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.

1	Title
2	Commencement
3	Application
4	Rate of interest of 5.0% prescribed
5	Revocation
	Explanatory note
	Gazette Information
	Reprint notes

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

The Trustee (Prescribed Rate of Interest) Order 2008 (SR 2008/146) is revoked.

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 Legislation Act 2012.

Date of notification in Gazette: 26 May 2011.

Reprints notes

1 General

This is a reprint of the Trustee (Prescribed Rate of Interest) Order 2011 that incorporates all the amendments to that order 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(c)

Trustee (Prescribed Rate of Interest) Order 2011