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Trusts Act 2019

Trustees’ duties and information obligations - Trustees’ obligations to keep and give trust information - Documents to be kept by trustees

46: Keeping documents where there is more than 1 trustee

You could also call this:

"What to do with trust documents when there's more than one person in charge"

Illustration for Trusts Act 2019

If you are one of several trustees of a trust, you must keep certain documents as required by section 45. You can do this by holding the documents yourself or having copies of them. You also need to make sure that at least one of the other trustees has the rest of the documents required by section 45 and that they will share them with you if you ask.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7382928.

Topics:
Money and consumer rights > Banking and loans
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45: Trustee must keep core documents, or

"Trustees must keep important papers about the trust, like who's in charge and how money is managed."

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47: Documents must be kept for duration of trusteeship, or

"Trustees must keep important papers for as long as they are in charge."

Part 3Trustees’ duties and information obligations
Trustees’ obligations to keep and give trust information: Documents to be kept by trustees

46Keeping documents where there is more than 1 trustee

  1. If there is more than 1 trustee of a trust, each trustee must comply with the obligation in section 45 by—

  2. holding the documents specified in section 45(a) and (b) or copies of those documents; and
    1. being satisfied that at least 1 of the trustees holds the other documents specified in section 45 and that those documents or copies of them will be made available to the other trustee or trustees on request.