New Zealand Legislation: Acts
Acts are laws made by Parliament
| Private Act | 1989 No 1 |
| Date of assent | 28 April 1989 |
5 Appointments of the existing trust company as executor or administrator to be transferred to the New Company
An Act to provide—
(a) For the transfer to PGG Trust Limited of the whole of the undertaking of the trust department of Pyne, Gould, Guinness, Limited; and
(b) For the recognition and empowering of PGG Trust Limited as a trustee company under and within the meaning of The Trustee Companies Act 1967; and
(c) For other purposes incidental thereto and consequent thereon
WHEREAS Pyne, Gould, Guinness, Limited is authorised by its memorandum of association and by its enabling Act, namely, The Pyne, Gould, Guinness (Limited) Trust Act 1934 to act as executor and trustee and in various other fiduciary capacities, and has from the date of its enabling Act carried on and now carries on trustee company, trust, and agency businesses: And whereas the said company is a trustee company under and within the meaning of The Trustee Companies Act 1967, and carries on the business of a trustee company: And whereas a private company has been incorporated under The Companies Act 1955 named PGG Trust Limited, all the shares in which have been subscribed for and issued to Pyne Gould Corporation Limited or a nominee on behalf of that company: And whereas Pyne Gould Corporation Limited or a nominee on behalf of Pyne Gould Corporation Limited is also the sole shareholder in Pyne, Gould, Guinness, Limited: And whereas Pyne, Gould, Guinness, Limited has agreed at the request of Pyne Gould Corporation Limited to the transfer to PGG Trust Limited of the said trustee company, trust, and agency businesses of Pyne, Gould, Guinness, Limited subject to the passing of this Act and in accordance with the terms thereof: And whereas it is expedient to authorise and facilitate the said transfer: And whereas legislation is the only means by which—
(a) The vesting in PGG Trust Limited of all appointments of Pyne, Gould, Guinness, Limited and its rights and duties as executor, trustee, or fiduciary in any other capacity; and
(b) The empowering of PGG Trust Limited to act as executor of the will and administrator of the estate of any deceased person; and
(c) The inclusion of PGG Trust Limited as a trustee company under The Trustee Companies Act 1967; and
(d) The transfer of the undertaking of the trust department of Pyne, Gould, Guinness, Limited—
can be effected or effected efficiently and economically and without interference with the conduct and continuity of the said trustee company, trust, and agency businesses in the interests of the said company, the trusts under administration, their clients, and other persons having business with them: And whereas the objects of this Act cannot be attained without the authority of Parliament:
BE IT THEREFORE ENACTED by the Parliament of New Zealand as follows: