New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 1 January 2011
| Public Act | 2001 No 100 |
| Date of assent | 14 December 2001 |
| Commencement | see section 2 |
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
This Act is administered by the Public Trust.
5 Application of Act where Public Trust acts jointly
6 Relationship between this Act and other Acts and instruments
Part 2
Establishment of Public Trust
7 Establishment of Public Trust
7A Application of Crown Entities Act 2004
10 Independence of Public Trust in its fiduciary functions
13 Application of Public Finance Act 1989
15 Board's management duty [Repealed]
16 Board's powers [Repealed]
17 Board may appoint committees [Repealed]
19 Delegation of powers to make affidavits, etc
20 Certain powers not to be delegated
21 Effect of delegation [Repealed]
22 Presumption of acting in accordance with delegation [Repealed]
23 Other matters relating to delegation [Repealed]
24 Execution of documents [Repealed]
25 Presumption of authority to execute document [Repealed]
Chief executive of Public Trust
27 Terms and conditions of employment of chief executive [Repealed]
28 Delegations by chief executive [Repealed]
[Repealed]
29 Personnel policy [Repealed]
30 Equal employment opportunities programme [Repealed]
31 Appointment of employees of Public Trust [Repealed]
32 Establishment of superannuation schemes [Repealed]
33 Employees not in service of the Crown [Repealed]
Declaration of fidelity and secrecy
34 Declaration of fidelity and secrecy
38 Public Trust not to borrow without consent of Minister of Finance
39 Audit Office to be auditor of Public Trust [Repealed]
40 Annual report [Repealed]
41 Ownership interest of the Crown
42 Deficiency payable out of Crown Bank Account
44 Payment by the Crown for non-commercial activities
45 Power to request information [Repealed]
46 Refusal of request to supply information
50 Interest payable to estates in common fund
51 Public Trust acting under section 75 as agent to invest in common fund
52 Deficiency in common fund to be made good out of public money
53 Power to deal with land investments
54 Public Trust may apply common fund money for purpose of buying in securities
55 Extensions or renewals of common fund investments
56 Advances to estates from common fund
57 Advances to beneficiaries from common fund
58 Person acting jointly with Public Trust
Investments otherwise than in common fund
59 Separate investments of estate money
61 Investments in group investment funds
62 Investments outside common fund not guaranteed
63 Public Trust may establish group investment funds
64 Investment of group investment funds
65 Income and capital of group investment fund
66 Periodic capital valuation of investments of fund
67 Capital valuation of fund comprising investments in real estate
68 Timing of investments and withdrawals
69 Withdrawal of amounts from fund
72 Powers of Public Trust in respect of group investment funds
72B Powers to adjust interest in trust property of fund that is portfolio investment entity
73 Examination of group investment funds
74 Duties, etc, of Public Trust not affected by sections 63 to 73
Part 5
Acquisition of right to administer estates
75 Duties for which Public Trust may be appointed
76 Appointment of Public Trust by executors, administrators, and trustees
77 Public Trust entitled on application to administration of intestate estates
78 Public Trust may be appointed sole trustee where appointment of 2 or more trustees provided for
79 Judge may consent to Public Trust's appointment if person whose consent required refuses or unable to consent
80 Power of Public Trust to administer if no application for probate or administration
81 Trustees may delegate powers to Public Trust
82 Powers and authorities exercisable by Public Trust pending grant of probate or administration
83 Notice of exercise of powers and authorities under section 82 to person entitled to probate or administration
84 Public Trust may oppose application for administration
85 Payment of legacies of infants to Public Trust
86 Administration of benefit funds by Public Trust
87 Public Trust on appointment to have same rights, etc, as private person
88 Property, rights, etc, to vest in Public Trust on appointment
89 Provisions relating to applications for grants of administrations
90 Public Trust acting jointly with another person
92 Part does not restrict operation of certain provisions
93 Public Trust may elect to administer small estates without grant of administration
94 Elections in respect of unadministered balance of estate
95 Operation of election under section 93 or section 94 as regards property overseas
96 Revocation of elections filed in error
97 Elections to administer jointly with another person
99 Appointment of Public Trust as manager of unclaimed property
101 Public Trust may elect to manage property of low value
102 Order vesting property in Public Trust or other person
103 Powers of Public Trust as manager
104 Power of Public Trust to pay for improvements
105 Sale or transfer to occupier or other person entitled to land
106 Property to be held for owner
108 Transfer of unclaimed property to Crown
109 Land, etc, becoming property of Crown may be vested in local authority
110 Public Trust to have discretion as to exercise of powers
111 Public Trust may apply to court for directions
112 Deficiency in recovery of remuneration and expenses of Public Trust
113 Documents executed by Public Trust
114 Order or notice not affected by mistake of fact
115 Evidence in respect of unclaimed property
117 Limitation Act 2010 not affected
Part 8
Miscellaneous provisions
118 Special powers that may be exercised by Public Trust
119 Public Trust may act on written statement, etc
120 Public Trust may sue itself in different capacity
121 Public Trust may transact business with subsidiary companies
126 Power of Public Trust to make small payments without order
127 Public Trust may bar claims for small amounts
128 Conditions on which tenant for life may be allowed into possession
129 Declaration of non-revocation unnecessary where Public Trust executes document as attorney
131 Existence of property belonging to estate being administered by Public Trust to be disclosed
132 Protection of purchasers and others
133 No notice of trust to arise merely from dealing with Public Trust
135 Public Trust may evidence and register dealings in land when acting in different capacities
136 Same remedies against Public Trust as against other persons
137 Protection of Public Trust acting under power of attorney
138 Protection of Public Trust acting under order of court
139 Validity of acts by Public Trust under administration granted in error
140 Board members and employees not personally liable except for fraud or crime [Repealed]
142 Liability of office solicitor in conveyancing transactions
143 Costs of legal proceedings
144 Certificate by Public Trust as to its legal status in any matter
145 Certificate where Public Trust acting jointly
146 Service of notices by Public Trust
Part 9
Transfer of Public Trust undertaking
149 Vesting of existing undertaking
150 Transfer of fiduciary rights and liabilities
151 Dissolution of Public Trustee, Public Trust Office, and Investment Board
153 Status of contracts and other instruments
154 Status of existing securities
155 Continuation of proceedings
157 Books and documents to remain evidence
159 Liability of employees and agents
160 Transfer of existing employees
161 Terms and conditions of employment of transferred employees
163 No compensation for technical redundancy
164 Contributors to Government Superannuation Fund
Application of Income Tax Act 1994
165 Application of Income Tax Act 1994
Application of Securities Act 1978
166 Application of Securities Act 1978
Amount of reserves to be paid to the Crown
167 Amount of reserves to be paid to the Crown before appointed day
Part 10
Repeals, amendments, and transitional provisions
170 Amendments to other enactments
171 Transitional provision in relation to existing investments in group investment funds
172 Financial statement and report on operations for period commencing 1 July 2001
Schedule 1
Provisions relating to board
[Repealed]
Schedule 2
Amendments to other Acts
