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StatuteTrusts Act 2019

Section 73 — Trusts Act 2019: Application to Public Trust to consent to become delegate

Text of the provision Official document

73 Application to Public Trust to consent to become delegate (1) This section applies in relation to a trust where— (a) a trustee is, for any of the reasons listed in section 70(2) , unable to perform the trustee’s functions as trustee; and (b) that trustee has not delegated the trustee’s powers. (2) A co-trustee or a beneficiary of the trust may apply to Public Trust for consent for Public Trust to be made the delegate of the trustee. (3) Public Trust— (a) may refuse to consent to be the delegate of the trustee for any reason; and (b) must refuse to consent to be made the delegate of the trustee if Public Trust reasonably believes that an application under subsection (2) or the circumstances relating to it involve a dispute or present significant complexity. (4) Public Trust may charge fees for providing services as a delegate under this section. (5) If Public Trust consents to be made the delegate of the trustee, sections 70 to 72 apply (with any necessary modifications) to the delegation.

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.