New Zealand Legislation: Acts

23 Buying out other interests in forfeited property

• (1) Where—

  • (a) Any property is forfeited to the Crown under a forfeiture order; and

  • (b) An interest in that property is required to be transferred to any person (in this section called “the purchaser”) under section 19(5) or section 22 of this Act or under a direction given under section 18(1)(d)(i) of this Act; and

  • (c) Immediately before the forfeiture took place, there existed other interests in that property,—

  the purchaser may give written notice to each other person who had such an interest in the property that the purchaser intends to purchase that other interest from the Crown.

  (2) Any person who receives such a notice may, within 21 days after receipt of the notice, lodge a written objection to the purchase of that interest with the Minister.

  (3) Where the purchaser complies with the requirements of subsection (1) of this section, and, in respect of any other interest in the property,—

  • (a) A written objection to the purchase of the interest is not lodged with the Minister within the period referred to in subsection (2) of this section; and

  • (b) The purchaser pays to the Crown, while that interest is still vested in the Crown, an amount equal to the value of that interest,—

  the Minister shall arrange for that interest to be transferred to the purchaser.

  Compare: Proceeds of Crime Act 1987 (Aust), s 34