Lee, has died.
Her will leaves a 1 fifth share to each siblings trust or beneficiary Trust company so each unit becomes a director.
Her deed of appointment lists a joint appointee, Harold, Bronwyn and David [HBD] needing unanimous approval to get decisions passed, including the appointment of new trustees. The new trustees have a majority vote for all decisions [including new appointees??] or is this the directors.
The director status is fluid. It might be possible for any 3 siblings to become the new directors of the company, or 2 siblings and the WRLDT. In distributing the will 1/5th share in WRLDT. At Probate. If it is done in respect of the will’s instructions. Or even 2 1/2 siblings if the trust does not vote.
While such a directorship exists the trustees may be able to be renoved if the appointees give their power over to the directors?