26 APRIL 2011 NEW ZEALAND GAZETTE, No. 56 1297

CONTENTS

BACKGROUND ......................................................................................................................................1299

1. DEFINITIONS AND CONSTRUCTION ........................................................................................1299

2. CREATION OF TRUST ................................................................................................................1300

3. PURPOSES ..................................................................................................................................1301

4. INCOME TRUSTS ........................................................................................................................1301

5. CAPITAL TRUSTS ..........................................................................................................................1301

6. DISTRIBUTIONS ..........................................................................................................................1301

7. INTERESTED TRUSTEES ...........................................................................................................1302

8. TRUSTEES’ POWERS ...................................................................................................................1303

9. ADVICE OF COUNSEL ................................................................................................................1303

10. PROVISION OF INFORMATION ....................................................................................................1303

11. LIABILITY OF TRUSTEES ...........................................................................................................1303

12. INDEMNITY ..................................................................................................................................1304

13. PERIOD OF TRUST .....................................................................................................................1304

14. WINDING UP ................................................................................................................................1304

15. RULES ..........................................................................................................................................1305

FIRST SCHEDULE: TRUSTEES’ POWERS ..........................................................................................1306

1. TO INVEST ...................................................................................................................................1306

2. TO RETAIN INVESTMENTS ........................................................................................................1306

3. TO SELL .......................................................................................................................................1306

4. TO POSTPONE SALE ....................................................................................................................1306

5. TO LET .........................................................................................................................................1306

6. TO PURCHASE PROPERTY .......................................................................................................1306

7. BANK ACCOUNTS .........................................................................................................................1307

8. TO INSURE ..................................................................................................................................1307

9. TO WAIVE DEBTS .......................................................................................................................1307

10. TO DEPOSIT FUNDS .....................................................................................................................1307

11. TO HOLD THE INCOME UNINVESTED ......................................................................................1307

12. TO PROTECT OR ENHANCE ASSETS ......................................................................................1307

SECOND SCHEDULE: RULES GOVERNING THE APPOINTMENT OF THE TRUSTEES ......................1308

1. NUMBER OF TRUSTEES ............................................................................................................1308

2. APPOINTMENT OF NEW TRUSTEES ........................................................................................1308

3. ALTERNATE TRUSTEES ............................................................................................................1308

4. PAYMENT OF TRUSTEES ..........................................................................................................1308

5. RECEIPT OF GIFTS .......................................................................................................................1309

THIRD SCHEDULE: RULES GOVERNING THE PROCEEDINGS OF THE TRUSTEES .......................1310

1. VALIDITY OF PROCEEDINGS ....................................................................................................1310

2. APPOINTMENT OF SECRETARY AND OTHERS ......................................................................1310

3. ORDINARY MEETINGS ...............................................................................................................1310

4. SPECIAL MEETINGS .....................................................................................................................1310

5. NOTICE OF MEETINGS ..............................................................................................................1310