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The Trust hereby established shall be known as “ALTERNATIVE EDUCATION TRUST INVESTMENT - AltTrust (the “Trust”).

PLACE

The Office of the Trustee shall be situated at 20, Marina - Lagos or at such other place in the Federal Republic of Nigeria as the Trustees may from time-to-time deem fit.

DEFINITIONS

In this Declaration of Trust, the following words shall have the meanings given here under

“Declaration of Trust” means a legal document that binds the Trustee and the Grantor to the terms and conditions of the Trust.

“Beneficiary(ies)” means any of the named person(s) who shall be entitled to access this Trust Fund for the financing of his/her/their education subject to the availability of funds in the Trust account and in the manner and to the extent provided in the object clause hereinafter appearing and thereafter to the stipulated share of the residue of the Trust Fund as provided herein.

"Grantor” means the individual desirous of maintaining the Trust Account with the Trustee for the benefit of the Beneficiary(ies).

“School” means any educational institution in which the Beneficiary(ies) is/are student(s).

“School Fee’’ includes PTA Fee, books and other education related expenses properly invoiced by the school where a Beneficiary is a student.

“Capital Fund” means the initial Contribution and all subsequent contributions to be transferred to the Trust Investment by the Grantor excluding income to be capitalized into the Trust Fund on the terms hereof.

“Trust Fund” means the Capital Fund and all investment income accruing from the return on investment having been invested by the trustee.

“Trust Account” means the account to be opened and maintained by the Trustee in favour of the Beneficiary(ies) and on the instruction of the Grantor.

DEVOLUTION OF TRUST ASSETS UPON DEMISE OF THE GRANTOR

In the event of the demise of the Grantor, the Trust asset shall be administered in favour of the Beneficiary(ies)

DUTIES OF THE DESIGNATED REPRESENTATIVE

The Designated Representative shall have the following duties:

The Designated Representative shall upon the demise of the Grantor, inform the Trustee of the Beneficiary(ies)’s educational needs and provide the Trustee with the necessary invoice (where applicable).

In the event of the Grantor’s death, the Designated Representative shall avail the Trustee with all documents attesting to his/her death.

DUTIES AND POWERS OF THE TRUSTEE

The Trustee shall be entitled to pay and discharge from the Trust Account, all expenses properly incurred in connection with the Trust in the due exercise of its power.

The Trustee shall maintain strict confidentiality regarding this Trust and shall on no account permit access to the Trust Fund by any other party except the Grantor and the Beneficiaries.

On expiration of the Trust, the beneficiaries shall be entitled to take over the trust fund in accordance with the instructions of the Grantor directly or through the Designated Representative.

The Trustee may make rules for the management and administration of the Trust Fund as the Trustee thinks fit and may from time to time revoke such rules. Nothing in this clause shall authorize any application of any part of the Trust Fund except for the purpose outlined in this Trust Deed.

The Trustee shall ensure the safety of this Trust Fund during the Trust Period. In the pursuit of its duties to invest, the Trustee shall exercise due diligence to ensure that the Capital Fund is not depleted.

The Trustee shall, as remuneration, be entitled to a share of profit from the accrued profit of the Trust Fund as communicated from time to time.

The share of profit between the Trustee and Grantor is an agreed ratio as stated from time to time for the Trust Investment. The ratios may be displayed in the Bank’s branches, on the Bank’s website, or may be obtained from the Bank or otherwise in accordance with the Bank’s prevailing practices.

In the event of the death of the Grantor, the Executors/or Administrators of the estate shall NOT have the right to terminate the Trust Deed; provided that such event occurs during the validity of this Trust arrangement.

The Trustee shall ensure that all sums transferred by the Grantor to the Trustee for the purpose of this Trust shall be credited to the Trust Account and shall be utilized for the purposes herein indicated.

The Trustee is authorised to do all other acts which, in its sole judgment, may be necessary or appropriate for the proper or advantageous management, investment or disposition of any property included in this Trust Estate.

RETURN ON INVESTMENT

The Trustee shall invest the Trust Fund properly in order to obtain returns which shall be invested in any investment as desired by the Trustee.

REMUNERATION OF TRUSTEE

In consideration of the Services to be provided by the Trustee, the Trustee shall be entitled to a share of profit from Invested funds; the share of profit shall accrue daily and be deducted monthly from the Trust Account.

LIABILITY OF TRUSTEE

The Trustee shall exercise due care and diligence in the management of Trust assets, but the Trustee will be free from any loss or depreciation of fund deposited with us due to any Government order, levy, law, tax, exchange restriction or any other cause beyond the Trustee’s control. Any losses arising from the investment of the Trust Fund will be borne by the Grantor unless they were due to negligence or mismanagement of funds, in which event the Trust will bear the losses.

RESERVATION OF RIGHT

The Grantor reserves the right to terminate the Trust upon giving of three (3) months’ notice to the Trustee of his intention to do so PROVIDED that such notice shall not invalidate any investments already undertaken by the Trustee in good faith prior to receipt of notice. The Trustee shall thereafter arrange for the prudent and expeditious discontinuation of such investments where the Grantor so requires.

The Grantor reserves the right to appoint a new Trustee at any time upon the due termination of the Trustee’s appointment upon the expiration of (3) three months’ notice given to the Trustee.

NOTICES

Any notice or demand to the Grantor or the Trustee required to be given, made or served for any purpose under this Deed shal be given, made or served by sending the same by pre-paid post, e-mail or by delivering it by hand as follows:

The Trustee:
The Alternative Bank.
239, Ikorodu Road, Lagos.

E-mail: [email protected]

DATA PROTECTION

1. You agree that the Trustee may use the information disclosed in connection or as a result of operating the Trust Account {“Data”} for assessment and analysis and to identify products and services (including those supplied by third parties) which may be relevant to us. We may disclose data; to credit reference agencies, any person who may assume our rights under this Agreement, or
2. If we have a right or duty to disclose or are compelled to do so by law.
3. You consent to the processing of personal data in line with the Data protection laws, regulations and the Trustee’s privacy policy.