A statutory trustee can be the only trustee of a trust. You can appoint a statutory trustee even if the trust says there should be 2 or more trustees. The trust's rules must be followed, though, so if the trust says a certain type of trustee cannot be appointed, you cannot appoint that type of trustee.
If a trust says a body corporate cannot be a trustee, you cannot appoint a body corporate as a trustee, as stated in the Trusts Act, which is similar to the 1956 law. This rule is important to remember when setting up a trust. You need to consider what the trust's rules say about who can be a trustee.
This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.
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=DLM7383011.
A statutory trustee may be appointed and may lawfully act as the sole trustee of any trust, even if the terms of the trust provide for or require the appointment of 2 or more trustees.
This section does not permit the appointment of a body corporate as trustee if the terms of the trust forbid the appointment of the body corporate.
