The National Property Trust has decided July 30 to convene a special meeting, following its annual meeting with an aim to discuss a bid by unit-holders to dismiss its management company.

The trust's $191 million portfolio is revealed to be operated by one of two subsidiaries of the St Laurence group that were spared from receivership earlier this month.

A group of unit-holders in the National Property Trust (NPT) is looking forward to dismiss the trust's manager, The National Property Trust Ltd.

The New Zealand Guardian Trust Company Ltd, the trustee of NPT, has decided that a special meeting will initiate immediately after the annual meeting at the Ellerslie Event Centre in Auckland.

In addition, NPT has also written to unit-holders to give an assurance to them that the assets of NPT cannot be taken or used by the receivers of St Laurence.

In a letter sent to unit holders late last week, National Property Trust trustee, Guardian Trust, announced that it possess no say in taking a decision on changing the manager, other than ensuring it continues to abide to the trust deed.

One of the reasons the unit-holders seek to change the manager is that its ultimate parent is in receivership.