TECT Trustees have today welcomed a decision from the High Court confirming that the proposed restructure of TECT is proper and lawful.
On 14 May 2021, TECT Trustees filed an application in the High Court seeking orders under the Trusts Act 2019 that it is lawful and proper for the Trustees to implement the proposed changes to TECT. The restructure will protect the rebate for existing beneficiaries and provide long-term benefit for everyone in Tauranga and the Western Bay.
A three-day hearing was held in November, and those orders have now been received by Trustees.
The High Court has provided a comprehensive judgment, and Trustees will now take the time to review it carefully and will provide a further update early in the New Year on implementation and next steps.
For more information on the proposal and changes that were consulted on, please click here.