“32 Reimbursement of expenses

• “(1) A trustee company may reimburse itself out of a Group Investment Fund for all reasonable expenses incurred by it in the management or administration of the Fund.

  “(2) A trustee company must make such initial disclosure and ongoing disclosure of any reimbursement of expenses as is prescribed by regulations made under this Act.

“32A Management fees

• “(1) Subject to subsection (2), a trustee company 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).

  “(2) A trustee company may charge, demand, receive, or retain a management fee in respect of any estate money invested in a Group Investment Fund only if—

  • “(a) it makes initial disclosure to persons with a present interest in that money in accordance with regulations made under this Act; or

  • “(b) regulations made under this Act dispense with the requirement for initial disclosure; or

  • “(c) an investment statement in relation to the investment of that money in the Fund has been issued in accordance with the requirements of sections 33 and 37A of the Securities Act 1978 and regulations made under that Act.

  “(3) A trustee company must make ongoing disclosure of any management fee charged or retained in accordance with regulations made under this Act.

  “(4) The ongoing disclosure must be made at the time of the issue by the trustee company of the financial statements of the estate in question, or at such other time as may be prescribed by the regulations.

  “(5) In this section, estate money means money that is part of any property administered or held, managed, or controlled by the trustee company, whether as administrator or other trustee or as guardian, committee, manager, liquidator, receiver, agent, or attorney, or in any other capacity.”

“47A Regulations

• “(1) The Governor-General may by Order in Council make regulations prescribing—

  • “(a) amounts for the purposes of sections 15(3), 27, 36(1), 36(7), 37(1), and 37(4):

  • “(b) for the purposes of any initial disclosure or ongoing disclosure of expenses and management fees in relation to a Group Investment Fund required by sections 32 and 32A,—

    • “(i) the persons to whom the disclosures must be made; and

    • “(ii) when they must be made; and

    • “(iii) the information to be disclosed:

  • “(c) such other matters as may be contemplated by or necessary or desirable for the purposes of this Act.

  “(2) Regulations made under subsection (1)(b) may—

  • “(a) prescribe different disclosure requirements for different classes of investment or fund or investor:

  • “(b) dispense with disclosure requirements in appropriate cases, whether because of the temporary nature of an investment or for other good reason, and specify conditions to which any dispensation from disclosure requirements may be subject:

  • “(c) specify the consequences of any failure to disclose or late disclosure (which may include a prohibition on the charging or reimbursing of any fees or expenses until disclosure is made):

  • “(d) prescribe acceptable manners of notification, and prescribe when notification will be treated as having been received:

  • “(e) make special provision in relation to existing funds within the meaning of section 5(2) of the Trustee Companies Amendment Act 2002.”