The Law Commission is undertaking a three-stage review to modernise the law of trusts:
- stage one of the review is considering the Trustee Act 1956 and the Perpetuities Act 1964, with a review of trusts law generally;
- stage two will consider the Charitable Trusts Act 1957; and
- stage three will consider the trustee companies legislation.
To date, the Commission has released four issues papers on stage one of the review, and the fourth issues paper "The Duties, Office and Powers of a Trustee" is now open for submissions.
Part one of this paper examines the duties that a trustee owes to beneficiaries of a trust. Part two of the paper discusses the appointment, retirement and removal of trustees. It also addresses the powers given to a trustee.
Submissions on this paper close on 31 August 2011. Further details on the review are available online at www.lawcom.govt.nz/project/review-law-trusts.