Trusts Act 2019
Sections and provisions with full text and the judgments that cite each one.
Section 1 — Title
1 Title This Act is the Trusts Act 2019.
Section Sch1-1 — Definitions for this Part
1 Definitions for this Part In this Part,— commencement date means the date on which section 10 commences repealed Act means the Trustee Act 1956 .
Section Sch1-10 — Transitional provision for jurisdiction of Family Court
10 Transitional provision for jurisdiction of Family Court Despite clause 8(b) , on and after the commencement date the Family Court may exercise the jurisdiction conferred by section 141 of this Act…
Section Sch1-11 — Transitional provision for transfer of trust property
11 Transitional provision for transfer of trust property (1) This clause applies if— (a) a trustee resigns or is removed before the commencement date; and (b) on the commencement date, the divesting…
Section Sch1-12 — Saving of section 15(2) of Trustee Amendment Act 1988
12 Saving of section 15(2) of Trustee Amendment Act 1988 Despite the repeal of the Trustee Amendment Act 1988 , section 15(2) of that Act continues to apply to any instrument creating a trust that…
Section Sch1-13 — Transitional provision relating to Financial Advisers Act 2008
13 Transitional provision relating to Financial Advisers Act 2008 (1) This clause applies if this Act comes into force under section 2(1) before the commencement of section 29 of the Financial…
Section Sch1-2 — Application of Act to trusts created before, on, and after commencement
2 Application of Act to trusts created before, on, and after commencement Except as provided in this Act (and in clauses 3 , 4 , 5 , 6(2) , 8 , and 11 of this schedule in particular), this Act…
Section Sch1-3 — Duration of trusts created before commencement date
3 Duration of trusts created before commencement date (1) Despite section 16 ,— (a) a trust created before the commencement date continues until the date (if any) specified in the terms of the trust…
Section Sch1-4 — Saving of appointment of agent, nominee, or custodian
4 Saving of appointment of agent, nominee, or custodian A person who, in relation to a trust or any part of it, was, immediately before the commencement date, a duly appointed agent, nominee, or…
Section Sch1-5 — Saving of delegations
5 Saving of delegations A delegation that was in place before the commencement date continues, subject to the terms of the delegation and the terms of the trust, on and after the commencement date.
Section Sch1-6 — Transitional provision for advisory trustees
6 Transitional provision for advisory trustees (1) A person who, immediately before the commencement date, was an advisory trustee appointed under section 49 of the repealed Act is, on and after the…
Section Sch1-7 — Saving of notice of application to bar claim under section 75 of repealed Act
7 Saving of notice of application to bar claim under section 75 of repealed Act (1) This clause applies if, no more than 120 days before the commencement date, a trustee— (a) has served on a person a…
Section Sch1-8 — Saving of rights and proceedings under repealed Act
8 Saving of rights and proceedings under repealed Act This Act does not— (a) enable any proceeding to be brought that was, before the commencement date, barred under the repealed Act; or (b) affect…
Section Sch1-9 — Transitional provision for offences and contravention under repealed Act
9 Transitional provision for offences and contravention under repealed Act (1) This clause applies to an offence committed under section 31(7C) , 77(8) , or 83B(9) of the repealed Act, or a…
Section 2 — Commencement
2 Commencement (1) This Act comes into force on the day that is 18 months after the date on which it receives the Royal assent. (2) However, subpart 5 of Part 9 comes into force on the day after the…
Section Sch2 — Provisions that apply except as modified or excluded in accordance with section 5(4)
Schedule 2 Provisions that apply except as modified or excluded in accordance with section 5(4) s 5(4) Column 1 (section) Column 2 20 The application of section 20 may be modified only to the extent…
Section 3 — Purpose
3 Purpose The purpose of this Act is to restate and reform New Zealand trust law by— (a) setting out the core principles of the law relating to express trusts; and (b) providing for default…
Section Sch3-1 — Meaning of specified commercial trust
1 Meaning of specified commercial trust (1) A specified commercial trust means— (a) an express trust (within the meaning of section 12 )— (i) that is created for the purpose of facilitating 1 or more…
Section Sch3-2 — Meaning of wholesale trust
2 Meaning of wholesale trust (1) A wholesale trust is an express trust (within the meaning of section 12 ) that has the following characteristics: (a) the trust is established in connection with or…
Section Sch3-3 — Meaning of security trust
3 Meaning of security trust (1) A security trust is an express trust (within the meaning of section 12 ) if, as part of a financing arrangement, the trustee holds security over the assets of a…
Section Sch3-4 — Certain provisions are or may be modified or excluded in relation to specified commercial trust
4 Certain provisions are or may be modified or excluded in relation to specified commercial trust (1) The following provisions do not apply to a specified commercial trust (whether created before or…
Section Sch3-5 — Application of this schedule to trusts under Financial Markets Conduct Act 2013
5 Application of this schedule to trusts under Financial Markets Conduct Act 2013 Nothing in this schedule limits the powers and provisions in the Financial Markets Conduct Act 2013 that relate to…
Section 4 — Principles
4 Principles Every person or court performing a function or duty or exercising a power under this Act must have regard to the following principles: (a) a trust should be administered in a way that is…
Section Sch4-14 — Trusts Act 2019, etc, not to apply to interim trustees
14 Trusts Act 2019, etc, not to apply to interim trustees The fact that a person holds or has held office as an interim trustee does not, of itself, confer or impose on that person any of the rights,…
Section Sch4-17 — Powers of investment
17 Powers of investment (1) The Board must invest money that is capital of the Fund (within the meaning of section 16). (2) The Board may invest money that is income of the Fund (within the meaning…
Section Sch4-22 — Investment of money
22 Investment of money Subject to the terms of any trust or endowment, any money held by or on behalf of the Board and available for investment may be invested by trustees in accordance with the…
Section Sch4-22-dup2 — Investment of money
22 Investment of money Subject to the terms of any trust or endowment, any money held by or on behalf of the Board and available for investment must be invested in accordance with the Trusts Act 2019.
Section Sch4-22-dup3 — Powers of investment
22 Powers of investment The Board may invest any money held by or on behalf of the Foundation, whether as capital or unexpended income, in accordance with the Trusts Act 2019.
Section Sch4-263 — Investment of capital and income
263 Investment of capital and income (1) Any money that is capital of the fund held by the Crown may be invested in accordance with the Trusts Act 2019. (2) VANZ may invest income of the fund in…
Section Sch4-28 — Method of sale or lease
28 Method of sale or lease (1) An administrator exercising a power to sell or lease an estate or part of an estate under section 26 or 27 has all of the powers necessary to give effect to the sale or…
Section Sch4-34 — Examination of Group Investment Funds
34 Examination of Group Investment Funds (1) A solicitor or an accountant authorised in writing by an interested person is entitled to examine at any reasonable time the accounts, books, and vouchers…
Section Sch4-394 — Application of Trusts Act 2019
394 Application of Trusts Act 2019 The Trusts Act 2019 applies to a community trust.
Section Sch4-6 — Investment of the Fund
6 Investment of the Fund All money belonging to the Fund and available for investment may be invested by the Council in the following manner: (a) in New Zealand Government securities; or (b) on…
Section Sch4-73 — Examination of group investment funds
73 Examination of group investment funds (1) A solicitor or an accountant authorised in writing by an interested person is entitled to examine at any reasonable time the accounts, books, and vouchers…
Section Sch4-350A — Vesting order consequential on order for sale or mortgage of land
350A Vesting order consequential on order for sale or mortgage of land (1) This section applies if a court gives a judgment or makes an order directing the sale or mortgage of any land. (2) A person…
Section Sch4-4A — Age of majority
4A Age of majority (1) For the purposes of this Act and of a will, the age of majority is 18. (2) In a will, adult, child, full age, infant, infancy, minor, minority, full capacity, majority, and…
Section Sch4-350B — Vesting order consequential on judgment for specific performance
350B Vesting order consequential on judgment for specific performance (1) This section applies when a judgment is given for the specific performance of a contract concerning any interest in land, or…
Section Sch4-4B — Application of Trusts Act 2019
4B Application of Trusts Act 2019 (1) The duties incidental to the office of an administrator under this Act are taken to be express trusts for the purposes of the Trusts Act 2019. (2) The Trusts Act…
Section Sch4-350C — Court may appoint person to convey trust property
350C Court may appoint person to convey trust property (1) In any case where a vesting order can be made under section 350A or 350B, the court may instead make an order appointing a person to convey…
Section 5 — Application, and relationship of Act with trust terms, common law and equity, and other enactments
5 Application, and relationship of Act with trust terms, common law and equity, and other enactments Trusts to which this Act applies (1) This Act applies only to express trusts that are governed by…
Section Sch5-1 — Title
1 Title This Act is the Medical Assurance Society Members’ Trust (Exemption from Limit on Maximum Duration of Trusts) Act 1997.
Section Sch5-12 — Trust not subject to limit on maximum duration
12 Trust not subject to limit on maximum duration No rule of law or provisions of an Act, including section 16 of the Trusts Act 2019, prescribe or restrict the period during which the trust may…
Section Sch5-17 — Limit on duration of trusts does not apply
17 Limit on duration of trusts does not apply (1) No rule of law or provisions of an Act, including section 11 of the Trusts Act 2019, prescribe or restrict the period during which— (a) the trust…
Section Sch5-17-dup2 — Limit on duration of trusts does not apply
17 Limit on duration of trusts does not apply (1) No rule of law or provisions of an Act, including section 11 of the Trusts Act 2019, prescribe or restrict the period during which— (a) the trust…
Section Sch5-19 — Limit on duration of trusts does not apply
19 Limit on duration of trusts does not apply (1) No rule of law or provisions of an Act, including section 16 of the Trusts Act 2019,— (a) prescribes or restricts the period during which the…
Section Sch5-2 — Exemption from limit on maximum duration of trust
2 Exemption from limit on maximum duration of trust Section 16 of the Trusts Act 2019 does not apply to the trust known as the Medical Assurance Society Members’ Trust, which was established by a…
Section Sch5-23 — Land holding trust not subject to maximum duration rule
23 Land holding trust not subject to maximum duration rule No rule of law or provisions of an Act, including section 16 of the Trusts Act 2019,— (a) prescribe or restrict the period during which the…
Section Sch5-34 — Limit on duration of trusts does not apply
34 Limit on duration of trusts does not apply (1) No rule of law or provisions of an Act, including section 11 of the Trusts Act 2019, prescribe or restrict the period during which— (a) the Trust and…
Section Sch5-61 — Limit on duration of trusts does not apply
61 Limit on duration of trusts does not apply (1) No rule of law or provisions of an Act, including section 11 of the Trusts Act 2019, prescribe or restrict the period during which— (a) each Trust…
Section Sch5-92 — Limit on duration of trusts does not apply
92 Limit on duration of trusts does not apply (1) No rule of law or provisions of an Act, including section 11 of the Trusts Act 2019, prescribe or restrict the period during which— (a) the Trust and…