||Is registering with the Trust the same as succeeding to shares?
||No, the registration process is separate to the succession process and is done after succession has been completed. Successions and transfers of shares are completed by the Maori Land Court. Registration is completed by the Trust.
||Who is required to register?
||All shareholders and beneficiaries including beneficiaries of any Whanau Trusts, are required to register. In fact, anyone applying for a grant must be registered or a child (under 18) of someone registered.
||What is the difference between a shareholder, owner and a beneficiary?
- A shareholder owns shares in their own name, through application to the Maori Land Court. Sometimes shareholders are also referred to as “owners”, they are the same thing.
- A beneficiary is a direct descendent of a shareholder/owner/Whanau Trust but doesn’t own shares in their own name.
||Why do you need me to register?
||There are several reasons for registering:
- To ensure those registering are shareholders or beneficiaries of Omataroa Rangitaiki No. 2 Trust particularly where there are shareholders or beneficiaries with the same or similar names.
- To provide us with your contact details
- To ensure we have your bank account details so we can pay any grants you may apply for
- To enable us to pay out any unclaimed dividends (if you are a shareholder/owner)
- To enable us to pay you any future dividend payments (if you are a shareholder/owner)
||Should I encourage others in my whanau to register?
||Yes, they will all need to register if they are 18 or over and want to apply for any grants.
||Do children under the age of 18 need to register?
- No, you can apply for grants for your children using your own Beneficiary number.
- You should still list the names of all your children when you complete your registration. Once they turn 18 they will need to register and will be issued their own beneficiary number.
||When do I receive any unclaimed dividend payments and why have you not paid them to me in the past?
Once your registration has been confirmed, we will transfer any unclaimed dividends we may be holding for you, to the bank account you provided during the registration process. Only shareholders/owners have unclaimed dividend payments.
If we do not know how to contact you and do not know your bank account details, we are unable to pay you any dividend payments. So, we hold the payments for you until you register and we can verify your details.
||What happens if I decide not to register? Will I lose my shares?
No, if you decide not to register, you are still a shareholder or beneficiary. However non-registration means you are unable to apply for grants or receive dividend payments from the Trust you might be entitled to.
||I have registered and received my unclaimed dividends. I thought I would have received more money than I did. Why would that be?
- There are more than two million shares in Omataroa Rangitaiki No. 2. If for example you have 200 shares, that is 200 shares out of a total of 2,322,500 shares.
- Up until 1993 when the Ture Whenua Maori Act came out, share fragmentation through succession was often inevitable.
- For this reason, many whanau choose to set up a Whanau Trust, to reduce the fragmentation of shares any further.
||Do I have to register every time I apply for a grant?
||No, you only register once. Once you receive your Beneficiary Number, you can use it to apply for grants.
||I can’t remember my Beneficiary Number. What do I do?
||Ring us on (07) 929 5692 and we can provide your number over the phone. By phone is the best way as we might need to ask you some questions, especially if we have more than one person with the same name.
||If I am registered as a beneficiary of the Trust, do I get a dividend payment?
||No, you must own shares to receive a dividend payment. Only individual owners (shareholders) and Whanau Trusts receive dividend payments. If dividends are paid to a Whanau Trust, any further disbursement of those dividends to any beneficiaries would be managed by the Whanau Trust Trustees.
||Why do you need my IRD Number?
||To ensure you pay the minimum amount of tax required. Any dividend payments that exceed $200 are taxed at 33% unless you provide your IRD number, then it drops to only 17.5%.