Trust Estates Audit Regulations 1958

Reprint
as at 7 July 2010

Coat of Arms of New Zealand

Trust Estates Audit Regulations 1958

(SR 1958/71)

Cobham, Governor-General

Order in Council

At the Government Buildings at Wellington this 26th day of May 1958

Present:
The Right Hon W Nash presiding in Council

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

These regulations are administered by the Ministry of Justice.

Pursuant to section 83B of the Trustee Act 1956, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby makes the following regulations.

Regulations

1

  • These regulations may be cited as the Trust Estates Audit Regulations 1958.

2

  • In connection with the investigation and audit of accounts of trust estates (other than estates administered by any trustee corporation) the following provisions shall apply:

    • (a) the trustee or beneficiary desiring the investigation and audit to be made shall make application to Public Trust in form 1 of the Schedule:

    • (b) the applicant may name a solicitor or a member of the New Zealand Institute of Chartered Accountants whom he agrees should be appointed to make the investigation and audit, or may authorise Public Trust to select one on the applicant's behalf:

    • (c) when the selection has been made, either by agreement between the applicant and Public Trust and the trustees of the trust estate, or (if they cannot agree) by Public Trust alone, Public Trust shall in writing in form 2 of the Schedule, appoint the solicitor or the member of the New Zealand Institute of Chartered Accountants so selected, and by notice in form 3 of the said schedule inform the applicant and the trustees of the trust estate thereof:

    • (d) the remuneration of the auditor and Public Trust, and the other expenses of the investigation and audit, shall be such as are fixed by Public Trust with the concurrence of the trustees of the trust estate or (if they do not concur) by a Judge of the High Court:

      provided that the minimum amount of remuneration payable to Public Trust shall be £5 5s:

    • (e) the forms in the Schedule may be modified as the occasion may require.

    Regulation 2(a): amended, on 1 March 2002, by section 170(4) of the Public Trust Act 2001 (2001 No 100).

    Regulation 2(b): amended, on 7 July 2010, pursuant to section 18 of the New Zealand Institute of Chartered Accountants Act 1996 (1996 No 39).

    Regulation 2(b): amended, on 1 March 2002, by section 170(4) of the Public Trust Act 2001 (2001 No 100).

    Regulation 2(c): amended, on 7 July 2010, pursuant to section 18 of the New Zealand Institute of Chartered Accountants Act 1996 (1996 No 39).

    Regulation 2(c): amended, on 1 March 2002, by section 170(4) of the Public Trust Act 2001 (2001 No 100).

    Regulation 2(d): amended, on 1 January 2004, by section 48(3) of the Supreme Court Act 2003 (2003 No 53).

    Regulation 2(d): amended, on 1 March 2002, by section 170(4) of the Public Trust Act 2001 (2001 No 100).

    Regulation 2(d) proviso: amended, on 1 March 2002, by section 170(4) of the Public Trust Act 2001 (2001 No 100).

Schedule
Prescribed forms

Form 1
Application for investigation of trust estate

r 2(a)

In the matter of section 83B of the Trustee Act 1956

and

In the matter of [specify trust estate]

  • 1 I [full name] of [address and occupation] being a trustee of (or a beneficiary in) the said estate hereby apply to Public Trust to arrange for an investigation of the condition and an audit of the accounts of the said estate.

  • 2 The trustees are [full names and addresses of all the trustees so far as known].

  • 3 I am not satisfied on the following points: [set out briefly the points].

  • 4 I will give security to Public Trust's satisfaction to cover the costs and expenses involved.

  • 5 I name [specify a solicitor or member of the New Zealand Institute of Chartered Accountants] as a person capable of conducting the investigation or audit, and agree to his being appointed to do so.

or

I will accept any solicitor or member of the New Zealand Institute of Chartered Accountants whom Public Trust may approve to conduct the investigation or audit.

Dated at: [place, date]

[Signature of applicant]

  • Schedule form 1: amended, on 7 July 2010, pursuant to section 18 of the New Zealand Institute of Chartered Accountants Act 1996 (1996 No 39).

  • Schedule form 1: amended, on 1 March 2002, by section 170(4) of the Public Trust Act 2001 (2001 No 100).

Form 2
Appointment of auditor

r 2(c)

In the matter [as in form 1]

To [name of auditor]

Pursuant to the above-mentioned Act you are appointed as auditor to investigate the condition and audit the accounts of [name of trust estate].

Dated at: [place, date]

[Signature]

for Public Trust

  • Schedule form 2: amended, on 1 March 2002, by section 170(4) of the Public Trust Act 2001 (2001 No 100).

Form 3
Notice of appointment of auditor

r 2(c)

In the matter [as in form 1]

To [name of applicant for investigation], and to [names of trustees of trust estate]

Notice is hereby given that, pursuant to the above-mentioned Act, [full name] has been appointed as auditor to investigate the condition and audit the accounts of the above-mentioned estate. Notice of the auditor's appointment was given to him by Public Trust on [date].

Dated at: [place, date]

[Signature]

for Public Trust

  • Schedule form 3: amended, on 1 March 2002, by section 170(4) of the Public Trust Act 2001 (2001 No 100).

T J Sherrard,
Clerk of the Executive Council.

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

Date of notification in Gazette: 29 May 1958.

Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)

Notes
1 General

  • This is a reprint of the Trust Estates Audit Regulations 1958. The reprint incorporates all the amendments to the regulations as at 7 July 2010, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints

  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared

  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • •omission of unnecessary referential words (such as “of this section” and “of this Act”)

    • •typeface and type size (Times Roman, generally in 11.5 point)

    • •layout of provisions, including:

      • •indentation

      • •position of section headings (eg, the number and heading now appear above the section)

    • •format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • •format of dates (eg, a date formerly expressed as “the 1st day of January 1999” is now expressed as “1 January 1999”)

    • •position of the date of assent (it now appears on the front page of each Act)

    • •punctuation (eg, colons are not used after definitions)

    • •Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • •case and appearance of letters and words, including:

      • •format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • •small capital letters in section and subsection references are now capital letters

    • •schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • •running heads (the information that appears at the top of each page)

    • •format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)