Trustee (Prescribed Rate of Interest) Order 2011

2011/178

Coat of Arms of New Zealand

Trustee (Prescribed Rate of Interest) Order 2011

Anand Satyanand, Governor-General

Order in Council

At Wellington this 23rd day of May 2011

Present:
His Excellency the Governor-General in Council

Pursuant to section 34A of the Trustee Act 1956, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following order.

Order

1  Title
  • This order is the Trustee (Prescribed Rate of Interest) Order 2011.

2  Commencement
  • This order comes into force on 1 July 2011.

3  Application
  • This order applies to all premiums paid by a trustee on or after 1 July 2011 in respect of a policy of insurance (whether the policy was effected before, on, or after that day).

4  Rate of interest of 5.0% prescribed
  • This clause prescribes for the purposes of section 34A of the Trustee Act 1956 the rate of 5.0%.

5  Revocation

Michael Webster,
for Clerk of the Executive Council.


Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order, which comes into force on 1 July 2011, decreases from 8.4% to 5.0% the rate of interest to be used in determining the amount for which a trustee has a lien on policy money for premiums under section 34A of the Trustee Act 1956.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 26 May 2011.

This order is administered by the Ministry of Justice.