What the official record says
This Act is the Securities Trustees and Statutory Supervisors Act . This Act comes into force . The purpose of this Act is to protect the interests of security holders, and of residents of retirement villages, and to enhance investor confidence in financial markets and retirement villages, by— requiring persons who wish to be appointed as trustees or statutory supervisors to be capable of effectively performing the functions of trustees or statutory supervisors; and requiring trustees and statutory supervisors to perform their functions effectively; and enabling trustees and statutory supervisors to be held accountable for any failure to perform their functions effectively.