✨ Trustees' Powers Schedule
NEW ZEALAND GAZETTE, No. 56
26 APRIL 2011
FIRST SCHEDULE: TRUSTEES’ POWERS
The Trustees have power:
- To invest
To invest the Income held by the Trustees under this deed, either alone or in common with any other person or persons in:
(a) the stocks, funds or other securities of the New Zealand Government; or
(b) interest bearing deposit accounts with any Bank.
If, for the time being, any one or more Trustees, but not all Trustees, is or are engaged in a profession, employment or business that is or includes acting as a Trustee or investing money on behalf of others, then in exercising any power of investment, that Trustee or those Trustees (as the case may be) will not be required to exercise the care, diligence and skill that a prudent person engaged in that profession, employment or business would exercise in managing the affairs of others. Rather, that Trustee or those Trustees (as the case may be) will be required only to exercise the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others.
- To retain investments
To retain any investments coming into the Trustees’ hands as part of the Income for as long as the Trustees think proper, even if they are not investments that could be properly made by a Trustee.
- To sell
To sell any real or personal property forming part of the Income in the manner and on the terms and conditions the Trustees think fit, including (without limitation) power to allow such part of the purchase price as the Trustees think fit to remain on loan with or without security or to be payable by instalments.
- To postpone sale
To postpone the sale of any real or personal property forming part of the Income for as long as the Trustees think fit without being liable for any resultant loss to the Trust Fund.
- To let
To let any real and personal property at such rent and on such terms and conditions (including an option to purchase) as the Trustees think fit and to accept surrenders of any leases and tenancies.
- To purchase property
To purchase as an asset of the Trust Fund any property or interest in property that the Trustees consider will benefit the Trust Fund. In exercising this power the Trustees will not be taken to be exercising a power of investment.
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NZ Gazette 2011, No 56
✨ LLM interpretation of page content
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Trustees' Powers under the Trust Deed
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🏢 State Enterprises & InsuranceTrust, Powers, Investment, Sale, Purchase, Lease, Property, Income, Trustees