The purpose of this Act is—

In this Act, unless the context otherwise requires,—

Except as provided in subsection (3) or otherwise specifically provided in this Act, the provisions of this Act, so far as they are capable of doing so and with any necessary modifications, extend and apply to any case in which Public Trust is acting jointly with another person, or is appointed or proposes to act jointly with another person.

Accordingly, in any such case,—

However, subsection (1) does not extend or apply to—

Nor do the provisions of the Crown Entities Act 2004 or the following provisions of this Act confer any powers, authorities, functions, or prerogatives on a person acting jointly with Public Trust:

Nothing in this section restricts the jurisdiction of any court in relation to the granting of administration or the making of any other order.

The provisions of the Trusts Act 2019 and the Administration Act 1969 are to be read and applied—

All powers and authorities conferred by this Act on Public Trust—

Except as otherwise expressly provided by this Act, the provisions of this Act are not restricted by any other enactment or law, and—

Section 100 of the Crown Entities Act 2004 does not apply to the exercise of any authority or power Public Trust has under any enactment, instrument, or law to—

Subsection (4) does not limit subsection (3).

This section establishes Public Trust.

Public Trust is a Crown entity for the purposes of section 7 of the Crown Entities Act 2004.

The Crown Entities Act 2004 applies to Public Trust except to the extent that this Act expressly provides otherwise.

Sections 28(1), 29, 37, 96, 100, and 104 and Part 4 of the Crown Entities Act 2004 apply as if the reference in each of those provisions or Parts to the “responsible Minister” were replaced by a reference to “the responsible Minister acting with the agreement of the Minister of Finance”.

The principal functions of Public Trust are to—

For the avoidance of doubt, a request under section 8(1)(c) is not a direction by the Minister for the purposes of section 112 of the Crown Entities Act 2004.

Any request by the Minister and agreement by Public Trust under subsection (1)(c), and any determination of Public Trust and approval of the Minister under subsection (1)(d), must be in writing.

As soon as practicable after any such request or determination is made and is agreed or approved, the Minister must—

In fulfilling its functions, Public Trust is to have the principal objective of operating as an effective business, and, to this end,—

Despite anything in this Act or the Crown Entities Act 2004, in managing and administering estates, and in fulfilling any other fiduciary obligations, Public Trust is to act in an independent manner free from any direction or other instruction from the Crown.

Public Trust may exercise its capacity or any of its rights, powers, and privileges for the purpose of—

Subsection (2) does not limit sections 16 and 17 of the Crown Entities Act 2004.

A contract or other enforceable obligation may be entered into by Public Trust as provided in section 127 of the Crown Entities Act 2004.

For the purposes of the Public Finance Act 1989 and the Crown Entities Act 2004, every reference to the Responsible Minister is to be read as a reference to the Minister acting with the agreement of the Minister of Finance.

The board of the Public Trust must have no less than 5, and no more than 9, members.

Sections 73(3) and 97(g) of the Crown Entities Act 2004 (which limit a Crown entity’s ability to delegate statutorily independent functions to a Crown entity subsidiary) do not apply to Public Trust.

The powers of delegation conferred by section 73 of the Crown Entities Act 2004 include power to authorise any delegate to—

Despite section 73 of the Crown Entities Act 2004, the board must not delegate any of the following powers:

The board must appoint a chief executive.

The chief executive must not be a member of the board.

Every member of the board of Public Trust, every member of a committee, and every employee of Public Trust must—

The funds of Public Trust consist of—

Section 158 of the Crown Entities Act 2004 applies to the Public Trust only in respect of its funds under section 35.

In addition to any bank account opened under section 158 of the Crown Entities Act 2004, the Public Trust may establish, maintain, and operate in connection with any estate a separate bank account (including an overseas bank account) in the name of—

For the avoidance of doubt, section 158 of the Crown Entities Act 2004 does not apply to an account opened, maintained, or operated under subsection (2).

All money received by Public Trust, or for Public Trust by any member or by any employee of Public Trust, must be paid, as Public Trust determines, into a bank account opened, maintained and operated under section 158(1) of the Crown Entities Act 2004 or subsection (2).

Subsection (3) applies despite section 158 of the Crown Entities Act 2004.

Public Trust must authorise the manner in which money is withdrawn or paid from any bank account opened, maintained, or operated under subsection (2).

Any funds of Public Trust not immediately required must be invested in 1 or more of the forms of investment provided for in section 47 as if they were funds belonging to an estate.

Public Trust may not borrow or contract to borrow any money, or renew any loan made to Public Trust, without the prior written consent of the Minister of Finance.

Nothing in this section applies to—

This section applies despite section 17 of the Crown Entities Act 2004.

For the avoidance of doubt, it is declared that Public Trust is owned by the Crown.

If at any time Public Trust is liquidated, the Crown is entitled to receive the net assets available in the liquidation.

If at any time the funds of Public Trust are insufficient to meet its liabilities and commitments, the Minister of Finance may, without further appropriation than this section, advance out of a Crown Bank Account such sums as are necessary to meet those liabilities and commitments.

Advances under subsection (1) must be repaid as soon as the funds of Public Trust are sufficient for the repayment.

In any financial year in which Public Trust makes a profit, it may, and if so directed by the Minister of Finance must, distribute to the Crown an amount equal to the whole or any part of that profit.

If the Minister of Finance is satisfied after consulting the board that any part of the funds of Public Trust is surplus to its present or reasonably foreseeable needs, the Minister may—

The Minister of Finance must obtain the agreement of the Minister before giving a direction under subsection (1) or subsection (2).

If, in respect of any financial year the Minister requests Public Trust to provide goods or services to any person, the Minister must enter into an agreement with Public Trust specifying the terms and conditions, including any payment to Public Trust by the Crown, on which those goods and services are to be provided.

The Minister may not enter into an agreement under subsection (1) without the agreement of the Minister of Finance.

Payments by the Crown to Public Trust pursuant to an agreement under subsection (1) must be made out of money appropriated by Parliament for the purpose.

Public Trust may include an agreement under subsection (1) in a statement of performance expectations prepared for the purpose of section 149C of the Crown Entities Act 2004.

A request for information must be refused if the information is held by Public Trust in a fiduciary capacity.

Subsection (1) does not limit section 134 of the Crown Entities Act 2004.

Subsection (1) applies despite any other enactment or law.

Public Trust is to invest all capital money and estate money held by it in 1 or more of the following forms of investment in accordance with this Part:

All amounts of capital money held by Public Trust, whether directed to be invested or not, are to constitute one common fund, except to the extent that—

The common fund is to be invested in the manner provided by section 49.

Investments made from the common fund are not made on account of, and do not belong to, any particular estate.

For the purposes of subsection (1)(a), a power or direction to invest money in 1 or some only of any specified investments or classes of investments is not to be treated as an express prohibition against investment in the common fund, unless there is an express direction to the contrary.

Nothing in this section prevents Public Trust from applying money belonging to an estate constituting part of the common fund for any purpose involved in the exercise of any power or authority conferred on Public Trust by or under—

Money in the common fund must be invested in accordance with the Trusts Act 2019, except as otherwise provided by this Act.

The interest payable to estates whose money constitutes the common fund is to be paid at a rate and at intervals determined by Public Trust and notified in the Gazette.

Public Trust may fix and notify different rates and intervals with respect to different classes of deposit, whether according to the type of estate making the deposit or the amount or period of the deposit.

In any particular case or class of case, Public Trust may nevertheless pay the interest at such intervals different from those specified in the notice as may be necessary or appropriate in the interests of administrative convenience or for other good reason.

Public Trust may also determine and notify in the Gazette—

The notification of any interest rate or other matter in the Gazette under this section must be made not later than 7 working days after the date on which the determination takes effect.

The power given to Public Trust by section 75 to act as agent is to be treated as including the power to act as agent for the investment of money in the common fund.

Any such investment is to be for such period and on such terms and conditions as are agreed on between Public Trust and the principal.

Despite anything in section 50, Public Trust and the principal may agree on a rate of interest, and the intervals at which interest is payable, different from any rate or interval fixed or notified under that section; and the agreed rate and intervals then apply.

If the common fund is insufficient to meet the lawful claims on it, the Minister of Finance must, without further appropriation than this section, pay out of a Crown Bank Account such amounts as may be necessary to meet the deficiency.

All money paid by the Minister of Finance under the authority of this section constitutes a debt due by Public Trust to the Crown, and is recoverable accordingly.

All land that constitutes an investment of the common fund, together with its buildings and improvements, may be managed, leased, let, mortgaged, exchanged, sold, or otherwise dealt with or disposed of by Public Trust as it thinks fit.

If any power of sale conferred upon Public Trust as mortgagee or lender in respect of any mortgage or other security securing common fund money is exercised or becomes exercisable, Public Trust may—

Any land or property so acquired—

Where Public Trust is the mortgagee or lender in the case of a mortgage or other security that secures common fund money, Public Trust may at any time arrange with the mortgagor or borrower for an extension or renewal of the mortgage or security.

The extension or renewal may be for such term and subject to such conditions and at such rate of interest (whether higher or lower than that previously payable) as Public Trust thinks fit, even though—

Public Trust may advance to an estate administered by it such sums out of the common fund as may be necessary to meet payment of the following amounts, if there is insufficient money available in the estate for the purpose:

The total of all such advances to an estate may not exceed the value of the real and personal property in the estate, as estimated by Public Trust.

The sums advanced bear interest at a rate fixed from time to time by Public Trust.

The sums advanced, and any interest payable on those sums, constitutes a charge on the real and personal property comprised in the estate. The charge ranks next in priority to any mortgage or charge registered against or secured on the property that Public Trust has notice of at the time of making the advance.

Public Trust may also under subsection (1) make advances from the common fund to an estate managed or controlled by it as agent or attorney, and this section applies accordingly, except that the charge under subsection (4) is upon the following property without need to execute any mortgage, charge, or assignment:

Public Trust may make advances out of the common fund to a person entitled to a share in an estate administered by Public Trust if—

The advances may not exceed two-thirds of the value of the share as estimated by Public Trust.

The sums advanced bear interest at a rate fixed from time to time by Public Trust.

Where an advance is made to a person under this section,—

If a person is beneficially entitled to a share in more than 1 estate administered by Public Trust, Public Trust may exercise the powers conferred by subsection (4)(b) in respect of the person’s share or interest in all or any of the estates.

A certificate by Public Trust as to the following matters is sufficient evidence of the facts stated until the contrary is proved:

Nothing in this Act confers on any person acting jointly with Public Trust any right, power, or authority over or in respect of the management, administration, control, or investment of the common fund.

Public Trust may, at its discretion, separately invest any estate money on account of the estate in accordance with the Trusts Act 2019, rather than including it in the common fund.

Subsection (1) does not authorise an investment if the making of that investment, or an investment of that class, is expressly forbidden by—

If Public Trust is acting as a co-trustee, the exercise of its discretion under subsection (1) is subject to the consent of every other co-trustee of the estate who, at the time the investment is made,—

Amounts invested under this section are not part of the common fund, but nothing in this section prevents them from being reinvested in the common fund at a later time.

This section applies to money that is available for investment but, by virtue of an express prohibition, may not form part of the common fund.

Public Trust must invest such money—

Immediately upon receipt of such money, Public Trust must make all reasonable efforts to invest it in accordance with subsection (2).

If the whole of the money cannot be so invested within 1 calendar month of its receipt, then, despite subsection (2) and the express prohibition, Public Trust may temporarily place the money in the common fund pending its investment elsewhere.

Public Trust may, in its discretion, invest money of the following kinds in a group investment fund established by it under this Part (or under Part 2A of the Public Trust Office Act 1957):

If money of the kinds referred to in subsection (1) is lawfully invested in an investment in which a group investment fund may be invested, Public Trust may—

On any investment being so transferred, it ceases to belong to the estate that formerly owned it.

Public Trust may in its discretion withdraw any amount for the time being to the credit of an estate in a group investment fund—

If Public Trust is acting as a co-trustee in any case, the exercise of its discretion under subsection (1) or subsection (3) is subject to the consent of every other co-trustee of the estate who, at the time the investment is made,—

Investments made under any of sections 59 to 61 are not entitled to the protection afforded by section 52 to investments of the common fund (except to the extent they are temporarily placed in the common fund under section 60(4)).

Any loss or deficiency in relation to those investments is to be borne by the estate to which the investments, or money received from or arising from a realisation of the investments, belong or would belong if received or realised.

Public Trust may establish and keep 1 or more group investment funds.

Group investment funds are to be kept separately from the common fund.

Each group investment fund must be given an appropriate distinguishing name or number.

Public Trust must invest the funds of a group investment fund in accordance with the terms of the instrument (if any) creating the trust under which the money is held and the Trusts Act 2019.

Any profit or loss upon the realisation of any investment in a group investment fund is to be credited or debited to the group investment fund.

Investments from a group investment fund are not to be made on account of or belong to any particular estate, but Public Trust must keep an account showing at all times the entitlement of each estate in the fund.

Public Trust must, in respect of every group investment fund,—

At least once in every month Public Trust must determine the capital value of the investments and funds comprising each group investment fund.

For the purposes of any such determination, Public Trust may accept as conclusive evidence of the value of any security listed on a stock exchange—

In the case of securities valued under subsection (2)(a) that have a fixed or optional maturity date and a fixed annual interest or dividend payment, Public Trust must determine the capital value of the security by making such adjustment as it thinks proper in respect of accrued interest.

Subsection (1) is subject to section 67, in a case where a group investment fund’s investments consist principally of investments in real property.

In this section, stock exchange has the same meaning as in section 2(1) of the Companies Act 1993.

Where the investments comprising a group investment fund consist principally of investments in real property, Public Trust must determine at intervals not exceeding 6 months the capital value of the investments and funds of that fund.

Where reasonable grounds exist for believing that the capital value of any investment in the fund has or may have altered significantly, Public Trust must forthwith determine the capital value of that investment and redetermine the capital value of the fund accordingly.

An investment in or withdrawal from a group investment fund may be made only—

On a withdrawal from a group investment fund, income is to be allowed in accordance with section 65(a) to the determination date by reference to which the withdrawal is made.

If an amount is withdrawn from a group investment fund,—

Public Trust may reimburse itself out of a group investment fund for all reasonable expenses incurred by it in the management or administration of the fund.

Public Trust must make such initial disclosure and ongoing disclosure of any reimbursement of expenses as is prescribed by regulations made under this Act.

Subject to subsection (2), Public Trust may charge, demand, receive, or retain a reasonable fee or other remuneration for services rendered by it in the management or administration of a group investment fund (a management fee).

Public Trust may charge, demand, receive, or retain a management fee in respect of any estate money invested in a group investment fund only if—

Public Trust must make ongoing disclosure of any management fee charged or retained in accordance with regulations made under this Act.

The ongoing disclosure must be made at the time of the issue by Public Trust of the financial statements of the estate in question, or at such other time as may be prescribed by regulations.

Except as otherwise provided in section 61 and sections 63 to 70, Public Trust may exercise, in respect of the investments and funds comprising a group investment fund,—

Where any investments and funds comprising a group investment fund are employed in an activity that Public Trust is empowered or authorised to carry on as a portfolio investment entity, Public Trust may adjust the interests of the beneficiaries in the investments and funds in the way required by section HL 7 of the Income Tax Act 2004 despite any other provision in this Act.

Public Trust may not make a regulated offer of managed investment products in a group investment fund established by it under this Part if the fund was established after the date on which this section comes into force.

Nothing in subsection (1) affects the rights, powers, and duties of Public Trust under sections 61 to 72B.

In this section, regulated offer and managed investment products have the same meanings as in section 6(1) of the Financial Markets Conduct Act 2013.

A solicitor or an accountant authorised in writing by an interested person is entitled to examine at any reasonable time the accounts, books, and vouchers of the group investment fund that relate to—

In this section, interested person means a person who has—

Except as otherwise expressly provided in sections 63 to 73, nothing in those sections affects the rights, powers, and duties of Public Trust.

A person or entity may appoint Public Trust for the purpose in any situation where the person or entity can—

Without limiting the generality of subsection (1), Public Trust may, if it consents, be appointed—

An appointment of a kind referred to in this section may be made of Public Trust either—

If Public Trust is acting jointly, sections 5 and 90 apply.

For the purposes of subsection (1), person or entity includes the Crown, the Governor-General in Council, the Governor-General, and any court, Judge, public officer, public or private corporation or association, or person, whether in or out of New Zealand.

An executor may, with the consent of the High Court, and if not expressly prohibited,—

Such an appointment may be made either before or after taking out probate.

Any other administrator under a grant of administration with or without a will annexed may, with the consent of the High Court, and if not expressly prohibited,—

An appointment under subsection (1) or subsection (2) is subject to the approval of the appointee or appointees.

Where an appointment is made under subsection (1) or subsection (2) by an executor or by an administrator with a will annexed, Public Trust and any other person appointed are also, by virtue of the appointment, the sole trustee or co-trustees (as appropriate) in all cases where—

In any case where there is more than 1 executor, administrator, trustee, or person having power to appoint a trustee, any one of those persons may, with the consent of the proposed appointee or appointees, apply to the High Court—

The High Court may make any order it thinks fit on an application under subsection (5).

Public Trust may, if it thinks fit, apply to obtain a grant of administration of the estate of a person who, wherever domiciled,—

Public Trust is then entitled as of right to the grant of administration, unless—

Public Trust need not give notice of an application under subsection (1) to a person who would otherwise be entitled to the grant of administration, and the court may not require Public Trust to do so.

Unless expressly prohibited, Public Trust may be appointed, and may accordingly act, as sole trustee under any will, codicil, deed, or other instrument, even where the will, codicil, deed, or other instrument provides for or directs the appointment of 2 or more trustees.

Such an appointment of Public Trust may be made by the trustees appointed under the will, codicil, deed, or other instrument, or by any other person having power to appoint new trustees, without obtaining the consent of the High Court.

In this section, trustees does not include personal representatives as such.

If the consent of any person is required for the appointment of an administrator or other trustee, Public Trust may nevertheless be appointed without that consent, but instead with the consent of a Judge of the High Court, in any case where the person whose consent is required—

Public Trust may apply for an order to administer with the will annexed in any case where—

The court must make the grant applied for, unless the person entitled to probate or letters of administration with the will annexed either—

The court may nevertheless, on application of the person or his or her attorney, grant probate or letters of administration to—

The grant may be in such manner and subject to such limitations or conditions as the court thinks proper.

An application under subsection (3) may be made only if at least 14 days’ notice in writing of the intention to apply has been left at the office of Public Trust at Wellington.

Immediately on the grant to a person of any probate or letters of administration under subsection (3),—

No costs may be awarded against Public Trust on an application under subsection (1).

Trustees of a trust estate who are empowered to delegate all or any of their functions, powers, authorities, discretions, and rights to any person may delegate them to Public Trust, if Public Trust consents.

Public Trust may then exercise all the functions, powers, authorities, discretions, and rights that were delegated.

Where a person has died, Public Trust may if it thinks fit, until administration is granted, exercise with respect to the estate of the deceased person all the powers and authorities, and do all the acts and things, that it could exercise or do if—

Before Public Trust so acts, however, it must give notice in accordance with section 83.

Subsection (1) applies—

Subsection (1) does not authorise Public Trust to sell, lease, exchange, mortgage, or partition any portion of the property (other than property to which subsection (4) applies) unless, on application of Public Trust, a Judge of the High Court makes an order under this section authorising the relevant action.

Public Trust may nevertheless sell, without obtaining such an order, any portion of the personal estate that is—

The decision of Public Trust as to whether any portion of the personal estate is of such a nature is conclusive and binding on all persons.

All costs, charges, and expenses incurred by Public Trust under this section are a first charge on the property of the deceased person.

A person who afterwards applies for administration of the estate of the deceased person must first pay any costs, charges, commissions, and expenses incurred by or payable to Public Trust before administration can be granted.

In acting under this section, Public Trust is not to be treated, and is not liable, as an executor de son tort.

Before acting under section 82, Public Trust must give notice in writing of its intention to act under that section, unless the person immediately proceeds to apply for administration, to any person of full age who is capable of obtaining administration and who is known by Public Trust to be entitled to obtain administration.

Public Trust may then proceed to exercise all or any of its powers and authorities under section 82 only if—

If more than 1 person is entitled to take out administration, it is sufficient for Public Trust to give notice to 1 of those persons only.

Nothing in this section prevents Public Trust from exercising its powers and authorities under section 82, without having given notice under subsection (1) of this section, if—

Public Trust may lodge a caveat under section 60 of the Administration Act 1969 against an application for administration, and apply ex parte to a Judge in Chambers for directions, if—

On receiving the application for directions, the Judge may, if he or she thinks fit, direct Public Trust to represent the persons who may be prejudicially affected by the grant and oppose the grant on their behalf.

All costs, charges, and expenses incurred by Public Trust in acting under such a direction are to be paid out of the estate.

With the consent of Public Trust, any trustee may—

The written direction must declare the following matters:

The trustee giving the written direction to Public Trust must—

Public Trust must act in accordance with the trusts in the will or instrument (if any) referred to in subsection (3)(b), but—

A certified written direction made in accordance with this section vests in Public Trust all the powers of the trustee in respect of the legacy or share, whether conferred by will, trust instrument, or statute, or in any other manner.

In addition to the powers vested in it by subsection (5), Public Trust may exercise in respect of the legacy or share any power conferred on Public Trust by this Act.

A fund that is raised by public or private subscriptions for the benefit or relief of any person or class of persons may be placed with Public Trust to be administered by Public Trust and invested in the common fund.

The following provisions apply to such a fund:

If the fund does not exceed $40,000, or such higher amount as is prescribed by regulations,—

When appointed or acting under this Act or any other Act in any of the capacities mentioned in sections 75 to 78, Public Trust has the same rights, powers, duties, and immunities as a private person acting in any of those capacities would have.

This section is subject to the express provisions of this Act or any other Act.

If Public Trust is duly appointed executor, administrator, or trustee, all property, functions, powers, authorities, discretions, and rights vested in, or conferred by the trust instrument on, the executor, administrator, or trustee become vested in and exercisable by Public Trust on its appointment as fully and effectually as if it had been named as executor, administrator, or trustee under the instrument, without need for conveyance or assignment or execution of any other instrument.

A certificate by Public Trust that any property forms part of an estate in respect of which Public Trust is appointed as executor, administrator, or trustee is to be accepted by all courts and persons as sufficient evidence of that fact without further proof.

An application by or on behalf of Public Trust for probate of a will, or for an order to administer with a will annexed, or for any other grant of administration, may be made in any registry of the High Court at the discretion of Public Trust.

On such an application, in the absence of evidence to the contrary, no further proof of the death or testacy or intestacy of any person is required than an affidavit that, after due inquiries, Public Trust is satisfied that the person has died either testate or intestate, as appropriate.

Subsection (2) applies whether the person was domiciled in New Zealand or elsewhere, and whether the person died in New Zealand or elsewhere.

Where Public Trust is acting jointly with another person in any office or position referred to in section 75,—

Where Public Trust applies for probate of a will, or for administration with a will annexed,—

Where Public Trust applies for administration at the request of any 1 or more beneficiaries who are entitled under an intestacy but who cannot agree as to the person to be appointed administrator,—

Where Public Trust is appointed or directed by any court to represent any party or person or class of persons in any proceedings, the costs and expenses of the representation as between solicitor and client, together with a reasonable fee for Public Trust’s services, are to be paid to Public Trust—

Subject to this section, Public Trust may charge, demand, and receive remuneration, fees, or other amounts for its services in accordance with sections 122 to 125.

Nothing in this Part restricts the operation of—

This section applies in a case where—

In such a case Public Trust may, instead of obtaining a grant of administration, file in the High Court an election in writing to administer the estate of the deceased person.

The election must specify—

The election must also contain—

The election may be filed in the registry of the High Court at Wellington, or in such other registry of the High Court as Public Trust determines either generally or in respect of particular estates.

On the election being filed, Public Trust is to be treated in all respects as the executor of the will or the administrator of the estate, as appropriate, as if administration had been granted to Public Trust.

If, after filing the election, the gross value of property situated in New Zealand to be administered is found to exceed $150,000 or such higher amount as is prescribed by regulations, Public Trust must—

An election may be filed under this section relating to a written informal will to which subpart 3 of Part 2 of the Wills Act 2007 or the Wills Amendment Act 1955 applies. This section does not apply to any other informal will.

This section applies in a case where—

In such a case Public Trust may, instead of applying for an order to administer de bonis non in New Zealand, file in the High Court an election in writing to administer the part of the estate left unadministered.

The election must—

On the election being filed, Public Trust is to be treated in all respects as administrator of the estate left unadministered, as if an order to administer de bonis non had been granted to Public Trust.

If, after filing the election, the gross value of the property situated in New Zealand to be administered by Public Trust is found to exceed $150,000 or such higher amount as is prescribed by regulations, Public Trust must—

For the purposes of elections under sections 93 and 94,—

This section applies in a case where—

In such a case, Public Trust may file in the registry of the High Court in which the election was filed a memorandum that—

On the memorandum being filed,—

In any case where Public Trust and another person or persons are entitled to elect to administer the estate of a deceased person, the execution of the election to administer, or of any memorandum under section 93(7) or section 94(5) or section 96(2), by the other person or persons does not need to be attested in any way.

A statement in an election to administer to the effect that an executor or co-executor—

is to be accepted by all courts and persons as sufficient evidence of that fact without further proof.

A copy of an election under this Part that is certified as a correct copy under the seal of the High Court or a Registrar of the court is for all purposes equivalent to an exemplification of that election.

Public Trust may be appointed or become manager in accordance with this Part of any real or personal property in New Zealand in the following cases:

Public Trust may not be appointed or become manager under this Part of—

The court may appoint Public Trust as manager of any property under this Part, on application made ex parte by Public Trust, if satisfied that the appointment is advisable—

If the court considers that due inquiry has not been made for the owner of the property or the owner’s agent or administrator, or as to whether the property is subject to any trust, it may, before making an order,—

Notice of an appointment under this section must be published in the Gazette.

No property vests in Public Trust by reason only of the fact that it is appointed manager of the property under this section.

If the gross value of the property (as estimated by Public Trust) of which Public Trust proposes to become manager does not exceed $40,000 or such higher amount as is prescribed by regulations, Public Trust may, by notice in the Gazette, elect to be the manager of the property under this Part, if satisfied that it is advisable—

Before making the election, Public Trust must advertise its intention to do so in a newspaper circulating in the locality where the property is situated (if appropriate) or in 1 or more newspapers circulating in the main metropolitan areas.

On notification of the election in the Gazette, Public Trust becomes the manager of the property without need for an order of the court under section 100.

No property vests in Public Trust by reason only of the fact that it becomes manager of the property under this section.

On application by Public Trust, the court may make an order vesting in Public Trust or in any other person any property of which Public Trust is for the time being manager under this Part.

As manager of any property under this Part, Public Trust may do all or any of the following things:

Any money that Public Trust wishes to raise for the purpose of exercising its powers under this section may be advanced from the common fund or borrowed from any other source.

Public Trust may, to the extent it thinks just and reasonable, make any payment or allowance for—

Public Trust may make a payment or allowance under this section even though the value of the improvements or the money expended may have ceased to be recoverable at law or may never have been recoverable.

Where Public Trust, as manager of any land under this Part, sells the land to its occupier,—

Nothing in subsection (1)—

Public Trust may transfer land it manages under this Part to the person equitably entitled to it, if it is satisfied that the registered owner of the land has—

In the case of a transfer under subsection (3),—

Where Public Trust—

the property, money, damages, or profits are, after payment out of all money authorised to be applied, expended, or charged by Public Trust, held by Public Trust for the owner of the property.

Public Trust ceases to be the manager of any property under this Part on the happening of any of the following events:

The termination of Public Trust’s management of any property under this Part does not affect—

Unless Public Trust consents, the court may not make an order under subsection (1)(a) until Public Trust has been paid—

Upon Public Trust ceasing to be manager of any property that remains in its name or possession, Public Trust may transfer or deliver the property to the person entitled to it.

If, after 20 years from the date of the publication in the Gazette of the order or election or other act by which Public Trust was appointed or became manager of any land under this Part, no person has established a claim to the land, and Public Trust has not become aware of the existence and whereabouts of any person who has a claim to the land,—

If, after 7 years from the date of the publication in the Gazette of the order or election or other Act by which Public Trust was appointed or became manager of any property under this Part other than land, no person has established a claim to the property, and Public Trust has not become aware of the existence and whereabouts of any person who has a claim to the property,—

The Governor-General may, by Order in Council, transfer any land or money derived from land that becomes the property of the Crown under section 108 to—

The order may specify—

In this section, local authority means a local authority as defined in section 5(1) of the Local Government Act 2002.

Public Trust is not obliged to take any steps or proceedings to cause itself to be appointed or to become manager of any property under this Part.

Where Public Trust is manager of any property under this Part—

Public Trust may apply ex parte to the court for directions concerning—

The court may order the application to be served on any persons it thinks appropriate.

All expenditure incurred by Public Trust as manager of any property under this Part, and all fees, costs, commission, charges, interest, and expenses incurred by or payable to it as manager of the property, are a charge on the property.

The charge ranks next in priority to any mortgage or charge to which the property is subject when Public Trust becomes its manager.

The amount charged on the property bears interest at a rate fixed by Public Trust.

If Public Trust is unable to recover from any person or property the amount of—

the amount of the deficiency is to be met out of a Crown Bank Account without further appropriation than this section.

All deeds and other documents executed by Public Trust in its own name as manager of any property under this Part have effect and may be registered as if they were executed by the owner of the property.

If any document executed by Public Trust purports to be made in exercise of the powers conferred by this Part, no court or officer or person is concerned to see or inquire whether those powers had or had not become exercisable.

An order or notice made or published under this Part, or anything done in pursuance of this Part or of the order or notice, is not invalid or inoperative merely because—

In any case where the court or Public Trust is acting under this Part,—

Nothing in this Part affects the Crown in respect of its property or rights.

Nothing in this Part affects the Limitation Act 2010 or any other enactment by which a period of limitation is prescribed.

Where Public Trust is executor, administrator, or trustee, or is guardian, or is otherwise authorised to act in the administration of an estate, then, unless a contrary intention is expressed in this Act or in any relevant instrument, Public Trust may at its discretion, but without restricting any other powers, exercise the following powers:

Unless expressly prohibited by an enactment or by the terms of any particular trust, Public Trust may, in the administration of a trust or estate, or the performance of a power or duty under this or any other enactment, act on credible information (though less than legal evidence) as to matters of fact.

It may allow any claim that is made upon or before it upon the affidavit, declaration, or statement of the claimant alone, or, if it thinks fit to call for other evidence, upon such evidence as it requires.

It may at any time require a statutory declaration or other sufficient evidence that a person is alive and is the person to whom money or property is payable or transferable, and may refuse payment or transfer until the declaration or evidence is produced.

If acting in good faith, Public Trust is not liable for accepting as correct and acting upon the faith of any written statement or statutory declaration by any person, in or out of New Zealand, whom it believes to be trustworthy as to—

Despite any rule of law or practice to the contrary, Public Trust acting in one capacity may commence proceedings against itself acting in another capacity.

If it does so, however, Public Trust must obtain the directions of the court as to the manner in which the opposing interests are to be represented.

Despite the fiduciary rights and liabilities of Public Trust, whether under this Act or otherwise, Public Trust may transact with a subsidiary company any business connected with an estate that Public Trust administers, holds, manages, or controls if, after considering all the circumstances of the case (including appropriate business arrangements offered by other persons), Public Trust is satisfied on reasonable grounds that it is in the best interests of the estate to transact with the subsidiary company.

Despite any enactment or rule of law to the contrary, Public Trust and the subsidiary company are entitled to receive fees, premiums, commissions, and other payments properly chargeable or payable in respect of the business as if—

A payment to which subsection (2) applies must be clearly identified in the account rendered in respect of the estate.

Public Trust may charge, demand, and receive for services provided by it in managing or administering an estate such remuneration by way of commission or otherwise as may from time to time be fixed by Public Trust.

Remuneration charged, demanded, or received by Public Trust under subsection (1) must not exceed the greater of the following amounts:

In addition to the remuneration authorised by section 122, Public Trust may charge, demand, and receive a reasonable fee or other remuneration for any of the following services provided by it in managing or administering an estate:

Any fee or other remuneration charged under subsection (1) must be clearly identified in the account rendered in respect of the estate.

Despite anything in this Act or any other enactment, if the court is of the opinion that any commission, fee, or remuneration charged by Public Trust is excessive, the court may reduce the amount of the commission, fee, or remuneration.

Application for the reduction of any commission, fee, or remuneration of Public Trust may be made by or on behalf of any person who would receive a greater benefit from the capital or income of the estate out of which the commission, fee, or remuneration is payable in the event of the commission, fee, or remuneration being reduced.

No application to the court under this section may be made by or on behalf of any person after the expiration of 6 months from the date of delivery to that person of accounts in which are shown the commission, fee, or remuneration to which the application relates.

When Public Trust, at or after the commencement of this Act, in connection with any estate under its administration or management,—

it may apply to the court to fix, in addition to any commission, fee, or remuneration to which it is otherwise entitled, either an additional fee or an additional commission by way of percentage.

The court may on an application under subsection (1) allow to Public Trust such additional fee or additional commission by way of percentage as it thinks fit, having regard to—

If, under this Act or any other enactment, Public Trust is directed to make a payment to a person entitled to it upon the obtaining of an order of a court or a Judge,—

This section applies to claims, including potential claims, to recover from Public Trust any money, chattels, or things valued (as estimated by Public Trust) at less than $10,000 or such higher amount as is prescribed by regulations, whether as creditor, next of kin, beneficiary, or otherwise.

If Public Trust rejects or desires to reject any claim or potential claim to which this section applies, Public Trust may serve upon the person by whom or on whose behalf the claim is or may be made a notice calling on the person—

If the proceedings are not commenced by the person within the 3-month period,—

The powers given by this section are in addition to the powers conferred by section 135 of the Trusts Act 2019.

A person who is a legal or equitable tenant for life of land comprised in an estate being administered by Public Trust is not entitled to the use, occupation, or enjoyment of the land, or to receipt of the income, rents, issues, and profits from it, until the person has given the undertakings (and, where Public Trust requires, security for the undertakings) that Public Trust requires to comply with terms and conditions as to—

Public Trust may direct the person to give up possession of the land if—

The direction must—

If the person fails to give up possession of the land on the expiry of the date specified in the notice,—

The application of this section in any particular case is subject to any order of the court.

Subsection (1) does not authorise Public Trust to impose terms and conditions other than those that the court could impose on an appropriate application.

Where Public Trust executes a document as attorney,—

The execution by Public Trust of a document as attorney is to be accepted by all persons as conclusive proof of the non-revocation of the power of attorney at the time when the document was executed.

Any testator may deposit his or her will with Public Trust, whether or not Public Trust is appointed executor.

If Public Trust is not appointed executor of the will, then after the death of the testator it must deliver the will to—

If Public Trust is appointed executor, then, after the testator’s death,—

This section applies to a person or body who, in relation to a deceased person,—

If the relevant property, money, shares, or debts referred to in subsection (1) are to become vested in or belong to Public Trust, the person or body to whom that subsection applies must, on becoming aware of the death and of Public Trust’s interest in the property, immediately notify Public Trust of the extent, nature, and situation of the property, money, shares, or debts.

No purchaser, vendor, mortgagee, lessee, tenant, or other affected person is obliged to inquire as to the authority or power of Public Trust to make any sale, exchange, purchase, mortgage, lease, or tenancy.

In particular, no such person is obliged to inquire—

The fact that Public Trust is the person, or one of the persons, dealt with in any dealing with property does not of itself constitute notice of a trust.

The entry of Public Trust by that name in the register of shareholders of a company does not constitute notice of a trust.

A company is not entitled to object to enter the name of Public Trust in its register of shareholders by reason only that Public Trust is a trustee or is a corporation.

Despite any enactment or other law affecting the registration of persons holding shares as trustee or in any other representative capacity, Public Trust is entitled to be registered as the proprietor of shares as trustee or as other representative where—

Upon registration, Public Trust is for all purposes other than the liability referred to in subsection (5) to be treated as the registered proprietor of the shares, and no person is concerned to see or inquire whether any sales, dealings, or transactions by or with Public Trust as to the shares are or are not within its powers.

Where Public Trust is registered as the proprietor of shares as trustee or other representative,—

Despite any enactment, charter, deed of settlement, or other instrument, the number of shares in the capital of any bank that may be held by Public Trust in its corporate capacity is not subject to any limit.

In this section, shares—

Where Public Trust is registered as the proprietor of any estate or share or interest in land, whether as administrator, trustee, or otherwise (including itself in its own corporate capacity), it may, as fully and effectually as if it were a separate person in each capacity,—

The covenants and agreements referred to in subsection (1)(c) are binding upon or (as the case may be) operative in favour of an assignee from Public Trust taking from it in the relevant capacity.

Upon any transfer, assignment, conveyance, mortgage, lease, or grant of easement referred to in subsection (1) being presented in proper order for registration under the Land Transfer Act 2017, the Registrar-General of Land must register it in accordance with that Act, even though the transfer, assignment, conveyance, mortgage, lease, or grant may—

Once any such transfer, assignment, conveyance, mortgage, lease, or grant has been registered under the Land Transfer Act 2017 or the Deeds Registration Act 1908, no person subsequently dealing with the relevant estate, share, or interest—

A person is entitled to the same remedy against Public Trust as it would be entitled to against a private person, if the person sustains any injury or suffers any loss by any act or thing done or omitted by Public Trust, or by any employee, agent, representative, or other person, acting in good faith or purporting to act under this Act or any other Act.

Any such person entitled to a remedy is entitled to be indemnified out of the funds of Public Trust and, if that is insufficient, then out of money appropriated for the purpose by Parliament.

Public Trust is not liable for acting or paying money in good faith under or in pursuance of a power of attorney by reason of the fact that, at the time of the payment or act, the person who gave the power of attorney was dead or had done some act to avoid the power, if this fact was not known to Public Trust at the time of it so acting or paying.

Where Public Trust acts under or in pursuance of any judgment or order of a court or Judge, Public Trust is to be treated as having discharged its duty in connection with the subject matter of the judgment or order, even if the judgment or order is later invalidated, overruled, set aside, or otherwise rendered of no effect.

This section does not indemnify Public Trust in respect of any act if it has been guilty of any fraud or wilful concealment or misrepresentation—

This section applies where—

In a case to which this section applies, all acts and things done or omitted by Public Trust are as valid and effectual as if it had been lawfully appointed or entitled to act as executor, administrator, or trustee.

Nothing in this section affects or prejudices any other protection that may be available at law to Public Trust.

Nor does anything in this section affect or prejudice the right of a person against another person to whom Public Trust has transferred property or paid money.

The onus of proving that Public Trust has not acted in good faith in respect of any of the matters referred to in this section is upon the person who alleges it.

The immunity in section 121 of the Crown Entities Act 2004 does not extend to any injury or loss occasioned by or arising out of any act or thing done or omitted by a person acting jointly with Public Trust in any of the offices or positions referred to in section 75(1), except to the extent that the Public Trust, or any board member, committee member, office holder, or employee of Public Trust has contributed to the injury or loss, or could by the exercise of reasonable diligence have averted it.

If the office solicitor acts for both parties in a conveyancing transaction between Public Trust and any person, or if he or she acts in any matter incidental to his or her duties, the liability that the office solicitor would incur if acting on his or her own account is to be borne by Public Trust.

In all proceedings before any court, Judge, board, commission, tribunal, or other body or person in which Public Trust is a party or is in any way interested and is represented by its office solicitor, Public Trust is entitled to the same costs and allowances as if it had been represented by counsel or a solicitor not employed by it.

All costs, fees, allowances, and charges earned by the office solicitor must be applied and disposed of as a profit of Public Trust.

Despite any enactment or law to the contrary, a certificate by Public Trust in relation to a deceased person that—

is to be accepted by all courts and persons as sufficient evidence, without further proof, of the death of the person, the appointment of Public Trust as executor or other administrator, or Public Trust’s right to administer.

Despite any enactment or law to the contrary, a certificate by Public Trust in any particular case that—

is to be accepted by all courts and persons as sufficient evidence, without further proof, of Public Trust’s right to act.

A certificate under this section is sufficient for the purpose of registering Public Trust as proprietor of—

No bank, company, body, association, or person to which a certificate under this section is produced is concerned to inquire concerning the trusts on which Public Trust holds the land, mining privilege, shares, stocks, or property, or as to Public Trust’s authority to transfer or deal with it.

In the case of land under the Deeds Registration Act 1908,—

A statement of the purport of any trust instrument, order, power of attorney, or other document or authority in any certificate under this section is sufficient evidence of that purport, and no-one is concerned to inquire beyond that statement.

In any case where Public Trust is acting jointly with another person in any of the capacities mentioned in section 144, a certificate by Public Trust issued in accordance with that section or section 88 is to be accepted by all courts and persons as sufficient evidence, without further proof, of—

It is not necessary for the certificate to be executed by the person with whom Public Trust is acting.

This section applies despite any enactment or law to the contrary.

Where under this Act notice is required to be given by Public Trust, or notice is given by Public Trust or any employee or person acting under this Act or in good faith purporting to act under this Act, it is sufficient if the notice is sent by registered letter addressed to the person to whom the notice is to be given at the person’s then known or last known place of residence or business.

If a notice is sent by post in the manner described in subsection (1), it will be treated in the absence of proof to the contrary as having been given at the time when the letter would have been delivered in the ordinary course of post.

The Governor-General may by Order in Council make regulations prescribing—

Regulations made under subsection (1)(c) may—

In this Part, unless the context otherwise requires,—

On the appointed day the existing undertaking vests in Public Trust.

Except as expressly provided by this Act, on and from the appointed day the fiduciary rights and liabilities vest in Public Trust.

On and from the appointed day, the Public Trustee, the Public Trust Office, and the Investment Board are dissolved.

For the purpose of this section, Investment Board means the Public Trust Office Investment Board constituted under section 14 of the Public Trust Office Act 1957.

A reference (express or implied) to the Public Trustee or the Public Trust Office in any enactment, or in any instrument, register, record, notice, security, document, or communication made, given, passed, or executed before or on the appointed day, must be read as a reference to Public Trust.

A reference (express or implied) to an officer of the Public Trust Office in any enactment, or in any instrument, register, record, notice, security, document, or communication made, given, passed, or executed before or on the appointed day must be read as a reference to—

This section is subject to section 170.

Contracts, agreements, conveyances, deeds, leases, licences, and other instruments, undertakings, and notices (whether in writing or not), entered into by, made with, given to or by, or addressed to the Public Trustee or the Public Trust Office (whether alone or with another person) before the appointed day and having effect immediately before the appointed day (contracts and other instruments) are subject to subsection (2).

The contracts and other instruments are binding on, and enforceable by, against, or in favour of, Public Trust as if Public Trust and not the Public Trustee or the Public Trust Office had been the person by whom they were entered into, with whom they were made, or to or by whom they were given or addressed.

A security held by the Public Trustee or the Public Trust Office as security for a debt or other liability to the Public Trustee or the Public Trust Office incurred before the appointed day—

Public Trust is entitled to the same rights and priorities, and is subject to the same liabilities, in relation to the security as the Public Trustee or the Public Trust Office would be if this Act had not been passed.

An action, arbitration, proceeding, or cause of action that was pending or existing by, against, or in favour of the Public Trustee or the Public Trust Office, or to which the Public Trustee or the Public Trust Office was a party, before the appointed day may be continued and enforced by, against, or in favour of Public Trust.

It is not necessary to amend a pleading, writ, or other document to continue the action, arbitration, proceeding, or other cause of action.

Nothing effected or authorised by this Act—

A document, matter, or thing that would have been admissible in evidence for or against the Public Trustee or the Public Trust Office is, on and after the appointed day, admissible in evidence for or against Public Trust.

For the purpose of this section, document has the meaning given to it by section 2(1) of the Evidence Amendment Act (No 2) 1980.

A Registrar of Deeds, Registrar General of Land, or any other person charged with keeping books or registers is not required to change the name of the Public Trustee or the Public Trust Office to Public Trust in the books or registers, or in a document, solely because of the provisions of this Act.

If Public Trust presents an instrument referred to in subsection (3) to a Registrar or other person, the presentation of that instrument by Public Trust is, in the absence of proof to the contrary, sufficient evidence that the property is vested in Public Trust.

For the purposes of this section, the instrument need not be an instrument of transfer, but must—

A person who, at any time before the appointed day, held office as the Public Trustee, or who was an officer, employee, agent, or representative of the Public Trust Office, is not personally liable in respect of an act or thing done or omitted to be done by him or her before the appointed day in the exercise or bona fide purported exercise of an authority conferred by or under the Public Trust Office Act 1957 or any other enactment.

This section applies only—

On the appointed day, each employee of the Public Trust Office (excluding the Public Trustee) becomes an employee of Public Trust.

The employment of a transferred employee must be on terms and conditions no less favourable to the transferred employee than those applying to the employee immediately before the appointed day.