Business Trusts Act 2004 · 2020 Revised Edition · Part 3 · Trustee‑Manager
6. Trustee‑manager to be company and not to carry on any other business
Feedback & supportA person other than a company (not being an exempt private company) must not act as the trustee‑manager of a registered business trust.
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
The business of a registered business trust must be managed and operated only by the trustee‑manager of the registered business trust.
business
“business”, in relation to a registered business trust, means the business relating to the trust property of the registered business trust and managed and operated by the trustee‑manager of the registered business trust in its capacity as trustee‑manager of the registered business trust;
The trustee‑manager of a registered business trust must not carry on any business other than the management and operation of the registered business trust as its trustee‑manager.
trustee‑manager
“trustee‑manager”, in relation to a registered business trust, includes a replacement trustee‑manager and temporary trustee‑manager;
Any person who contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.