✨ Trustee Powers
26 APRIL 2011 NEW ZEALAND GAZETTE, No. 56 1307
- Bank accounts
To open any bank accounts in the name of the Trust. The Trustees may also make arrangements with any Bank for the Trustees, or any two or more Trustees named in writing by the Trustees, to operate any account from time to time opened at that Bank.
- To insure
To insure any insurable property to any amount up to its full insurable value, or at the Trustees’ option, up to its full replacement value, against destruction or damage by fire, earthquake, fire following earthquake and such other risks as the Trustees think fit. The Trustees may pay the premiums out of income as they think fit.
- To waive debts
Without being liable for loss, to waive any debts due to the Trust Fund, either absolutely or on such terms as the Trustees think expedient.
- To deposit funds
To deposit all or part of the Income in a savings or other interest or non-interest bearing account with any Bank.
- To hold the Income uninvested
To hold any part of the Income uninvested for as long as the Trustees think fit without being liable for any loss due to devaluation or other governmental restriction.
- To protect or enhance assets
To enter into any type of contract whatever to protect, maintain or enhance the value of any assets acquired or held by the Trustees or which they have the right to acquire or hold.
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NZ Gazette 2011, No 56
✨ LLM interpretation of page content
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Trustees' Powers under the Trust Deed
(continued from previous page)
🏢 State Enterprises & InsuranceTrust, Powers, Bank Accounts, Insurance, Debt Waiver, Fund Deposit, Income Management, Asset Protection