NZ TRUSTEE REGISTER – ADMISSION CRITERIA

The Trustee Register is open in July of each year for new applicants to seek admission by invitation to Trustees

Entry Criteria to the Register for an Individual:

i)                    An individual must be a Senior Member of the NZ Trustees Association; and…

ii)                  An individual actively involved as Trustee of a trust or trusts of substantial local, national or international
significance; or…

iii)                An individual actively involved as Trustee holding tertiary or nationally recognised qualification in a trust
related profession; or…

iv)                 An individual actively involved as Trustee, having made significant contribution to the support, promotion
or development of trusteeship in New Zealand to a level acceptable to the Trustee Registration Board.

 Entry Criteria to the Register for a Company:

i)                    A Company must be a Corporate Member of the NZ Trustees Association; and…

ii)                  A Company must be incorporated and registered with the Companies Office, and…

iii)                There must be at least Two Directors and at least one Director must hold individual Registered Trustee
status, and

iv)                The Company must not have a Chairman who is also Chief Executive

 Entry Conditions:

a)            Membership of NZTA for an individual or company is a prerequisite for entry.

b)            Registered Trustees agree to abide by rules and codes of the Trustees Association and any additional rules
and codes as sanctioned by due process for the Trustee Register.

c)            Applicants and existing Registered Trustees agree to their names being published.

d)         The Trustee Registration Board’s decision on admission will be final and no additional correspondence will be
entered into.

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Other FAQ's

Q What are the benefits of membership?
A This depends on your individual aspirations and your position of trust. NZTA is a charitable trust with the principal objective of benefiting trusteeship. Improvement of resources for trustees (and trusts) by NZTA increases individual knowledge, assisting trusts in their decision making. The Trustee News has received plaudits for filling a void in trustee resources, bringing all categories of trusteeship together.

Q Why should the Trust fund my individual membership?
A Again, this is dependent on your position of trust, your personal involvement with administration and your responsibilities and liability. It has been widely accepted and actioned for the Chair & other senior positions of administration to have their subscription funded. The logic continues that if there were no trustees or administrators there would certainly be no trust. Also, where the trustees & administrators increase their resources and knowledge the trust does benefit.

Q Why should the Firm fund my individual membership?
A For Professional Trustees & Trust Practitioners (Solicitors, Accountants, Fund Managers etc) funding of a member's subscription is by their employing firm or their own practise. This is fairly obviously for the increase in business the membership subscription will bring to the member's firm by the credentials and exposure NZTA provides.

Q I don't know what level I should apply for?
A Levels of membership subscription are contained in the page headed "Description of Levels of Subscription & Membership". You are given suggestions on funding and the level that may suit you in that text. Full membership is underlined.

Q I'm an Off Shore party interested in subscribing?
A Off Shore interested parties are welcome. See the link on www.nzta.org.nz to the Application Form for further details of cost for postage.

Any further questions should be addressed to:
The Registrar New Zealand Trustees Association PO Box 1228 Wellington, N.Z.

NZTA Helpdesk (Tel +64 4 472 4026) Office@nzta.org.nz

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Trust Terminology

ADVISORY TRUSTEE
A Trustee appointed in an advisory capacity for specific expertise, more often for a set period. The Advisory Trustee can usually attend all meetings and join in on decisions, but will not carry the legal duties and responsibilities of a Trustee.

BOARD OF TRUSTEES
Usually a minimum of 4 Trustees, though this can be as few as 2 Trustees; With an elected Chairman.

CHAIRMAN
The elected presiding Trustee, often with a casting vote.

CHARITABLE TRUST
A trust as defined within the Charitable Trusts Act 1957.

EMERITUS TRUSTEE
An honorary title for considerable contribution.

EXECUTIVE TRUSTEE
A Trustee with an executive position (eg. Chief Executive, Executive Officer, School Principal).

INDEPENDENT TRUSTEE
An Independent Trustee will not be a Settlor or a Beneficiary of the trust, also the person/entity will not be affiliated with, associated with, related to, or subject to the control or influence of any of the parties that hold a beneficial interest in the trust. In more recent times the Independent Trustee is seen as giving validity to Private or Family Trusts, and is often a requirement within a Deed for Superannuation and other Managed Fund Trusts.

LAY TRUSTEE
A Trustee without trust-related credential or affiliation.

NOMINEE TRUSTEE
A Trustee, usually a corporate body, appointed as a requirement of group schemes, unit trusts, etc.

PASSIVE TRUSTEE
A Trustee with little involvement with the running of the trust except where circumstances demand. This position is one of some risk and not to be recommended.

PHILANTHOPIC TRUST
A trust formed by a donor person or body, with the principal activity of grant making.

PRINCIPAL / RESPONSIBLE TRUSTEE
A presiding Trustee usually where there is no Chairman; A Trustee authorised to make limited decisions and agreements on behalf of the trust.

PROFESSIONAL TRUSTEE*
A Trustee who has been admitted to the NZ Trustees Association's Register of Professional Trustees.

SENIOR TRUSTEE
A Trustee with a minimum of 7 years experience.

TRUST ADMINISTRATOR
A person involved in the administration of one or more trusts.

TRUST COMPANY or TRUSTEE COMPANY
A company with a principal activity of administering trusts, that may also offer financial services eg Fund Management; also, a company with the principal activity of acting as Trustee, in either a sole or co-trusteeships capacity but which may or may not be empowered under the Trustee Companies Act.

TRUST PRACTITIONER
A professional specialising in trust formation and compliance.

TRUSTEE COMPANY / TRUSTEE CORPORATION / STATUTORY TRUSTEE
A company or corporate body empowered by it's own Act of Parliament or under the Trustee Companies Act; Able to act as Administrator, or Executor of a deceased estate.

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Note that a Professional who is appointed as Trustee is not ipso facto, a "Professional Trustee".

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