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Trusts Act 2019

Appointment and discharge of trustees - Retirement of trustee

101: How trustee retires

You could also call this:

"How to stop being a trustee"

Illustration for Trusts Act 2019

If you are a trustee and you want to retire, you can write a letter saying so. You can be discharged, which means you can stop being a trustee, in different ways. You can be discharged by someone who has the power to remove trustees, or by the other trustees if there is no one with that power. If retiring would mean there are not enough trustees, you and a new trustee you choose can discharge you together. If there will still be enough trustees, you can discharge yourself.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7383016.

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Part 5Appointment and discharge of trustees
Retirement of trustee

101How trustee retires

  1. A trustee who expresses in writing a wish to retire may be discharged in writing—

  2. by a person with the power to remove trustees; or
    1. if there is no person authorised under paragraph (a) or that person is unable or unwilling to act, by the remaining trustees; or
      1. if there is no person authorised under paragraph (a) or (b) or that person is unable or unwilling to act, and the trustee’s retirement will reduce the number of trustees below the minimum number of trustees required by the terms of the trust, by the retiring trustee and a replacement trustee (selected by the retiring trustee) together; or
        1. if there is no person authorised under paragraph (a) or (b) or that person is unable or unwilling to act, and the minimum number of trustees required by the terms of the trust will remain, by the retiring trustee alone.