Reprint as at 12 November 2018

Coat of Arms of New Zealand

Public Trust Act 2001

Public Act
 
2001 No 100
Date of assent
 
14 December 2001
Commencement
 
see section 2
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Justice.

Contents

1Title
2Commencement
3Purpose
4Interpretation
5Application of Act where Public Trust acts jointly
6Relationship between this Act and other Acts and instruments
7Establishment of Public Trust
7AApplication of Crown Entities Act 2004
8Functions of Public Trust
9Objectives of Public Trust
10Independence of Public Trust in its fiduciary functions
11Powers
12Method of contracting
13Application of Public Finance Act 1989
14Board of Public Trust
15Board’s management duty [Repealed]
16Board’s powers [Repealed]
17Board may appoint committees [Repealed]
18Delegations generally
19Delegation of powers to make affidavits, etc
20Certain powers not to be delegated
21Effect of delegation [Repealed]
22Presumption of acting in accordance with delegation [Repealed]
23Other matters relating to delegation [Repealed]
24Execution of documents [Repealed]
25Presumption of authority to execute document [Repealed]
26Chief executive
27Terms and conditions of employment of chief executive [Repealed]
28Delegations by chief executive [Repealed]
[Repealed]
29Personnel policy [Repealed]
30Equal employment opportunities programme [Repealed]
31Appointment of employees of Public Trust [Repealed]
32Establishment of superannuation schemes [Repealed]
33Employees not in service of the Crown [Repealed]
34Declaration of fidelity and secrecy
35Funds of Public Trust
36Public Trust bank accounts
37Investment of funds
38Public Trust not to borrow without consent of Minister of Finance
39Audit Office to be auditor of Public Trust [Repealed]
40Annual report [Repealed]
41Ownership interest of the Crown
42Deficiency payable out of Crown Bank Account
43Distributions to the Crown
44Payment by the Crown for non-commercial activities
45Power to request information [Repealed]
46Refusal of request to supply information
47Investments generally
48Common fund
49Investment of common fund
50Interest payable to estates in common fund
51Public Trust acting under section 75 as agent to invest in common fund
52Deficiency in common fund to be made good out of public money
53Power to deal with land investments
54Public Trust may apply common fund money for purpose of buying in securities
55Extensions or renewals of common fund investments
56Advances to estates from common fund
57Advances to beneficiaries from common fund
58Person acting jointly with Public Trust
59Separate investments of estate money
60Special investments
61Investments in group investment funds
62Investments outside common fund not guaranteed
63Public Trust may establish group investment funds
64Investment of group investment funds
65Income and capital of group investment fund
66Periodic capital valuation of investments of fund
67Capital valuation of fund comprising investments in real estate
68Timing of investments and withdrawals
69Withdrawal of amounts from fund
70Reimbursement of expenses
71Management fees
72Powers of Public Trust in respect of group investment funds
72BPowers to adjust interest in trust property of fund that is portfolio investment entity
72CPublic Trust may not make regulated offer of managed investment products in certain group investment funds
73Examination of group investment funds
74Duties, etc, of Public Trust not affected by sections 63 to 73
75Duties for which Public Trust may be appointed
76Appointment of Public Trust by executors, administrators, and trustees
77Public Trust entitled on application to administration of intestate estates
78Public Trust may be appointed sole trustee where appointment of 2 or more trustees provided for
79Judge may consent to Public Trust’s appointment if person whose consent required refuses or unable to consent
80Power of Public Trust to administer if no application for probate or administration
81Trustees may delegate powers to Public Trust
82Powers and authorities exercisable by Public Trust pending grant of probate or administration
83Notice of exercise of powers and authorities under section 82 to person entitled to probate or administration
84Public Trust may oppose application for administration
85Payment of legacies of infants to Public Trust
86Administration of benefit funds by Public Trust
87Public Trust on appointment to have same rights, etc, as private person
88Property, rights, etc, to vest in Public Trust on appointment
89Provisions relating to applications for grants of administrations
90Public Trust acting jointly with another person
91Costs
92Part does not restrict operation of certain provisions
93Public Trust may elect to administer small estates without grant of administration
94Elections in respect of unadministered balance of estate
95Operation of election under section 93 or section 94 as regards property overseas
96Revocation of elections filed in error
97Elections to administer jointly with another person
98Copy of election
99Appointment of Public Trust as manager of unclaimed property
100Mode of appointment
101Public Trust may elect to manage property of low value
102Order vesting property in Public Trust or other person
103Powers of Public Trust as manager
104Power of Public Trust to pay for improvements
105Sale or transfer to occupier or other person entitled to land
106Property to be held for owner
107Termination of management
108Transfer of unclaimed property to Crown
109Land, etc, becoming property of Crown may be vested in local authority
110Public Trust to have discretion as to exercise of powers
111Public Trust may apply to court for directions
112Deficiency in recovery of remuneration and expenses of Public Trust
113Documents executed by Public Trust
114Order or notice not affected by mistake of fact
115Evidence in respect of unclaimed property
116Crown not affected
117Limitation Act 2010 not affected
118Special powers that may be exercised by Public Trust
119Public Trust may act on written statement, etc
120Public Trust may sue itself in different capacity
121Public Trust may transact business with subsidiary companies
122Remuneration
123Special services
124Review of charges
125Additional remuneration
126Power of Public Trust to make small payments without order
127Public Trust may bar claims for small amounts
128Conditions on which tenant for life may be allowed into possession
129Declaration of non-revocation unnecessary where Public Trust executes document as attorney
130Deposit of wills
131Existence of property belonging to estate being administered by Public Trust to be disclosed
132Protection of purchasers and others
133No notice of trust to arise merely from dealing with Public Trust
134Registration of shares
135Public Trust may evidence and register dealings in land when acting in different capacities
136Same remedies against Public Trust as against other persons
137Protection of Public Trust acting under power of attorney
138Protection of Public Trust acting under order of court
139Validity of acts by Public Trust under administration granted in error
140Board members and employees not personally liable except for fraud or crime [Repealed]
141Limitation of liability
142Liability of office solicitor in conveyancing transactions
143Costs of legal proceedings
144Certificate by Public Trust as to its legal status in any matter
145Certificate where Public Trust acting jointly
146Service of notices by Public Trust
147Regulations
148Interpretation
149Vesting of existing undertaking
150Transfer of fiduciary rights and liabilities
151Dissolution of Public Trustee, Public Trust Office, and Investment Board
152References in instruments
153Status of contracts and other instruments
154Status of existing securities
155Continuation of proceedings
156Effect of Act
157Books and documents to remain evidence
158Registers
159Liability of employees and agents
160Transfer of existing employees
161Terms and conditions of employment of transferred employees
162Continuity of employment
163No compensation for technical redundancy
164Contributors to Government Superannuation Fund
165Application of Income Tax Act 1994
[Repealed]
166Application of Securities Act 1978 [Repealed]
167Amount of reserves to be paid to the Crown before appointed day
168Repeals
169Revocations
170Amendments to other enactments
171Transitional provision in relation to existing investments in group investment funds
172Financial statement and report on operations for period commencing 1 July 2001
[Repealed]
Reprint notes