Trustee (Public Trust) Amendment Act 2013

  • repealed
  • Trustee (Public Trust) Amendment Act 2013: repealed, on 30 January 2021, pursuant to section 162(a) of the Trusts Act 2019 (2019 No 38).

Reprint as at 30 January 2021

Coat of Arms of New Zealand

Trustee (Public Trust) Amendment Act 2013

Public Act
 
2013 No 21
Date of assent
 
13 May 2013
Commencement
 
see section 2

Trustee (Public Trust) Amendment Act 2013: repealed, on 30 January 2021, pursuant to section 162(a) of the Trusts Act 2019 (2019 No 38).

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Justice.

The Parliament of New Zealand enacts as follows:

 
1 Title

This Act is the Trustee (Public Trust) Amendment Act 2013.

2 Commencement

This Act comes into force on the day after the date on which it receives the Royal assent.

3 Principal Act

This Act amends the Trustee Act 1956 (the principal Act).

4 Section 46 amended (Discharge of trustee with assistance of court or Registrar)

Replace section 46(4) with:

(4)

If the court, on an application under subsection (2) by a trustee other than a securities trustee, appoints Public Trust as the replacement trustee, Public Trust must accept the appointment.

(5)

On an application under subsection (2) by a securities trustee for the appointment of Public Trust as the replacement trustee, the court may appoint Public Trust, and Public Trust must accept the appointment, only if—

(a)

the retiring trustee has failed to obtain a replacement trustee after making reasonable endeavours to do so; and

(b)

it is impracticable or difficult to obtain a replacement trustee without an order under this section; and

(c)

the retiring trustee indemnifies Public Trust for its reasonable fees and expenses incurred in undertaking the appointment; and

(d)

the retiring trustee has provided security to the satisfaction of the court for its indemnity under paragraph (c).

(6)

For the purposes of subsection (5)(a), and without limiting the meaning of reasonable endeavours, a retiring trustee has not made reasonable endeavours to obtain a replacement trustee if it has not both—

(a)

undertaken to indemnify the proposed replacement trustee for its reasonable fees and expenses in undertaking the appointment; and

(b)

offered adequate security for its indemnity.

(7)

In subsections (4) and (5), securities trustee means a person appointed as a trustee in respect of a security (and, for this purpose, security and trustee have the same meanings as in section 4(1) of the Securities Trustees and Statutory Supervisors Act 2011).

5 Transitional provision

Nothing in the amendment made under section 4 affects any proceeding commenced before section 4 comes into force, and any such proceeding must be decided as if the amendment had not been made.

Reprints notes
1 General

This is a reprint of the Trustee (Public Trust) Amendment Act 2013 that incorporates all the amendments to that Act as at the date of the last amendment to it.

2 Legal status

Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. A printed version of the reprint produced directly from this official electronic version also has official status.

3 Editorial and format changes

Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012. See also http://www.pco.parliament.govt.nz/editorial-conventions/.

4 Amendments incorporated in this reprint

Trusts Act 2019 (2019 No 38): section 162(a)