Hon Lianne Dalziel
Government Bill
144—2
As reported from the Justice and Electoral Committee
Commentary
Key
1 Title
2 Commencement
Part 1Amendments to Trustee Act 1956
Principal Act amended
3 Principal Act amended
Power of trustees to insure
4 New section 24 substituted
24 Power to insure
Power of trustees to employ and authorise, or appoint, agents or attorneys
5 New sections 29 to 29E substituted
29 Power to employ and authorise agents to exercise or perform administrative functions
29A Duty of certain trustees to exercise special skill
29B Administrative and trustee functions defined
29C Power to appoint agents or attorneys to administer, etc, trust property outside New Zealand
29D Power to appoint agents to receive property, or money payable under policy of insurance
29E Effect on other laws of sections 29 to 29D
6 Power to delegate trusts
Advisory trustees and protectors
7 Advisory trustees may be appointed to assist responsible trustee
8 New sections 49A and 49B inserted
49A Further provisions relating to advisory trustees
49A Trustees may apply to Court for directions in respect of protectors’ directions or refusals or failures to consent
49B Procedure when trustee applies to Court for directions
Giving District Courts jurisdiction to relieve trustees from personal liability
8A Power to relieve trustee from personal liability
Duty of trustees to use best endeavours to advise certain beneficiaries of their entitlement to call for transfer to them of trust property
9 New section 87A inserted
87A Trustees must use best endeavours to advise certain beneficiaries of their entitlement to call for transfer to them of trust property
Part 2Amendments to other Acts
Subpart 1—Ensuring trustee’s remuneration not treated as specific devise or bequest subject to requirement for abatement
10 Principal Act amended
11 New section 37 substituted
37 Liability of specific devise or bequest if estate primarily liable insufficient and liability not made clear by will
Subpart 2—Giving District Courts jurisdiction to relieve trustees from personal liability
12 Principal Act amended
13 Equity jurisdiction
13 New section 45AA inserted
Subpart 3—Ensuring trustee’s remuneration not treated as gift to attesting witness and therefore void
14 Subpart must, for law of New Zealand, be read together with Wills Act 1837
15 Principal Act modified for law of New Zealand
16 Gifts to attesting witness, or his or her wife, husband, civil union partner, or de facto partner, to be void
14 Principal Act amended
15 Witnesses affected by dispositions made to them
Legislative history
The Parliament of New Zealand enacts as follows: