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Charitable Trusts Act 1957

Miscellaneous provisions

59: Holder of property to transfer it in accordance with scheme

You could also call this:

“Property holders must give property to new owners when a plan is approved”

When a court or the Attorney-General approves a plan under certain parts of the law, they might say that a specific group or person should receive property, money, or income. If this happens, the people who currently hold these things (called trustees) must give them to the designated group or person. This includes any extra money earned from the property or funds. Once the trustees do this, they won’t be responsible for the property anymore, unless they did something very careless or used the property wrongly on purpose.

The trustees are allowed to sign papers and do what’s needed to make sure the property, money, or income is properly transferred to the new owner or holder.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM309992.

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Part 5 Miscellaneous provisions

59Holder of property to transfer it in accordance with scheme

  1. Where any scheme which has been approved by the court under Part 3 or Part 4, or by the Attorney-General under Part 4, designates any institution, body, or person to hold or receive any property, money, or income under the scheme, the trustees in whom the property, money, or income is vested shall convey, transfer, or pay over the same with all profits or interest which may have accrued thereon to that institution, body, or person; and upon so doing shall no longer be liable in respect of any express or implied trust upon which they held the property, money, or income, except for wilful negligence or misappropriation thereof.

  2. The said trustees may execute all instruments and do all acts necessary for giving effect to this section.

Compare
  • 1908 No 164 ss 29, 46