Act Repealed Latest version as at 28 August 1977 (as enacted) | 1977 No 21

Trustee Amendment Act 1977

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Short Title

Powers to purchase and sell

Power to expend money for improvement or development

Power to apply capital for maintenance, etc.

Trustee Amendment Act 1977

Public Act		1977 No 21
Date of assent		28 August 1977

	Title
1	Short Title
2	Powers to purchase and sell
3	Power to expend money for improvement or development
4	Power to apply capital for maintenance, etc.
	Administrative information

An Act to amend the Trustee Act 1956

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:

1 Short Title

This Act may be cited as the Trustee Amendment Act 1977, and shall be read together with and deemed part of the Trustee Act 1956 (hereinafter referred to as the principal Act).

2 Powers to purchase and sell

(1)

Section 14(2) of the principal Act is hereby amended by repealing paragraph (a), and substituting the following paragraph:

“(a)

If the land being purchased adjoins other land that the trustee has power to retain and that is held by the trustee on the same trusts as the money expended in respect of the purchase of the land, and the land is being purchased for either or both of the following purposes—

“(i)

For better development or use of the said other land; or

“(ii)

To facilitate or improve the carrying on of a business on the said other land, being a business that the trustee is empowered to carry on:”.

(2)

Section 14 of the principal Act is hereby further amended by repealing subsection (6), and substituting the following subsection:

“(6)

A trustee who, in accordance with any power conferred on him by or under this Act or otherwise, sells any land, or exchanges any land for any other land, or grants a lease of any land with an optional or compulsory purchasing clause, shall not be guilty of a breach of trust by reason only of any alleged inadequacy of the amount or value of the sale price or other consideration (exclusive of rent) that he received in respect of the transaction, if, before making the sale or exchange or granting the lease, he has ascertained the value of the land involved in accordance with section 28 of this Act, and—

“(a)

In the case of a sale of the land or a lease thereof with an optional or compulsory purchasing clause, the sale price for the land is not less than the value thereof as so ascertained:

“(b)

In the case of an exchange, it is prudent for the trustee to make the exchange, having regard to the respective values (as so ascertained) of the pieces of land being exchanged, the interests of the beneficiaries to whom he is responsible, and all the circumstances of the case.”

3 Power to expend money for improvement or development

Section 15(1) of the principal Act is hereby amended by repealing the proviso to paragraph (b).

4 Power to apply capital for maintenance, etc.

Section 41 of the principal Act is hereby amended by repealing paragraph (a), and substituting the following paragraph:

“(a)

Except with the consent of the Court, the money or asset so paid or applied for the maintenance, education, advancement, or benefit of any person shall not exceed altogether in amount or value—

“(i)

Half of the presumptive or vested share or interest of that person in the trust property where the value of that share or interest exceeds $15,000 or such other amount as the Governor-General, by Order in Council, may for the time being prescribe in place of that amount; or

“(ii)

In any other case $7,500, or such other amount as the Governor-General, by Order in Council, may for the time being prescribe in place of that amount; and”.

This Act is administered in the Department of Justice.

Trustee Amendment Act 1977