THIS DEED OF TRUST is made the 14th day of October, 2010.
THE ODDS BROKER ("TOB")
THE CUSTOMERS OF TOB's ONLINE PORTAL AT www.theoddsbroker.com ("CUSTOMERS")
A. TOB provides an online betting facility for its Customers. In order to use this facility and before giving instructions to TOB to place wagers, each Customer must open a Betting Account (Betting Account) and place funds (Trust Fund) into that Betting Account. The credit balance in such Betting Account comprises the Trust Fund of which TOB is the trustee. TOB holds the Trust Fund upon trust for each of the Customers who have contributed to the said Trust Fund.
B. TOB shall be entitled to all or any interest accrued on the Trust Fund from time to time.
C. This Trust Deed confirms the terms upon which TOB holds the Trust Fund on behalf of the Customers.
NOW THIS TRUST DEED WITNESSES
1. TOB hereby declares that it holds the Trust Fund on trust for the Customers subject to the terms of this Trust Deed.
2. Funds received into the Trust Fund shall be held in trust for the purpose of, among others things, providing security for any payment obligations the Customer may have to TOB in respect of betting activities of the Customer. The Customer may only instruct TOB to place bets if that Customer's share of the Trust Fund is equal to or greater than the proposed bet. Any winnings achieved by the Customer will be credited to and held by TOB in the Trust Fund.
3. TOB shall keep proper ledgers, records and such other books of Betting Account so that each Customer's share of the Trust Fund can be readily determined. The ledger for each Customer must be held in a format capable of being readily reproduced in legible typed form.
4. In the absence of manifest error the books of Betting Account held by TOB shall be conclusive evidence of any Customer's share of the Trust Fund. TOB shall be entitled to correct any errors by taking part of the Trust Fund from a particular Customer's Betting Account and depositing such funds into another Customer's share of the Trust Fund but only where it is necessary to correct any errors.
5. TOB may in its absolute discretion at any time and from time to time close any Customers' Betting Account and refund to such Customers the amount of the Customers' share of the Trust Fund as calculated by the records and books of Betting Account of TOB as at the time of such closure.
6. TOB may terminate the Trust at any time. Upon such termination the Trust Fund shall be distributed in accordance with each Customer's entitlement as determined by the books of Betting Account held by TOB.
7. TOB as trustee, acting reasonably, shall be entitled to rely upon any directions or instructions communicated by Customers to it notwithstanding that such communications later prove to be false, fraudulent or incorrect.
8. To the extent that the powers of TOB to act as trustee are not set out herein such powers shall be the powers as are approved of, or, determined to be appropriate, by the Trustee Act, 1925 (NSW). TOB as trustee may act by its responsible officer in discharging its duties and obligations under this Trust Deed.
9. TOB may retire as trustee at any time without notice and without providing any reason for such retirement. TOB's retirement shall not become effective until a successor trustee (or trustees) is appointed. Upon appointment of a successor trustee(s) such appointment shall be subject to the terms of this Trust Deed.
10. If any provisions of this Trust Deed are determined by a court or tribunal of competent jurisdiction to be invalid or unenforceable such part so determined shall, so far as it is so determined, be excluded as an effective part of this Trust Deed but the remaining provisions of this Trust Deed shall remain in full force and effect. Such excluded provisions shall be given a meaning as near as is possible to the original text for the purposes of fulfilling the obligations and duties of TOB as trustee.
11. The perpetuity period for this Trust Deed and the trusts thereby created shall be 90 years.
12. Customers cannot assign any of their rights or beneficial interests under this Trust Deed to any other party.
13. This Trust Deed shall be construed, interpreted and governed by the laws of New South Wales and the Commonwealth of Australia and TOB and each Customer hereby submit to the jurisdiction of the courts of New South Wales and Australia.
14. TOB shall comply with the instructions of Customers as to making funds available for betting purposes and will credit the Betting Accounts of such Customers with any winnings earned by the betting transactions of such Customers. Losing betting transactions will not be reimbursed to Customers.
15. Notices from TOB to Customers shall be made by email or ordinary post. In the case of email notices such notices shall be deemed to be received one (1) day after transmission. In the case of ordinary post such notices shall be deemed to be received five (5) days after posting.
16. TOB as trustee shall not be liable for any damages, legal costs or other liabilities arising out of any actions or proceedings brought against it, its employees or agents, in relation to this Trust Deed except where TOB (and its officers, employees or agents) is adjudged to have been grossly negligent, dishonest, fraudulent or in wilful default of the terms of this Trust Deed.
17. TOB is entitled to indemnify itself out of the Trust Fund from and against any damages, legal costs or other liabilities arising out of any actions or proceedings brought against it, its officers, employees and agents. This indemnity does not apply where TOB (and its officers, employees or agents) is adjudged to have been grossly negligent, dishonest, fraudulent or in wilful default of the terms of this Trust Deed.
EXECUTED AS A DEED in compliance with Section 127 of the Australian Corporations Act, 2001.