(1) Notwithstanding the Civil Aviation Act 1964, any other enactment, rule of law, deed or agreement, the Minister of Finance may, from time to time, by notice in writing to the Auckland Regional Authority require the Authority to pay to the Crown and the constituent authorities such amount as shall be specified in the notice from the airport reserves or transfer to the Crown and the constituent authorities such securities in which the reserves are held as may be so specified, as the case may be.
(2) Every notice given under subsection (1) shall be published in the Gazette.
(3) On the date specified in the notice, not being a date earlier than 28 days after the notice is given, or on such later date as may be agreed to by the Minister at the request of the Authority, the Auckland Regional Authority shall, notwithstanding the Civil Aviation Act 1964, any other enactment, rule of law, deed or agreement, pay to the Crown and the constituent authorities the amount specified in the notice or transfer to the Crown and the constituent authorities the securities specified, as the case may be.
(4) Subject to subsection (5), the amount required to be paid or the securities required to be transferred by the Auckland Regional Authority pursuant to a notice under this section shall be paid or transferred—
(5) In the case of the reserves comprised in the Airport Development Reserve, the amount required to be paid or the securities required to be transferred by the Auckland Regional Authority pursuant to a notice under this section shall be paid or transferred—
(6) Where all or any money payable under this section is not paid or securities required to be transferred are not transferred, as the case may be, on or before the date specified in the notice or otherwise agreed by the Minister as the date for payment or transfer, the Auckland Regional Authority shall pay interest to the Crown and the constituent authorities in the proportions referred to in subsection (4) or subsection (5), as the case may be, at such rate as shall be specified by the Minister.
(7) A notice may be given under this section whether or not the company has been formed and registered and whether or not the vesting day has been specified.
(8) All money paid to the Crown pursuant to this section shall be paid into the Consolidated Account and may, notwithstanding the Civil Aviation Act 1964, any other enactment, rule of law, deed or agreement, be used by the Crown for such purposes as the Crown thinks fit.
(9) Any securities transferred to the Crown pursuant to this section may, notwithstanding the Civil Aviation Act 1964, any other enactment, rule of law, deed or agreement, be retained, or sold, or otherwise disposed of by the Crown.
(10) Any amount paid to the Crown on redemption of such securities or on the sale or other disposition of such securities and any interest received in respect of such securities shall be paid into the Consolidated Account and may, notwithstanding the Civil Aviation Act 1964, any other enactment, rule of law, deed or agreement, be used for such purposes as the Crown thinks fit.
(11) Any money paid to a constituent authority pursuant to this section may, notwithstanding the Civil Aviation Act 1964, any other enactment, rule of law, deed or agreement, be used by that constituent authority for such purposes as it thinks fit.
(12) Any securities transferred to a constituent authority pursuant to this section may, notwithstanding the Civil Aviation Act 1964, any other enactment, rule of law, deed or agreement, be retained, or sold or otherwise disposed of by that constituent authority.
(13) Any amount paid on redemption of such securities or on the sale or other disposition of such securities and any interest received in respect of such securities, may, notwithstanding the Civil Aviation Act 1964, any other enactment, rule of law, deed or agreement, be used for such purposes as the constituent authority thinks fit.
Section 10(4)(b): substituted, on 28 March 1988, by section 4(1) of the Auckland Airport Amendment Act 1988 (1988 No 18).
Section 10(5)(b): substituted, on 28 March 1988, by section 4(2) of the Auckland Airport Amendment Act 1988 (1988 No 18).