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New Zealand law explained for everyone

Charitable Trusts Act 1957

Incorporation of trust boards

27: Distribution of surplus assets

You could also call this:

“How leftover stuff is shared when a trust board closes”

When a trust board is closed down or ended by the Registrar, there might be some money or things left over after paying all the bills and debts. The court will decide what to do with these leftover assets. This means that you don’t get to choose what happens to the extra stuff - a judge will make that decision for you.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM309947.

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Part 2 Incorporation of trust boards

27Distribution of surplus assets

  1. On the liquidation of a board or on its dissolution by the Registrar, all surplus assets after the payment of all costs, debts, and liabilities shall be disposed of as the court directs.

Notes
  • Section 27: replaced, on , by section 3 of the Charitable Trusts Amendment Act 1993 (1993 No 112).