Trustee Companies Act 1967

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Reprint as at 3 December 2007

Trustee Companies Act 1967

Public Act1967 No 35
Date of assent26 October 1967
Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This Act is administered in the Ministry of Justice.

Contents

Title

1 Short Title

2 Interpretation

Part 1
Trustee companies

3 Application of other Acts

4 Grant of letters of administration to trustee company

5 Court may act upon affidavit of director or manager

6 Assets of company liable

7 Company may be appointed trustee and hold other fiduciary positions

8 Appointment of trustee company by executors, administrators, and trustees

9 Appointment of trustee company where person whose consent is required refuses or is unable to consent

10 Authority of director or officer to attend on behalf of trustee company

11 Company may act alone or jointly

12 Company may act under power of attorney by officers

13 Powers of attorney in favour of trustee company

14 Payment of legacies of infants to trustee company

15 Administration by trustee company of benefit fund

16 Trustee company may be appointed to represent parties in legal proceedings

17 Restriction on registration of transfers of shares

18 Remuneration

19 Review of charges

20 Local and special Board of Directors of trustee companies

21 Delegations to local or special Board of Directors, etc

22 Appointment of deputies of certain officers

23 Judicial notice of certain seals, appointments, and signatures

24 Trustee company may evidence and register dealings in land when acting in different capacities

25 Charges created by trustee companies in a fiduciary capacity

26 Registration of shares

27 Sale of goods by auction

28 Conditions on which tenant for life may be allowed into possession

Part 2
Group investment funds

29 Group Investment Funds

30 Income and capital of Group Investment Fund

31 Capital valuation of investments of Fund

31A Capital valuation of Fund comprising investments in real estate

32 Reimbursement of expenses

32A Management fees

33 Powers of trustee company in respect of Funds

33B Powers of trustee company or manager to adjust interest in trust property of Fund that is portfolio investment entity

34 Examination of Group Investment Funds

35 Duties, etc, of trustee companies not affected by this Part of Act

Part 3
Elections to administer and certificates of administration

36 Power of trustee companies to elect to administer small estates without grant of administration

37 Elections in respect of unadministered balance of an estate

38 Commissioner of Inland Revenue to be notified of filing of election

39 Operation of election to administer as regards property overseas

40 Revocation of elections filed in error

41 Court fees payable on elections, etc

42 Certificate by trustee company as to its legal status in any matter

43 Consequential amendment [Repealed]

Part 4
Trustee companies protection

44 Application of this Part

45 Certificate to accompany applications for and transfers of shares

46 Voting at general meetings of shareholders

47 Certificates for purposes of this Part of this Act not to constitute notice of any trust

Part 5
Miscellaneous provisions

47A Regulations

48 Repeals

Schedule 1
Deposits by trustee companies

Schedule 2
Forms

Schedule 3
Enactments repealed

Reprint notes

An Act to make better provision for the operation of trustee companies

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows: