Farmers and community groups went along to learn more about changes to trust law.
Farmers and community groups went along to learn more about changes to trust law.
Trust Law and Incorporated Societies Act changes affect plenty of farmers and community groups within Tararua. It was great to see 45 locals come along to Norsewood to learn more.
Our thanks go out to the Norsewood Golf Club for hosting us. What a fantastic facility you have; we allwent away a little wiser and well-fed.
Dave and Paul from Perpetual Guardian gave a good run-through on the Trust Act 2019 changes and how these affect the role of trustees, who now have more responsibilities and accountability. In many farming trusts the roles of settlor, trustee and discretionary beneficiary can become intertwined and it’s important that when carrying out any duties or discretions for a trust it is very clear what hat you are wearing when carrying out these duties.
Dave spoke about mandatory and default duties, what our roles are as a trustee and some common observations and questions that arise from the changes.
Farming trust structures can be a complication when it comes to succession planning. It was great to explore a few options regarding the pros and cons of various changes people can make.
Our after-dinner speaker was Rosemary Cullen from local law firm Innes Dean. She took us through the Incorporated Society Act changes that took effect on October 5. With approximately 23,000 Incorporated Societies in New Zealand, there will be a rush to get all of them updated prior to April 5, 2026, especially when you consider the statutory holidays, etc.
Think dog clubs, sports clubs, RSA, school groups, A&P Society, gun clubs, Feds, catchment groups - the list of community groups that will need to do a refresh or change to another structure is very long indeed.
Many of the changes needed aren’t quick and will require consultation and revisiting what it is the society sets out to achieve. It may require the constitution to be rewritten or a move to another entity; obviously lots to consider and discuss.
Recognising the numbers of those within the community that will be affected Tararua Federated Farmers is proud to be hosting another evening on November 21 in Pahiatua using the same format.
5.30pm mingle, 6pm Trust Law, 6.30pm meal, 7.15pm Incorporated Society Act. $10 to register.
Rural community members impacted are encouraged to register early as we will cap numbers at 50ish. This allows everyone to interact with the speakers.
