As explained to me by one of the Trustees.
The MBF cannot function in its current form due to changing rules with regards to Financial Services and will need a Licence (Australian Financial Service Licence=
FSL, ) in order to continue providing these services. In the meanwhile no new members may join the fund (however members already in the fund may continue to receive its services). It was believed at one point that the MBF could get around this issue by using the AFAP however after some legal advice it turned out they could not and instead have opted to get their own FSL . The FSL is under the company name Austair which has always been a part of the MBF.
If you vote yes what will happen is this:
• The 9 Trustees voted in by the membership previously will become the directors of Austair.
• Austair will become the Trustee of the fund.
• The 9 Directors will no longer be personally responsible for a 1/9th share of the many $Millions in the MBF, instead Austair will, under the direction of the 9 directors.
• If one of the directors chooses to flee the country to some tropical island they will not be able to take several million with them
(which is the case right now)
• The MBF will then have a FSL and new members will be able to join.
• You will be able to vote in the directors just as you have done in the past with the trustees.
You choose how you want to vote, and if you are unsure about how the changes will affect you then call the MBF and ask.
Please also remember that the MBF provides an important service to the aviation in Australia, it provides loss of Licence insurance to the pilot community, for several months now no new member has been able to join due to the above issue and as such there are many young (and old) pilots out there without coverage.
The above is how I understand the situation to be
, If it is incorrect I do apologies however the topic very quickly becomes complicated as you may have noticed from the letters sent out.
Cheers
