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Trusts Act 2019

Trustees’ duties and information obligations - Duties of trustee - Default duties

37: Duty to act for no reward

You could also call this:

"Trustees must work for free, but can claim back expenses."

Illustration for Trusts Act 2019

If you are a trustee, you must not get paid for doing your job as a trustee. You can still get your money back for things you had to pay for while being a trustee, like expenses. This is explained more in section 81(2).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7382916.

Topics:
Money and consumer rights > Banking and loans
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36: Duty not to profit, or

"Trustees must not use their job to make money for themselves"

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38: Duty to act unanimously, or

"Trustees must all agree on decisions together"

Part 3Trustees’ duties and information obligations
Duties of trustee: Default duties

37Duty to act for no reward

  1. A trustee must not take any reward for acting as a trustee, but this does not affect the right of a trustee to be reimbursed for the trustee's legitimate expenses and disbursements in acting as a trustee (see section 81(2)).