New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) The Māori Trustee may charge or retain a reasonable management fee (plus goods and services tax, if any) for the management of the funds held in trust in the Common Fund.
(2) Subclause (1) does not apply if, and to the extent that, the Māori Trustee is paid a commission or a fee under regulation 4 or 6 respectively for the management of the funds held in trust in the Common Fund.
(3) The management fee that may be charged under subclause (1) is to comprise—
(a) a base fee calculated monthly on the gross market value of the Common Fund on the last day of the month to which the calculation relates; and
(b) a supplementary fee to reimburse the Māori Trustee for expenses, costs, and liabilities incurred by the Māori Trustee in the relevant month in managing the funds held in trust in the Common Fund, to the extent that such expenses, costs, and liabilities are not covered by the base fee charged under paragraph (a).
(4) The management fee determined in accordance with subclause (3)—
(a) is a liability of the Common Fund as at the last day of the month to which the calculation relates; and
(b) must be paid from the Common Fund to the General Purposes Fund no later than the last day of the month following the month to which that calculation relates.
