Trusts Act 2019

Amendments to other Acts - Amendments to Financial Advisers Act 2008

177: New section 77TA and cross-heading inserted

You could also call this:

"Some trusts don't have to follow all the rules in the Trusts Act 2019"

When you have a trust set up for certain purposes, some parts of the Trusts Act 2019 do not apply. You can find more information about the Trusts Act 2019 on the New Zealand legislation website. This means that some rules about how trusts are run do not apply to these specific trusts.

Some of the rules that do not apply include the general duty of care, which is explained in section 29 of the Trusts Act 2019. Other rules that do not apply are about keeping documents, giving information to beneficiaries, and the powers of trustees. You can find these rules in sections 39, 45 to 48, 49 to 55, 56, 72, 81 to 85, 142 to 148, and 153 to 158 of the Trusts Act 2019.

These exceptions are part of a new section in the law, which is called section 77TA of the Trusts Act 2019. This new section explains how the Trusts Act 2019 applies to certain trusts. You can read the full Trusts Act 2019 on the New Zealand legislation website to learn more.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7383128.


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176: Amendments to Financial Advisers Act 2008, or

"Changes to the law that helps people giving financial advice"


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178: Section 154 amended (General regulations), or

"New rules for when the Trusts Act 2019 does not apply to some trusts"

Part 9Amendments to other Acts
Amendments to Financial Advisers Act 2008

177New section 77TA and cross-heading inserted

  1. After section 77T, insert:

    Application of Trusts Act 2019

    77TAApplication of Trusts Act 2019

    1. This section applies to a trust constituted (or to be constituted) for the purposes of section 77P.

    2. The following provisions of the Trusts Act 2019 do not apply to a trust referred to in subsection (1):

    3. section 29 (general duty of care):
      1. section 39 (adviser must alert settlor to modification or exclusion of default duty):
        1. sections 45 to 48 (documents to be kept by trustees):
          1. sections 49 to 55 (giving information to beneficiaries):
            1. section 56 (general powers of trustee):
              1. section 72 (trustee’s liability for acts of delegate limited):
                1. sections 81 to 85 (trustees’ indemnities):
                  1. sections 142 to 148 (alternative dispute resolution):
                    1. sections 153 to 158 (investigation of condition and accounts of certain trust property).