This Act may be cited as the Trustee Companies Act 1967.
2-
Interpretation
In this Act, unless the context otherwise requires,—
Administration and administrator have the meanings specified in the Administration Act 1969
Administration and administrator: the reference to the Administration Act 1969 has been substituted, as from 1 January 1971, for a reference to the Administration Act 1952 pursuant to section 84 Administration Act 1969 (1969 No 52).
Assistant general manager,—
(a)
In relation to a trustee company that also carries on business other than trust business as empowered by this Act, means the assistant general manager of the trust department of the company:
(b)
In relation to any other trustee company, means the assistant general manager of the company:
Branch manager,—
(a)
In relation to a trustee company that also carries on business other than trust business as empowered by this Act, means the manager of a branch of the trust department of the company:
(b)
In relation to any other trustee company, means the manager of a branch of the company:
Court means the High Court
Court: the words “High Court” referred to in this definition were substituted, as from 1 April 1980, for the words “Supreme Court” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).
Director, in relation to any trustee company, means a director of the company; and includes a member of a local or special Board of Directors of the company
General manager,—
(a)
In relation to a trustee company that also carries on business other than trust business as empowered by this Act, means the general manager of the trust department of the company:
(b)
In relation to any other trustee company, means the general manager of the company:
Group Investment Fund or Fund means a Group Investment Fund established under section 29 of this Act
Interest includes dividends from shares
Manager, in relation to any trustee company, includes the general manager, the assistant general manager, the secretary, and any branch manager of the company
Minister means the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act
Minister: this definition was inserted, as from 1 October 1995, by section 10(3) Department of Justice (Restructuring) Act 1995 (1995 No 39).
Person includes a corporation sole, and also a body of persons, whether corporate or unincorporate
portfolio investment entity means a portfolio investment entity within the meaning of the Income Tax Act 2004
Secretary,—
(a)
In relation to a trustee company that also carries on business other than trust business as empowered by this Act, means the secretary of the trust department of the company:
(b)
In relation to any other trustee company, means the secretary of the company:
Trustee company means any of the following companies, namely, Trustees Executors Limited, AMP Perpetual Trustee Company NZ Limited, PGG Trust Limited, New Zealand Permanent Trustees Limited, and The New Zealand Guardian Trust Company Limited
Trustee company: this definition was amended, as from 9 October 1975, by section 2(a) Trustee Companies Amendment Act 1975 (1975 No 107) by substituting the words “The South British Guardian Trust Company Limited” for the words “The South British Guardian Trust Limited”.
Trustee company: this definition was amended, as from 1 April 1983, by section 20(1)(a) New Zealand Guardian Trust Company Act 1982 (1982 No 3 (P)) by omitting the words “The South British Guardian Trust Company Limited”.
Trustee company: this definition was amended, as from 1 April 1983, by section 20(1)(b) New Zealand Guardian Trust Company Act 1982 (1982 No 3 (P)) by omitting the words “the New Zealand Insurance Company Limited”.
Trustee company: this definition was amended, by section 20(1)(c) of the same Act by substituting the words “East Coast Permanent Trustees Limited Act 1962, and The New Zealand Guardian Trust Company Act 1982” for the words “, and the East Coast Permanent Trustees Limited Act 1962”.
Trustee company: this definition was amended, as from 1 April 1988, by section 15 AMP Perpetual Trustee Company Act 1988 (1988 No 1 (P)) by substituting the words “AMP Perpetual Trustee Company NZ Limited” for the words “Perpetual Trustees, Estate, and Agency Company of New Zealand (Limited)”.
Trustee company: this definition was amended, as from 1 May 1989, by section 19(1) and (2) PGG Trust Limited Act 1989 (1989 No 1 (P)) by substituting the words “PGG Trust Limited” for the words “Pyne, Gould, Guinness, Limited”. See section 19(4) of that Act as to the transitional provisions.
Trustee company: this definition was amended, as from 1 September 1991, by section 16 New Zealand Permanent Trustees Limited Act 1991 (1991 No 2(P)) by substituting the words “New Zealand Permanent Trustees Limited” for the words “East Coast Permanent Trustees Limited”.
Trustee company: this definition was amended, as from 1 May 2002, by section 20(1) TOWER Trust Limited Act 2002 (2002 No 2(P)), by substituting the words “TOWER Trust Limited” for the words “the Trustees, Executors, and Agency Company of New Zealand (Limited)”.
Trustee company: this definition was amended, as from 1 July 2006, by section 10(2) Trustees Executors Limited Amendment Act 2006 (2006 No 2(P)) by substituting the words “Trustees Executors Limited” for the words “TOWER Trust Limited”.
Trustee company Act means any of the following Acts, namely, the Trustees Executors Limited Act 2002, the Guardian, Trust, and Executors Company Act 1883, AMP Perpetual Trustee Company Act 1988, the New Zealand Insurance Company Trust Act 1916, the PGG Trust Limited Act 1989, the New Zealand Permanent Trustees Limited Act 1991, and The New Zealand Guardian Trust Company Act 1982.
Trustee company Act: this definition was inserted, as from 13 October 1972, by section 2(2) Trustee Companies Amendment Act 1972 (1972 No 28).
Trustee company Act: this definition was amended, as from 1 April 1983, by section 20(2) New Zealand Guardian Trust Company Act 1982 (1982 No 30) (P) by substituting the words “the East Coast Permanent Trustees Limited Act 1962, and The New Zealand Guardian Trust Company Act 1982” for the words “, and the East Coast Permanent Trustees Limited Act 1962”.
Trustee company Act: this definition was amended, as from 1 April 1988, by section 15(2) AMP Perpetual Company Trustee Company Act 1988 (1988 No 1 (P)), by substituting the words “AMP Perpetual Trustee Company Act 1988” for the words “Perpetual Trustees, Estate, and Agency Company Act 1884”.
Trustee company Act: this definition was amended, as from 1 May 1989, by section 19(2) PGG Trust Limited Act 1989 (1989 No 1) by substituting the words “the PGG Trust Limited Act 1989” for the words “the Pyne, Gould, Guinness (Limited) Trust Act 1934”. See section 19(4) of that Act as to the transitional provisions.
Trustee company Act: this definition was amended, as from 1 September 1991, by section 16(2) New Zealand Permanent Trustees Limited Act 1991 (1991 No 2(P)) by substituting the words “New Zealand Permanent Trustees Limited Act 1991” for the words “East Coast Permanent Trustees Limited Act 1962”. See section 19(4) of that Act as to the transitional provisions.
Trustee company Act: this definition was amended, as from 1 May 2002, by section 20(2) TOWER Trust Limited Act 2002 (2002 No 2(P)), by substituting the words “TOWER Trust Limited Act 2002” for the words “Trustees, Executors, and Agency Company Act 1882”.
Trustee company Act: this definition was amended, as from 1 July 2006, by section 10(3) Trustees Executors Limited Amendment Act 2006 (2006 No 2(P)) by substituting the words “Trustees Executors Limited Act 2002” for the words “TOWER Trust Limited Act 2002”.
Section 2 portfolio investment entity: inserted, on 1 October 2007, by section 243 of the Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 (2006 No 81).
A trustee corporation for the purposes of the Trustee Act 1956.
Compare: 1962 No 5 (Private), s 23
Section 3(a) was repealed, as from 1 January 1971, by section 84(1) Administration Act 1969 (1969 No 52).
4-
Grant of letters of administration to trustee company
(1)
Any trustee company may apply for and obtain administration in respect of a deceased person, either with or without the will annexed, and may perform and discharge all other acts and duties of an administrator as fully and effectually as a private individual may do when granted letters of administration.
(2)
Notwithstanding anything to the contrary in section 73 of the Court of Probate Act 1857 of the United Kingdom Parliament, it shall not be necessary, in the absence of evidence to the contrary, for any trustee company to prove in the case of any estate, whether insolvent or not, that there is any circumstance rendering it necessary or convenient to appoint it rather than any other person who would by law be entitled to a grant of administration of the estate.
(3)
Letters of administration shall not be granted to a syndic or nominee on behalf of a trustee company.
(4)
Where any interest in any estate which was vested in a syndic on behalf of a trustee company acting as administrator under letters of administration of a deceased person became, by virtue of section 3 of the Statutes Amendment Act 1945, vested in the trustee company, the syndic shall be kept indemnified by the company in respect of that interest.
(5)
All securities registered or subscribed in the name of a syndic on behalf of a trustee company or any estate or interest in land registered under the Deeds Registration Act 1908 or under the Land Transfer Act 1952 in the name of a syndic shall be transferred by the syndic to the trustee company or as it directs.
(6)
This section shall have effect whether the testator or the intestate died before or after the commencement of this Act, and no such vesting or transfer as aforesaid shall operate or be deemed to have operated as a breach of any covenant or condition against alienation or give or be deemed to have given rise to forfeiture.
Compare: 1952 No 56 s 42; 1958 No 55 s 2
5-
Court may act upon affidavit of director or manager
In every case in which any trustee company is empowered to apply for administration in respect of any deceased person, it shall be lawful for the Court in which, or the officer before whom, the application is made to receive and act upon an affidavit made by a director or manager of the company in place of any affidavit required by the said Court to be made by persons making application for administration.
Compare: 1962 No 5 (Private), s 5
6-
Assets of company liable
(1)
The capital, both paid and unpaid, and all other assets of every trustee company shall be charged with all liability of the company for any failure of the company to ensure—
(a)
The proper administration of all estates entrusted to the charge of the company; and
(b)
The proper discharge of the duties committed to the company in respect of any office or position mentioned in subsection (2) of section 7 of this Act that is accepted by the company.
(2)
The said liability of the capital and other assets of the company shall be sufficient security for the discharge of those duties in place of any bond required from other persons when appointed to any of the offices or positions mentioned in subsection (2) of section 7 of this Act; and in any case where, to secure the discharge and performance of its duties, the trustee company has deposited with the Public Trustee a sum of money invested in securities approved by the Public Trustee or executed any bond as set out in Schedule 1 hereto, then, to the extent (if any) required from time to time by the provisions of any other Act, that deposit shall be maintained as part of the assets of the company liable for the discharge of those duties, and the bond shall in like manner be kept in full force and effect.
In all cases in which any Court or any person, company, or corporation appoints any trustee company to any of the offices or positions mentioned in subsection (2) of this section, it shall, notwithstanding anything to the contrary in any other enactment, be lawful for but not obligatory on the company to accept appointment to and act in the office or position, and to perform and discharge all acts and duties pertaining to the office or position, either in its corporate capacity or (where the circumstances so require) by any director or officer of the company.
(2)
The offices and positions referred to in section 6 of this Act and in subsection (1) of this section are:
(a)
Executor under any will or codicil:
(b)
Trustee under any deed, will, codicil, settlement, or other document:
(bb)
Administrator with or without the will annexed:
(c)
Guardian of any infant:
(d)
Trustee of any money or damages to which section 66 of the Public Trust Office Act 1957 applies:
(e)
Receiver:
(f)
Manager:
(g)
Committee of the estate under any law for the time being in force in New Zealand relating to mentally disordered persons:
(h)
Liquidator of any limited liability company:
(i)
Manager of any estate under the Protection of Personal and Property Rights Act 1988:
(j)
Guardian ad litem for the purposes of proceedings in any Court:
(k)
Attorney under any power of attorney, or agent without power of attorney, for any trustee, person, company or corporation:
(l)
Agent for the purpose of resealing in New Zealand any probate or letters of administration (within the meaning of Part 2 of the Administration Act 1969) granted outside New Zealand:
(m)
Trustee for debenture holders or holders of unsecured notes under any debenture or debenture trust deed or other deed:
(n)
Arbitrator or umpire for the purposes of the Arbitration Act 1908 or pursuant to any submission to arbitration by parties to any dispute:
(o)
[Repealed]
(p)
Trustee of any unit trust under the Unit Trusts Act 1960:
(q)
Custodian trustee under section 50 of the Trustee Act 1956:
(r)
Share or debenture or note registrar for any company carrying on business in New Zealand:
(s)
Trustee or assignee for the benefit of creditors:
(t)
Trustee under subpart 2 of Part 5 of the Insolvency Act 2006:
(u)
prudential supervisor under Part 10 of the Injury Prevention, Rehabilitation, and Compensation Act 2001.
Compare: 1962 No 5 (Private), s 9
Subsection (2)(bb) was inserted, as from 13 December 1968, by section 2 Trustee Companies Amendment Act 1968 (1968 No 111).
Subsection (2)(g) was amended, as from 1 April 1970, pursuant to section 129(4) Mental Health Act 1969 (1969 No 16) by substituting the words “mentally disordered person” for the words “mentally defective person”.
Subsection (2)(o) was repealed, as from 1 July 2003, by section 266 Local Government Act 2002 (2002 No 84).
Section 7(2)(t): amended, on 3 December 2007, by section 445 of the Insolvency Act 2006 (2006 No 55).
Subsection (2)(u) was inserted, as from 1 July 1999, by section 415(1) Accident Insurance Act 1998 (1998 No 114).
Subsection (2)(u) was substituted, as from 1 April 2002, by section 337(1) Injury Prevention, Rehabilitation, and Compensation Act 2001 (2001 No 49). See Part 10 of that Act for provisions relating to transition from competitive provision of workplace accident insurance. See Part 11 of that Act for transitional provisions relating to entitlements provided by Corporation.
The reference to the Protection of Personal and Property Rights Act 1988 in paragraph (i) was substituted, as from 1 October 1988, for a reference to the Aged and Infirm Persons Protection Act 1912 pursuant to section 113 Protection of Personal and Property Rights Act 1988 (1988 No 4).
The reference to Part 2 of the Administration Act 1969 referred to in subsection (2)(l) was substituted, as from 1 January 1971, by a reference to Part 2 of the Administration Act 1952 by section 84 Administration Act 1969 (1969 No 52).
The Fire Services Act 1949 referred to in subsection (2)(o) was repealed, as from 1 April 1973 by section 100 Fire Services Act 1972 (1972 No 119). This Act was in turn repealed by section 93(1) Fire Services Act 1975 (1975 No 42).
The Municipal Corporations Act 1954 and the Counties Act 1956 referred to in subsection (2)(o) were repealed, as from 1 April 1980, by the Local Government Act 1974 (1974 No 66)
8-
Appointment of trustee company by executors, administrators, and trustees
(1)
With the consent of the High Court, and subject to the approval of the appointee or appointees being obtained thereto,—
(a)
Executors, whether appointed before or after the commencement of this Act, may, unless expressly prohibited, before or after taking out probate, appoint any trustee company as sole executor or appoint as co-executors any trustee company and any other person or persons, whether or not the other person or persons include all or any of the executors making the appointment:
(b)
Other administrators under a grant of administration with or without a will annexed, whether appointed before or after the commencement of this Act, may, unless expressly prohibited, appoint any trustee company as sole administrator or appoint as co-administrators any trustee company and any other person or persons, whether or not the other person or persons include all or any of the administrators making the appointment.
(2)
Where, pursuant to subsection (1) of this section, any executor or administrator with a will annexed appoints any trustee company as executor or administrator, or appoints any trustee company and any other person or persons as co-executors or co-administrators, the appointee or appointees shall, by virtue of the appointment, be also the sole trustee or co-trustees (as the case may be) in all cases where the executor or administrator was trustee, or where there was no trustee appointed by the trust instrument or in existence at the date of the appointment under this section.
(3)
Where there are more trustees, or persons having power to appoint a trustee, or executors, or administrators, than one, any one trustee, or any one of those persons having power to appoint a trustee, or any one executor (whether before or after proving a will), or any one administrator, may, with the consent of the proposed appointee or appointees, apply to the High Court to have any trustee company appointed as sole trustee, executor, or administrator, or to have appointed as co-trustees, co-executors, or co-administrators any trustee company and any other person or persons, whether or not the other person or persons include all or any of the trustees, persons having power to appoint a trustee, executors, or administrators.
(4)
On any application to the High Court under this section, the Court shall have power to make such order as it thinks fit.
Compare: 1957 No 36 s 44
The words “High Court” referred to in this section were substituted, as from 1 April 1980, for the words “Supreme Court” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).
9-
Appointment of trustee company where person whose consent is required refuses or is unable to consent
Where the consent of any person is requisite to the appointment of an administrator or other trustee and the person refuses to consent to a specified trustee company being appointed, or where the person to consent is absent from New Zealand, or is not of full age or full mental capacity or is under any other disability, an appointment of the trustee company may be made without that consent if the High Court consents thereto.
Compare: 1957 No 36 s 47
The words “High Court” referred to in this section were substituted, as from 1 April 1980, for the words “Supreme Court” pursuant to section 12 Judicature Amendment Act 1979 (1979 No 124).
10-
Authority of director or officer to attend on behalf of trustee company
In every case in which the personal attendance of the holder of any office or position mentioned in subsection (2) of section 7 of this Act is required in a Court or elsewhere, if a trustee company is the holder of the office or position, the company shall be entitled to make the attendance in the person of any director or officer of the company, and the personal duties of the company as holder of the office or position may be discharged on behalf of the company by any director or officer of the company.
Compare: 1962 No 5 (Private), s 12
11-
Company may act alone or jointly
Subject to section 63 of the Administration Act 1969, the power of any trustee company to act as executor of the will, or administrator (with or without the will annexed) or trustee of the estate, of any deceased person, and the power of any trustee company to act in any of the offices or positions mentioned in subsection (2) of section 7 of this Act, may be exercised by the company either alone or jointly with another person, firm, company, or corporation.
The reference to section 63 of the Administration Act 1969, was substituted, as from 1 January 1971, for a reference to section 42A of the Administration Act 1952 (as inserted by section 4 of the repealed Administration Amendment Act 1960) by section 84 Administration Act 1969 (1969 No 52).
Where by any power of attorney any trustee company is appointed attorney by any person, company, or corporation, all powers conferred upon the company by the power of attorney may be exercised by any 2 directors of the company, or by a manager of the company acting in conjunction with any director of the company; but in all cases the company shall be liable to ensure the due execution of the powers so conferred on the company.
Compare: 1962 No 5 (Private), s 10
13-
Powers of attorney in favour of trustee company
(1)
The provisions of sections 19 and 20 of the Property Law Act 2007 and section 343 of the Companies Act 1993, shall extend and apply, as the case may require, to every power of attorney by which any trustee company is appointed by any person, company, or corporation.
(2)
Where any trustee company executes any document as attorney, it shall not be obligatory for the company, nor shall any person require the company, to furnish evidence by way of statutory declaration that no notice or information of the revocation of the power of attorney by death or otherwise has been received by the company.
(3)
The execution by any trustee company of any document as attorney shall be accepted by all Courts and persons as conclusive proof of the non-revocation of the power of attorney at the time when the document was executed.
(4)
Any trustee company, acting or paying money in good faith under or in pursuance of any power of attorney, shall not be liable for any such act or payment by reason of the fact that at the time of the payment or act the person who gave the power of attorney was dead or had done some act to avoid the power, if this fact was not known to the company at the time of its so acting or paying.
Compare: 1957 No 36 ss 116, 117; 1962 No 5 (Private), s 11
Section 13(1): amended, on 1 January 2008, by section 364(1) of the Property Law Act 2007 (2007 No 91).
