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StatuteTrusts Act 2019

Section 103 — Trusts Act 2019: How trustee is removed

Text of the provision Official document

103 How trustee is removed (1) A person with the power to remove a trustee,— (a) under section 92(1)(a) , may act to remove a trustee in accordance with either— (i) a power in the terms of the trust; or (ii) the power to remove a trustee on compulsory grounds under section 104 or on optional grounds under section 105 ; and (b) under section 92(1)(b) or (c) , may act to remove a trustee in accordance with the power to remove a trustee on compulsory grounds under section 104 or on optional grounds under section 105 . (2) A person exercising a power to remove a trustee under the terms of the trust may exercise that power on the basis of any ground for the removal of a trustee that is stated in the terms of the trust. (3) The power to remove a trustee under section 104 or 105 is available in respect of any trust regardless of whether the terms of the trust include a power to remove a trustee or any grounds for the removal of a trustee. (4) If a ground for the removal of a trustee that is included in both the terms of the trust and— (a) section 104(1) is met in respect of a trustee, the person with the power to remove a trustee must remove the trustee, but may elect to exercise the power— (i) under the terms of the trust; or (ii) under section 104 : (b) section 105(1) is met in respect of a trustee, the person with the power to remove a trustee may elect to exercise the power to remove the trustee— (i) under the terms of the trust; or (ii) under section 105 . (5) Sections 106 to 111 (relating to the procedure for the removal of a trustee)— (a) apply only if the power to remove a trustee is exercised under section 104 or 105 ; and (b) if they do apply, prevail over any procedure in the terms of the trust.

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.