What is “Trust Property”?
“Trust Property” means the original compensation paid to Wiikwemkoong by the government of Canada and includes, unless otherwise provided for hereunder, assets of any kind invested by the Trustees, or in which they may be converted by the Trustees, at any time or from time to time, as well as any additions or accruals thereto, including all revenue and income earned, and, in particular, such additional property which Wiikwemkoong and/or any other persons or companies or governments may, at any time and from time to time with the approval of the Trustees, transfer to the Trustees to be held by them on the trusts now set out.
The trust deed can only be amended (eg. small or administrative changes) by “a majority of Voters by a Vote” (all eligible voting members). However, no amendment can change the use of the trust property or diminish the entitlement of beneficiaries. Further, no amendment can re-settle the trust. In other words, making a significant or fundamental change would have the effect of creating a new trust.
The Wikwemikong Trust ends twenty years after the death of the last surviving descendant of a Member of Wiikwemkoong who was alive in 1995.
Once this happens, any Trust Property will be returned to Wiikwemkoong and the Trustees will hand over all records, account books and other documents of the Trust.
The Settlement Agreement is not a Trust Agreement or Trust Deed. Rather, the 1995 Settlement Agreement is an agreement between Wiikwemkoong, Canada and Ontario on the type and amount of compensation Wiikwemkoong is to receive for the loss of use of certain lands as described in the Settlement Agreement.
The Trust Agreement is the official trust deed between Wiikwemkoong and Trustees created following the 1995 Settlement Agreement in order to deal with the compensation received under the Settlement Agreement.
In order to become a Trustee, each individual Trustee must sign a Consent to Act and:
For information on upcoming Trustee Vacancies and how to apply, please see our News & Events page
The Trust Agreement has a defined determination on how the net annual income is available for distribution for any Fiscal year and outlines how it shall be calculated. With the assistance of our Investment Counsel and Auditors, they provide the Trustees with an annual amount of income to be paid out to Wikwemikong. For more information please see Article 6 of the Trust Agreement in our Member’s Portal
The Trust Property can only be used:
Trustees cannot lend any part of the Trust money, and cannot invest or distribute any part of the Trust money except as described above.
Once the net annual income has been distributed to Wiikwemkoong by the Trust, it is up to the Wiikwemkoong Chief and Council to decide how that net annual income is spent for the benefit of the beneficiaries. For more information please see Article 6.2 of the current Trust Agreement in our Member’s Portal.
