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Minors Investment at HFC Bank



To understand how the lease monies for minors (landowners below the age of 18 years) are kept by the iTaukei Land Trust Board (TLTB) we need to understand the facts and the law that governs the Equal Rent Distribution Policy.
 
At present, a total of 34,606 individual iTaukei landowners under the age of 18 (minors) are currently with lease entitlements at a total value of $32.7 million.
 
The iTaukei Land Trust (Leases and Licences) (Amendment) Regulations 2010 states that “any monies received by the Board by way of rents and premiums in respect of iTaukei land, including any monies received by the Board but not yet distributed at date of commencement of the iTaukei Land Trust (Leases and Licences) (Amendment) Regulations 2010, shall be distributed by the Board to all the living members of the proprietary unit, in equal proportion."
 
All monies belonging to iTaukei landowners under the age of 18 are being allocated and securely kept within TLTB until they are matured enough to access these, i.e. over 18 years. 
 
These funds are invested by the Board on behalf of the minors and will be paid out with the dividends once they reach the age of 18.
 
Landowning unit members above the age of 18 years who had successfully registered with TLTB should have already started receiving their lease entitlements from their various lease rentals received through the Board.


 

 

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