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StatuteTrusts Act 2019

Section 113 — Trusts Act 2019: How trustee is replaced

Text of the provision Official document

113 How trustee is replaced (1) If a trustee retires or is removed or dies while in office and it is necessary (because the trustee was a sole trustee or because the terms of the trust require it) to replace the trustee, a person with the power to appoint trustees must appoint a replacement trustee. (2) If a trustee retires or is removed or dies while in office and it is not necessary to replace the trustee (because the number of remaining trustees meets or exceeds the minimum number specified in the terms of the trust), a person with the power to appoint trustees may, but need not, appoint a replacement trustee. (3) The appointment of a trustee to replace a trustee who has been removed takes effect only when the removal takes effect under section 107(2) or (3) , 108(2) , or 112 .

Official source: legislation.govt.nz

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