Trustee Act 1956

• Jurisdiction: New Zealand
• Reference: 1956 No 61
• Citation: 1956 No 61
• Record Number: DLM304703
• Act Number: 61
• Type of Document: Act

Contenidos

• Trustee Act 1956
• Preamble
• Contents
• 1 Short Title and commencement
• Part 1
• 2 Interpretation and application
• 3 Act to bind Crown
• Part 2
• 4 Authorised investments
• 4A Investments, loans, and advances
• 5 Purchase of redeemable stock at a premium or discount
• 6 Trustee carrying on business may invest in shares in co-operative enterprises
• 7 Discretion of trustees
• 8 Power to retain investment which has ceased to be authorised
• 9 Investment in bearer securities
• 10 Loans and investments by trustees not chargeable as breaches of trust
• 11 Liability for loss by reason of improper investment
• 11A Release of part of security
• 12 Powers in relation to company securities
• 13 Power to pay calls
• 13A Power to invest
• 13B Duty of trustee to invest prudently
• 13C Duty of certain persons to exercise special skill
• 13D Provisions in trust instrument relating to duty of investing trustees
• 13E Matters to which trustee may have regard in exercising power of investment
• 13F Trustee's duties at law preserved
• 13G Duty to comply with requirements of trust instrument or statute as to consents or directions
• 13H Power to retain investments
• 13I Investment in bearer securities
• 13J Purchase of redeemable securities at a premium or discount
• 13K Powers in relation to company securities
• 13L Power to pay calls
• 13M Court may take into account investment strategy in action for breach of trust
• 13N Certain loans and investments by trustees not chargeable as breaches of trust
• 13O Liability for loss by reason of improper secured investment
• 13P Release of part of security
• 13Q Power of court to set off gains and losses arising from investment
• Part 3
• 14 Powers to sell, exchange, partition, postpone, lease, purchase, etc
• 15 Miscellaneous powers in respect of property
• 16 Power of trustee for sale to sell by auction, etc, or before date specified
• 17 Power to sell property on terms
• 18 Power to sell subject to depreciatory conditions
• 19 Power of trustees to give receipts
• 20 Power to compound liabilities
• 21 Power to raise money by sale or mortgage
• 22 Protection of purchasers, etc, dealing with trustee
• 23 Devolution of powers or trusts
• 24 Power to insure
• 25 Application of insurance money where policy kept up under any trust, power, or obligation
• 25A Power to treat share premium account distributions as income
• 26 Deposit of documents for safe custody
• 27 Reversionary interest
• 28 Valuations
• 29 Power to employ agents
• 30 Power to concur with others
• 31 Power to delegate trusts
• 32 Power to carry on business
• 32A Power of trustee carrying on trust business to acquire shares in co-operative enterprises
• 33 Power to convert business into a company
• 33A Trustee may sue himself in a different capacity
• 34 Protection against liability in respect of rents and covenants
• 34A Trustee to have lien on policy money for premiums
• 35 Protection against creditors and others by means of advertisements
• 36 Protection in regard to notice
• 37 Exoneration of trustees in respect of certain powers of attorney
• 38 Implied indemnity of trustees
• 39 Protection of trustee who pays trust money to bankrupt in good faith and without knowledge of bankruptcy
• 39A Protection of trustee in handing over chattels to life tenant
• 39B Protection of trustee in handing over chattels to infant
• 40 Power to apply income for maintenance, etc, and to accumulate surplus income during a minority
• 41 Power to apply capital for maintenance, etc
• 41A Conditional advances for maintenance, etc
• 42 Protective trusts
• 42A Power to set aside reserves out of income or profits of business
• 42B Power to apply capital of business for maintenance
• 42C Matters to be taken into consideration when exercising powers
• 42D Apportionment of income
• 42E Power to adjust interests in trust property of portfolio investment entity
• Part 4
• 43 Power of appointing new trustees
• 44 Evidence as to a vacancy in a trust
• 45 Retirement of trustee
• 46 Discharge of trustee with assistance of court or Registrar
• 47 Vesting of trust property in new or continuing trustees
• 48 Corporations acting as trustees
• 49 Advisory trustees
• 50 Remuneration of custodian trustees
• Part 5
• 51 Power of court to appoint new trustees
• 52 Vesting orders of land
• 53 Orders as to contingent rights of unborn persons
• 54 Vesting order in place of conveyance by infant mortgagee
• 55 Vesting order consequential on order for sale or mortgage of land
• 56 Vesting order consequential on judgment for specific performance
• 57 Effect of vesting order
• 58 Power to appoint person to convey
• 59 Vesting orders as to stock and things in action
• 60 Vesting orders in respect of shares in ships and industrial property
• 61 Vesting orders of charity property
• 62 Orders made upon certain allegations to be conclusive evidence
• 63 Orders liable to stamp duty
• 64 Power of...