New Zealand Guardian Trust Company Amendment Act 1989

New Zealand Guardian Trust Company Amendment Act 1989

Private Act1989 No 2
Date of assent28 April 1989
  • Preamble

    WHEREAS The New Zealand Guardian Trust Company Limited is authorised by its memorandum of association and by its enabling Act, The New Zealand Guardian Trust Company Act 1982, to act as executor and trustee and in various other fiduciary capacities, and has from the date of its enabling Act carried on and now carries on a trust and agency business: And whereas, by virtue of section 21 of its enabling Act, The Zealand Guardian Trust Company Limited is empowered to transact insurance business with its parent company, The New Zealand South British Group Limited, and any subsidiaries of that company: And whereas The New Zealand Guardian Trust Company Limited is desirous of being similarly empowered to transact other kinds of business with those companies, and (in respect of both insurance business and other kinds of business) with other companies with which the parent company may be associated: And whereas that object cannot be attained otherwise than by legislation:

BE IT THEREFORE ENACTED by the Parliament of New Zealand as follows:

1 Short Title and commencement
  • (1) This Act may be cited as the New Zealand Guardian Trust Company Amendment Act 1989, and shall be read together with and deemed part of The New Zealand Guardian Trust Company Act 1982 (hereinafter referred to as the principal Act).

    (2) This Act shall come into force on the day on which it receives the Royal assent.

2 Company authorised to transact business with parent company or subsidiary or associated companies
  • The principal Act is hereby amended by repealing section 21, and substituting the following section:

    21
    • (1) Notwithstanding the fiduciary rights, obligations, and liabilities of the new company whether pursuant to this Act or otherwise, the new company is hereby authorised to transact with the parent company or any subsidiary of the parent company or any company associated with the parent company any business in connection with any estate or trust property that it may administer from time to time where, after considering all the circumstances of the case (including appropriate business arrangements offered by other companies), the new company is satisfied on reasonable grounds that it is in the best interests of the estate or trust property to do so; and, notwithstanding any enactment or rule of law to the contrary, the parent company or any subsidiary of the parent company or any company associated with the parent company shall be entitled to receive and retain all fees, premiums, commissions, and other payments properly chargeable in respect of such business in the same manner as it or they would have been entitled to do if the new company had not been a trustee of such estate or the new company were not, in respect of the parent company, a subsidiary, or, in respect of any other subsidiary of the parent company or any company associated with the parent company, a related company.

      (2) Any payment to which subsection (1) of this section applies shall be clearly identified in the account rendered in respect of the estate or trust property.

3 Private Act
  • This Act is hereby declared to be a private Act.