Whereas The New Zealand Insurance Company Limited and The South British Guardian Trust Company Limited are each authorised by their respective memoranda of association and by their respective enabling Acts, namely, the New Zealand Insurance Company Trust Act 1916 and the Guardian Trust and Executors Company Act 1883, to act as executor and trustee and in various other fiduciary capacities, and have each from the date of their respective enabling Acts carried on and now carry on a trust and agency business:

And whereas each of the said companies is a trustee company under and within the meaning of the Trustee Companies Act 1967 and each carries on the business of a trustee company:

And whereas The South British Guardian Trust Company Limited is a subsidiary of The South British Insurance Company Limited, which company has merged with The New Zealand Insurance Company Limited pursuant to a scheme of arrangement under section 205 of the Companies Act 1955 approved by order of the High Court dated 20 March 1981 with effect from 1 April 1981, such merged companies now being wholly owned subsidiaries of The New Zealand South British Group Limited:

And whereas as a consequence of the said merger it is desirable to amalgamate the trustee company, trust, and agency businesses of The New Zealand Insurance Company Limited and The South British Guardian Trust Company Limited and for this purpose a private company has been incorporated under the Companies Act 1955 named The New Zealand Guardian Trust Company Limited, all the shares in which have been subscribed for and issued to, or to a nominee of, The New Zealand South British Group Limited:

And whereas The New Zealand Insurance Company Limited, The South British Guardian Trust Company Limited, and The New Zealand Guardian Trust Company Limited have agreed to the transfer to The New Zealand Guardian Trust Company Limited of the said trustee company, trust, and agency businesses of The New Zealand Insurance Company Limited and The South British Guardian Trust Company Limited subject to the passing of this Act and in accordance with the terms thereof:

And whereas it is expedient to authorise and facilitate the said amalgamation:

And whereas legislation is the only means by which—

• (a) the vesting in The New Zealand Guardian Trust Company Limited of all appointments of The New Zealand Insurance Company Limited or The South British Guardian Trust Company Limited and their respective rights and duties as executor, trustee, or fiduciary in any other capacity; and

• (b) the empowering of The New Zealand Guardian Trust Company Limited to act as executor of the will and as administrator of the estate of any deceased person; and

• (c) the inclusion of The New Zealand Guardian Trust Company Limited as a trustee company under the Trustee Companies Act 1967; and

• (d) the amalgamation of the said trustee company, trust, and agency businesses (including trust assets and liabilities thereof) of The New Zealand Insurance Company Limited and The South British Guardian Trust Company Limited by the transfer thereof to, and vesting thereof in, The New Zealand Guardian Trust Company Limited; and

• (e) the transfer of the undertakings of The South British Guardian Trust Company Limited and of the trust department of The New Zealand Insurance Company Limited—

can be effected or effected efficiently and economically and without interference with the conduct and continuity of the said trustee company, trust, and agency businesses in the interests of the said companies, the trusts under administration, their clients, and other persons having business with them:

And whereas the objects of this Act cannot be attained without the authority of Parliament.