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Review of the Law of Trusts: Preferred Approach - Issues Paper 31

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Contents

General Information
Call for submissions
Foreword
Acknowledgements
Introduction
- The Law Commission's review
- Objectives of the review
- General approach to reforms
- Structure of this paper
Chapter 1 - The trusts context in New Zealand
- Introduction
- What is a trust?
- Types of trust
- Why do people settle trusts?
- Why are trusts so popular in New Zealand?
- Features of trust use
- Do we need trusts?
Chapter 2 - Core principles of trust law
- Introduction
- Definition and creation of a trust
- Finding that no trust exists
- Sham trusts
- Purpose restriction
Chapter 3 - Trustees' duties
- Introduction
- Duties of trustees
- Avoiding the consequences of a breach of trust
- Duty to inform
- Retaining information
Chapter 4 - Trustees' powers
- Introduction
- Administrative powers
- Powers of distribution to beneficiaries
- Age of majority
- Power to appoint agents
- Power to delegate
Chapter 5 - Investment powers
- Introduction
- Investment powers
- Distinction between capital and income
- Apportionment of receipts and outgoings between capital and income
- Appointing investment managers
Chapter 6 - Appointment and removal of trustees
- Introduction
- Acceptance and rejection of trusteeship
- Who may be appointed as a trustee?
- Removal of a trustee
- Retirement
- Who may remove a trustee and appoint a replacement?
- Exercise of power to appoint trustees
- Numbers of trustees
- Transfer of trust property
Chapter 7 - Custodian and advisory trustees
- Introduction
- Custodian trustees
- Advisory trustees
Chapter 8 - Corporate trustees and insolvent trusts
- Introduction
- Definition and scope of reforms
- Liability of trustees and right of indemnity
- Disclosure of trustee status
- Issues for creditors
- Issues for beneficiaries
- Insolvent corporate trustees
Chapter 9 - Revocation and variation of trusts
- Introduction
- Revocation and variation by beneficiaries
- Revocation and variation by the High Court
- Extension of trustees' powers by the High Court
- Variation pursuant to a trust deed
Chapter 10 - Reviewing the exercise of trustee discretion
- Introduction
- Statutory review of trustees
- What should an applicant be required to prove?
- Application to trustees' powers under trust deeds
- Who should have standing to apply for a review?
- Grounds for court intervention
Chapter 11 - Other powers of the court under the Trustee Act
- Introduction
- Section 66 − Power of court to give directions
- Section 72 - Payment of a commission to a trustee
- Section 74 - Beneficiary indemnity for breach of trust
- Section 75 - Barring claims and future claims
- Sections 77 to 79 - Payments to the Crown
- Section 76 - Distribution of shares of missing beneficiaries
- Section 35 - Protection against creditors by means of advertising
Chapter 12 - Jurisdiction of the courts
- Introduction
- Should the District Court have jurisdiction?
- Should the Family Court have jurisdiction?
Chapter 13 - Resolving disputes outside of the courts
- Introduction
- Alternative mechanisms for dispute resolution
- A role for the Public Trust
- The use of alternative dispute resolution
Chapter 14 - Remoteness of vesting and the duration of trusts
- Introduction
- Reforming the rule against perpetuities
Chapter 15 - Regulation
- Introduction
- Registration of trusts
- Regulation of trust service providers
Chapter 16 - Interaction of trusts with other policy areas
- Introduction
- Adequacy of existing legislative mechanisms
- Reform options considered
- Standing of the Official Assignee
- Conclusions
Chapter 17 - Relationship property and trusts
- Introduction
- Dispositions to trusts and relationship property
Appendix - List of submitters
- Introductory Issues Paper
- Second Issues Paper
- Third Issues Paper
- Fourth Issues Paper
- Fifth Issues Paper

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Chapter 6
Appointment and removal of trustees

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