Trustee Act 1956

  • repealed
  • Trustee Act 1956: repealed, on 30 January 2021, by section 162(a) of the Trusts Act 2019 (2019 No 38).
83B Audit of other trust estates

(1)

Subject to the provisions of any regulations made under this Act, and unless the court otherwise orders, the condition and accounts of any trust estate (being an estate which is not being administered by a trustee corporation) shall, on an application being made and notice thereof being given in the prescribed manner by or on behalf of any trustee or beneficiary in that estate, be investigated and audited by such solicitor or such qualified statutory accountant as may be agreed on between the applicant trustee and his co-trustees and Public Trust, or between the applicant beneficiary and the trustees and Public Trust, as the case may be, or, in default of any such agreement, by a solicitor or a qualified statutory accountant appointed by Public Trust:

provided that—

(a)

except with the leave of the court, such an investigation or audit shall not be required within 12 months after any such previous investigation or audit; and

(b)

a beneficiary shall not be appointed under this section to make an investigation or audit; and

(c)

Public Trust may require the applicant to deposit a sum of money covering the costs of the investigation and audit, as estimated by Public Trust, or to secure the same to Public Trust’s satisfaction before proceeding with the application.

(1A)

In subsection (1), qualified statutory accountant has the same meaning as in section 5(1) of the Financial Reporting Act 2013.

(2)

The person making the investigation or audit (in this section called the auditor) shall have a right of access to the books, accounts, and vouchers of the trustees, and to any securities and documents of title held by them on account of the estate, and may require from them such information and explanations as may be necessary for the performance of his duties.

(3)

Upon the completion of the investigation and audit, the auditor shall forward to the applicant, and to every trustee, and to Public Trust, a copy of the accounts of the estate, together with a report thereon, and a certificate signed by him to the effect that the accounts correctly show the state of the affairs of the estate, and that he has had the securities of the trust fund investments (if any) produced to and verified by him, or (as the case may be) that such accounts are deficient in such respects as may be specified in that certificate.

(4)

Every beneficiary shall, subject to the provisions of any regulations made under this section, be entitled at all reasonable times to inspect and take copies of the accounts, report, and certificate, and, at his own expense, to be furnished with copies thereof or extracts therefrom.

(5)

The auditor may be removed by order of the court; and if any auditor is removed, or resigns, or dies, or becomes bankrupt or incapable of acting before the investigation and audit are completed, a new auditor may be appointed in his place in like manner as the original auditor was appointed.

(6)

The remuneration of the auditor and the other expenses of the investigation and audit (including Public Trust’s charges) shall be such as may be prescribed by regulations under this section or (in the absence of any such prescription) as may be determined by the court, and shall, unless the court otherwise orders, be borne by the estate; and, in the event of the court so ordering, such expenses shall be borne by the trustees personally or any of them, or by the applicant, or be apportioned between them or any of them, or between them and any of them and the estate, in such proportions as the court thinks just.

(7)

If any person having the custody of any books, accounts, vouchers, securities, or documents to which the auditor has a right of access under this section fails or refuses to allow him to have access thereto, or in anywise obstructs the investigation or audit, the auditor may apply to the court, and thereupon the court shall make such order as it thinks just.

(8)

Subject to any rules of court, applications under or for the purposes of this section to the court shall be made to a Judge in Chambers.

(9)

If any person in any statement of accounts, report, or certificate required for the purposes of this section wilfully makes a statement that is false in any material particular, he or she is liable on conviction to imprisonment for a term not exceeding 2 years or a fine not exceeding $200, or both.

(10)

Public Trust shall not be liable for any expenses or costs under this section.

(11)

All expenses and costs for which the estate is liable under this section shall be a charge on the assets of the estate, and that charge may be enforced in such manner as the court directs.

(12)

The Governor-General may from time to time, by Order in Council, make all such regulations as may in his opinion be necessary or expedient for specifying the procedure and regulating the remuneration, expenses, charges, and other matters in regard to the investigation and audit of trust estates.

(13)

All regulations made under this section shall be laid before Parliament within 28 days after the date of the making thereof if Parliament is then in session and, if not, shall be laid before Parliament within 28 days after the date of the commencement of the next ensuing session.

Compare: 1913 No 19 s 11

Section 83B: inserted, on 18 October 1957, by section 10(1) of the Trustee Amendment Act 1957 (1957 No 37).

Section 83B(1): amended, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 83B(1): amended, on 7 July 2010, by section 10 of the New Zealand Institute of Chartered Accountants Amendment Act 2010 (2010 No 74).

Section 83B(1): amended, on 1 March 2002, by section 170(1) of the Public Trust Act 2001 (2001 No 100).

Section 83B(1) proviso paragraph (c): amended, on 1 March 2002, by section 170(1) of the Public Trust Act 2001 (2001 No 100).

Section 83B(1A): inserted, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 83B(3): amended, on 1 March 2002, by section 170(1) of the Public Trust Act 2001 (2001 No 100).

Section 83B(6): amended, on 1 March 2002, by section 170(1) of the Public Trust Act 2001 (2001 No 100).

Section 83B(9): replaced, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).

Section 83B(10): amended, on 1 March 2002, by section 170(1) of the Public Trust Act 2001 (2001 No 100).

Section 83B(12): amended, on 1 March 2002, by section 170(1) of the Public Trust Act 2001 (2001 No 100).