Trustee (Public Trust) Amendment Act 2013

Coat of Arms of New Zealand

Trustee (Public Trust) Amendment Act 2013

Public Act2013 No 21
Date of assent13 May 2013
Commencementsee section 2

The Parliament of New Zealand enacts as follows:

1 Title
  • This Act is the Trustee (Public Trust) Amendment Act 2013.

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

3 Principal Act
4 Section 46 amended (Discharge of trustee with assistance of court or Registrar)
  • Replace section 46(4) with:

    • (4) If the court, on an application under subsection (2) by a trustee other than a securities trustee, appoints Public Trust as the replacement trustee, Public Trust must accept the appointment.

    • (5) On an application under subsection (2) by a securities trustee for the appointment of Public Trust as the replacement trustee, the court may appoint Public Trust, and Public Trust must accept the appointment, only if—

      • (a) the retiring trustee has failed to obtain a replacement trustee after making reasonable endeavours to do so; and

      • (b) it is impracticable or difficult to obtain a replacement trustee without an order under this section; and

      • (c) the retiring trustee indemnifies Public Trust for its reasonable fees and expenses incurred in undertaking the appointment; and

      • (d) the retiring trustee has provided security to the satisfaction of the court for its indemnity under paragraph (c).

    • (6) For the purposes of subsection (5)(a), and without limiting the meaning of reasonable endeavours, a retiring trustee has not made reasonable endeavours to obtain a replacement trustee if it has not both—

      • (a) undertaken to indemnify the proposed replacement trustee for its reasonable fees and expenses in undertaking the appointment; and

      • (b) offered adequate security for its indemnity.

    • (7) In subsections (4) and (5), securities trustee means a person appointed as a trustee in respect of a security (and, for this purpose, security and trustee have the same meanings as in section 4(1) of the Securities Trustees and Statutory Supervisors Act 2011).

5 Transitional provision
  • Nothing in the amendment made under section 4 affects any proceeding commenced before section 4 comes into force, and any such proceeding must be decided as if the amendment had not been made.


Legislative history

8 May 2013Introduction (Bill 110–1), first reading, second reading, committee of the whole House, third reading
13 May 2013Royal assent

This Act is administered by the Ministry of Justice.