The truth the whole truth and nothing but the truth???
There are complex issues at play here. It is proving difficult for some members to understand the significance.
To simplify the current stuation lets analyse the most significant part of Capt O’Neils letter of the 30th March.
Capt O’Neil claims that “This change will not alter how the Fund is managed and CONTROLLED. The Directors of Austair are the same nine individuals who are currently trustees of the fund.”
This is simply and entirely not true.
Proposed rule 14 states:
(a)……………..the Trustee of the Fund is Austair Pilots M.B.F. Nominee Company……………………..
(b) The Trustee through its directors…………SHALL CONTROL THE ADMINISTRATION OF THE FUND ……………………
Currently the Fund is controlled by AAPMBF members through their ELECTED representatives, the Trustees. Austair however is controlled by the Directors of Austair. It is proposed that CONTROL of the Fund shall be handed to the Directors of Austair.
The latest documents lodged with ASIC in respect of the directorship of Austair reveal that:
AS OF 1st APRIL 2010 ( the day after Capt O’Neils letter) the directors include two gentlemen who are NOT elected Trustees and more importantly two of OUR elected Trustees have NOT been registered as Directors of Austair. This is not merely a function of a lazy ASIC, as they processed other Austair documentation lodged on 23rd of March and 1st of April.
Capt O’Neil's statement is simply not true.
Capt O’Neil states that the Directors of Austair will be elected by YOU.
That cannot happen. We are not members of Austair.
The Memorandum of Association of Austair clearly states at 5 (b) that:
(Austair) “limits to not more than Fifty the number of its members ………..”
The Articles of Association of Austair states that:
“…………the Directors shall have the power at any time and from time to time to appoint ANY person to be a Director………………”
Capt O’Neil's statement is simply not true.
Capt O’Neil's letter does not stand up to scrutiny. Whether this is by sinister design or by lack of understanding, or some other reason, I do not know, but it is a matter that clearly needs to be addressed. The stakes in this are too high to allow any question of motive.
If truth, honesty, integrity and transparency are important concepts to you, vote NO and make Capt O’Neil explain himself, and the position of ALL Trustees.
Paul Makin
Former Chairman of Trustees AAPMBF
Last edited by paul makin; 13th Apr 2010 at 06:30.