New Zealand Trustees Association

Issue 140 January 2018 


NZ Estate & Trust Bulletin

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In This Issue-
 
140.1  Trustees Assoctaion forms alliance with Institute of Directors
 
140.2  Changes in Trust Law - Holland Beckett
 
140.3  Welcome to NZ Trustees Association Councilor
 
140.4  Trustee and Board Positions Available
 
140.5  NZ Trustees Subsidised Annual Financial Review
 
 
Also Features...
  •    Bills Before Parliament seeking Submissions 


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140.1 Trustees Association forms alliance with IoD                                   

                                                  

The NZ Trustees Association and the Institute of Directors (IoD) have formed a training alliance for the Trust Sector.  The aim is to deliver sector relevant courses and qualifications.

 

The IoD will be providing a 10% for NZTA Members for their courses with completion Certificates issued and CPD's where appropriate.

 

NZTA are welcoming the alliance as a very positive step forward and recognise the enormous efforts of the IoD to build on their existing suite of affordable priced courses delivered through a medium that suits the recipient.

 

  • One on One
  • Board Room
  • In House
  • Generic / Open
  • Web Based

 

We are certain NZTA Members will embrace the IoD methods of education.

 

 


140.2  Changes in Trust Law - Holland Beckett

                       

                             Holland Beckett Law     

Trusts are a firmly established mechanism for protecting and managing assets in New Zealand. The upcoming changes in trust law are long overdue. However, such changes are also sure to call into question the country’s fixation with family trusts.

The Trusts Bill (“the Bill”) was introduced on 1 August 2017, following multiple reviews conducted by the Law Commission, which branded the Trustee Act 1956 (“the Act”) as out-dated and inaccessible. The Bill is to replace this Act and also the Perpetuities Act 1964. It is intended to make trust law more manageable by clarifying the key features of a trust, outlining trustees' powers and obligations and streamlining administration processes.

The Bill outlines 5 mandatory trustee duties which cannot be negated by the terms of a trust. Trustees will have the duty to know and act in accordance with the terms of the trust, act honestly and in good faith, act for the benefit of beneficiaries or to further the purpose of the trust, and to exercise their powers for proper use.

The Bill also establishes 10 default trustee duties which must be performed by a trustee unless modified or excluded by the terms of the trust. These default duties largely reflect the current law. Both classes of duties will provide trustees with a clear understanding of their role and aid in beneficiaries holding trustees accountable for their actions, omissions and decisions.

Trustees will have to come to terms with disclosure requirements in favour of beneficiaries; a courtesy many beneficiaries are not afforded today. Part 3 of the Bill incorporates the presumption that basic information in relation to the trust’s affairs must be provided to beneficiaries. The provisions specify core documents which must be kept and for how long and the factors to be considered when determining what information should be shared or withheld.

Part 4 of the Bill contains provisions concerning trustees' powers and indemnities. Trustees' powers are currently minimal and scattered throughout the Act. The powers under the Bill are clear and flexible; providing trustees with more discretion in managing, investing and distributing trust property.

 

Read the Full Article..

 


140.3  Welcome to NZ Trustees Association Councillor

                                                                            

The NZ Trustees Association Council extends a warm welcome to Maitland Manning QSM of Hawkes Bay.

Mr Manning has extensive experience within the Not For Profit area including current and recent positions on the RNZRSA and Presbyterian Support Services and Family Works NZ.

For a full list of the NZTA Council go to..

 


140.4  Trustee and Board Positions available

The Trustees Association provides letters of support for NZTA Registered Trustees to be appointed to Board positions.

APPOINTED DIRECTORS
NZ Rugby League Zones
New Zealand Wide
Closes 09/02/18 at 5pm
TRUSTEE
Royal New Zealand Ballet
Across New Zealand
Closes 23/02/18
APPOINTED BOARD MEMBER
Nelson Netball Centre
Nelson and Bays
Closes 09/02/18
BOARD MEMBER
Workplace Support - Southern
Otago
Closes 30/03/18
BOARD MEMBER
Badminton New Zealand
All locations considered
Closes 19/02/18
ADVISORY BOARD MEMBER: TREASURER
Dance & Arts Therapy NZ
Auckland (or can travel there)
Closes 02/03/18
CHAIR
Radio New Zealand Ltd (RNZ)
National - PAID
Closes 09/02/18 at 5pm
CHAIRPERSON
Youthline Central South Island
Christchurch
Closes 31/01/2018
BOARD MEMBER
The Hunger Project New Zealand
National
Closes 01/02/18
TRUSTEES (2)
Garden to Table Trust
Auckland - will consider elsewhere
Closes 02/02/18
APPOINTED BOARD MEMBER


 

140.5 NZTA Subsidised Annual Financial Review

 

                                                                    

 

 

Through the charitable purposes of NZTA we offer upto 50% subsidised Annual Financial Review for small to medium registered charities.

 

This fully on-line service starts from $375 excl., is tailored for where the charity has opted for a review over an audit of their Financial Accounts. 

 

Receive further information or make an enquiry here..

 



 
* Bills before Parliament seeking Submissions
 
 
 
Name of bill Bill no. Stage Last activity Select Committee
132-2 RA 31 January 2018 Local Government and Environment Committee
270-1 W 31 January 2018
271-1 SC 31 January 2018
272-1 1 31 January 2018
14-1 1 31 January 2018
283-1 1 30 January 2018
6-1 SC 30 January 2018 Justice Committee
12-1 SC 30 January 2018
13-1 1 29 January 2018
262-1 SC 20 December 2017 Health Committee
291-1 SC 20 December 2017 Economic Development, Science and Innovation Committee
5-1 SC 20 December 2017 Finance and Expenditure Committee
11-1 1 20 December 2017
236-2 CH 19 December 2017 Māori Affairs Committee
289-1 SC 19 December 2017 Māori Affairs Committee
269-1 SC 14 December 2017 Justice Committee
10-1 1 14 December 2017
225-2 W 13 December 2017 Transport and Industrial Relations Committee
296-1 SC 13 December 2017 Governance and Administration Committee
3-1 SC 13 December 2017 Finance and Expenditure Committee
KiwiFund Bill

Bill - member's

7-1 1 13 December 2017
8-1 1 13 December 2017
9-1 1 13 December 2017
135-2 CH 12 December 2017 Primary Production Committee
Legislation Bill

Bill - government

275-1 SC 07 December 2017 Justice Committee
Trusts Bill

Bill - government

290-1 SC 07 December 2017 Justice Committee
299-1 SC 07 December 2017 Foreign Affairs, Defence and Trade Committee
Customs and Excise Bill

Bill - government

209-2 CH 05 December 2017 Foreign Affairs, Defence and Trade Committee
280-1 SC 30 November 2017 Foreign Affairs, Defence and Trade Committee
286-1 SC 30 November 2017 Justice Committee
Courts Matters Bill

Bill - government

285-1 SC 30 November 2017 Justice Committee
293-1 SC 30 November 2017 Economic Development, Science and Innovation Committee
295-1 SC 29 November 2017 Māori Affairs Committee
297-1 SC 29 November 2017 Social Services and Community Committee
279-1 SC 29 November 2017 Māori Affairs Committee
278-1 SC 29 November 2017 Governance and Administration Committee
181-2 RA 29 November 2017 Justice and Electoral Committee
257-1 SC 28 November 2017 Governance and Administration Committee
Racing Amendment Bill

Bill - government

288-1 SC 16 November 2017 Primary Production Committee
 
 
 
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While every effort has been made to ensure the accuracy of items and article content, the onus is upon the reader to satisfy their needs. This publication is not intended as legal advice or guidance. The content and views expressed are not necessarily those held by NZTA or the NZTA membership.