New Zealand Legislation: Regulations

17 Provisions applicable where trustees are not body corporate

• Where the trustees are other than a body corporate as sole trustee, then, subject to any order of the court,—

  • (a) the trustees shall convene and hold a first meeting of trustees within 30 days of their appointment:

  • (b) the trustees shall otherwise meet for the dispatch of business at such times and places as the trustees consider appropriate:

  • (c) no business shall be transacted at any meeting of the trustees unless a quorum is present:

  • (d) where the number of trustees is 2 or 3, 2 shall constitute a quorum and, where the number of trustees is more than 3, a quorum shall consist of at least one-half in number of the trustees:

  • (e) the trustees shall at their first meeting appoint one of their number to act as chairperson and that person shall remain in office until such time as the trustees appoint a new chairperson:

  • (f) if the trustees are unable to agree as to the appointment of a chairperson, or for any other reason fail to appoint a chairperson, the court may appoint a chairperson to hold office for a specified term or until a new chairperson is appointed by the trustees or the court:

  • (g) all questions coming before the trustees at any meeting shall be decided by a majority of the votes of the trustees present at the meeting:

  • (h) at every meeting the chairperson, or, in his or her absence, some other trustee chosen by those present, shall preside; and the chairperson or presiding trustee shall have a deliberative vote and also, in the event of an equality of votes on any matter, a casting vote:

  • (i) all proceedings and resolutions of the trustees, and proceedings of a meeting convened under regulation 14 or regulation 19, shall be recorded in a minute book to be kept by the trustees for that purpose.