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StatuteTrusts Act 2019

Section 101 — Trusts Act 2019: How trustee retires

Text of the provision Official document

101 How trustee retires A trustee who expresses in writing a wish to retire may be discharged in writing— (a) by a person with the power to remove trustees; or (b) if there is no person authorised under paragraph (a) or that person is unable or unwilling to act, by the remaining trustees; or (c) if there is no person authorised under paragraph (a) or (b) or that person is unable or unwilling to act, and the trustee’s retirement will reduce the number of trustees below the minimum number of trustees required by the terms of the trust, by the retiring trustee and a replacement trustee (selected by the retiring trustee) together; or (d) if there is no person authorised under paragraph (a) or (b) or that person is unable or unwilling to act, and the minimum number of trustees required by the terms of the trust will remain, by the retiring trustee alone.

Official source: legislation.govt.nz

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Statutory text from an official public source. Informational content — does not replace advice from a qualified lawyer.