Trustees Executors Limited Amendment Act 2006

Trustees Executors Limited Amendment Act 2006

Private Act2006 No 2
Date of assent30 June 2006
  • Preamble

    • (1) The TOWER Trust Limited Act 2002 (now to be called the Trustees Executors Limited Act 2002)—

      • (a) provides for a change of name, and for future changes of name, by the Trustees, Executors, and Agency Company of New Zealand (Limited), now known as Trustees Executors Limited (the Company); and

      • (b) expressly authorises the Company to transact with its parent companies, and subsidiaries of its parent companies, business in connection with any estate or trust property that the Company administers; and

      • (c) consolidates and amends the provisions of the Trustees, Executors, and Agency Company Act 1882 and its amendments:

    • (2) Since its incorporation the Company has carried on trustee company, trust, and agency business, including as a trustee company under the Trustee Companies Act 1967:

    • (3) The TOWER Trust Limited Act 2002 expressly authorises the Company to transact business with TOWER Limited (as its parent company), other holding companies of the Company, and subsidiaries of any of them:

    • (4) TOWER Limited has sold the Company (then known as TOWER Trust Limited) to Sterling Grace (NZ) Limited, which is the Company's current parent company:

    • (5) TOWER Trust Limited has changed its name to Trustees Executors Limited, the Company's current name:

    • (6) The Company wishes to—

      • (b) be able to transact business with its current and future parent companies and with those parent companies' subsidiaries; and

      • (c) ensure that the principal Oct reflects the Company's current ownership structure:

    • (7) The objects of this Act cannot be achieved without legislation:

The Parliament of New Zealand therefore enacts as follows:

1 Title
  • This Act is the Trustees Executors Limited Amendment Act 2006.

2 Commencement
  • This Act comes into force on the day after the date on which it receives the Royal assent.

3 Principal Act amended
4 Title repealed
  • The Title is repealed.

5 Name of principal Act changed
  • (1) As from the commencement of this Act, the principal Act is called the Trustees Executors Limited Act 2002.

    (2) Section 1 is consequentially amended by omitting TOWER Trust and substituting Trustees Executors.

6 Interpretation
  • (1) Section 4 is amended by repealing the definition of Company and substituting the following definition:

    Company means the company that—

    • (a) before the commencement of this Act was called the Trustees, Executors, and Agency Company of New Zealand (Limited); and

    • (b) on and after the commencement of this Act until 1 August 2003 was called TOWER Trust Limited; and

    • (c) from 1 August 2003 is called Trustees Executors Limited (unless its name is changed under the Companies Act 1993).

    (2) Section 4 is amended by inserting the following definition after the definition of fiduciary rights, obligations, and liabilities:

    holding company has the same meaning as in section 5 of the Companies Act 1993 and, for the avoidance of doubt, includes a body corporate that is incorporated outside New Zealand.

    (3) The definition of parent company in section 4 is repealed.

    (4) The definition of related company in section 4 is amended by adding ; but, for the purposes of this Act, the term company in that section includes a body corporate that is incorporated outside New Zealand.

    (5) The definition of subsidiary in section 4 is amended by adding and, for the avoidance of doubt, includes a body corporate that is incorporated outside New Zealand.

    (6) Section 4 is amended by adding the following subsection as subsection (2):

    • (2) The Governor-General may, by Order in Council made on the recommendation of the Minister of Justice given after consultation with the Minister of Commerce, amend the Schedule to—

      • (a) add the name of a body corporate that is a holding company of the Company:

      • (b) amend a reference to a body corporate named in the Schedule in order to reflect a change in that body corporate's name, provided that that body corporate continues to be a holding company of the Company:

      • (c) omit the name of a body corporate that ceases to be a holding company of the Company.

7 Company must not be put into liquidation without approval of Court
  • Section 12 is amended by adding the following subsection:

    • (4) In this section, parent company means a holding company of the Company.

8 Company authorised to transact business with parent company or subsidiaries
  • Section 14 is amended by adding the following subsection:

    • (5) In this section, parent company means a holding company of the Company specified in the Schedule.

9 Section 20 repealed
  • Section 20 is repealed.

10 Amendments to Trustee Companies Act 1967
  • (1) This section amends the Trustee Companies Act 1967.

    (2) The definition of trustee company in section 2 is amended by omitting TOWER Trust Limited and substituting Trustees Executors Limited.

    (3) The definition of trustee company Act in section 2 is amended by omitting TOWER Trust Limited Act 2002 and substituting Trustees Executors Limited Act 2002.

11 New Schedule added
  • The Schedule set out in the Schedule of this Act is added to the principal Act.


Schedule
New Schedule added

s 11

Schedule
Authorised parent companies of Company

s 4(2)

Sterling Grace (NZ) Limited


Legislative history

3 February 2006Introduction (Bill 16-1)
22 February 2006First reading and referral to Commerce Committee
21 June 2006Reported from Commerce Committee (Bill 16-2)
28 June 2006Second reading, third reading