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Trusts Act 2019

Trustees’ powers and indemnities - Powers of trustee - Other powers and rights of trustee

78: Trustee’s power to adjust interests in trust property of portfolio investment entity

You could also call this:

"A trustee can adjust how trust property is shared among beneficiaries in certain investments."

If you are a trustee of a trust that invests in things like shares or property, you have some powers. You can use trust property to do things you are allowed to do as a portfolio investment entity. You can change how the beneficiaries' interests in the property are divided, but only in the ways allowed by section HM 48 of the Income Tax Act 2007. This means you can make these changes even if other parts of the Trusts Act 2019 or the Financial Markets Conduct Act 2013 say something different.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7382981.

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Part 4Trustees’ powers and indemnities
Powers of trustee: Other powers and rights of trustee

78Trustee’s power to adjust interests in trust property of portfolio investment entity

  1. This section applies where any trust property is employed in an activity that the trustee is empowered or authorised to carry on as a portfolio investment entity.

  2. The trustee may adjust the interest of the beneficiaries in the property in any of the ways specified in section HM 48 of the Income Tax Act 2007 in order to comply with that section.

  3. This section applies despite any other provision in this Act or in the Financial Markets Conduct Act 2013.

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