(1) Subject to subsections (2) and (3), the land described in Schedule 1 is hereby freed and discharged from all trusts, reservations, and restrictions to which the land or any part of it was subject immediately before the commencement of this section.
(2) The land to which subsection (1) applies shall remain subject to all leases, encumbrances, liens, or easements existing in respect of the land immediately before the commencement of this section.
(3) Nothing in this section shall in any way affect the rights of the lessees under any existing leases.
(4) The land to which subsection (1) applies shall cease to be subject to the Reserves Act 1977 from the date of commencement of this section.
(5) Nothing in this section shall have the effect of vesting in the Crown any land to which this section applies.
(6) Before the Council offers for sale, or accepts any offer to buy, any of the land described in Part 2 of Schedule 1 of this Act, the Council, in relation to the proposed sale, shall adopt the special consultative procedure set out in section 716A of the Local Government Act 1974, and shall give specific notice of the proposal pursuant to subsection (1)(b) of that section to Heritage New Zealand Pouhere Taonga.
(7) All proceeds received by the Council, after the commencement of this Act, from the sale of any of the land described in Schedule 1, after the deduction and payment of all costs and expenses relating to and incidental to the sale, shall be applied by the Council for the general purposes of the Council for the benefit of the inhabitants of the Banks Peninsula District as a whole.
Section 12(6): amended, on 20 May 2014, by section 107 of the Heritage New Zealand Pouhere Taonga Act 2014 (2014 No 26).