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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
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
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