Te Ture Whenua Maori Act 1993
Maori Land Act 1993

118B Circumstances when certain transfers and payments must be held in trust

(1)

If the court makes an order under section 26ZA(1)(f)(iii) or (2) that an action be prevented or be subject to an interim injunction, as the case may be,—

(a)

the trustee must hold the assets that are subject to the order in trust for that iwi aquaculture organisation until—

(i)

the date specified in the order; or

(ii)

the conditions specified in the order are met; or

(iii)

the order ceases to have effect; and

(b)

the iwi aquaculture organisation is entitled to receive any income earned from those assets for the period that they are held in trust, except that the trustee is entitled to deduct the reasonable costs of administering the assets.

(2)

In this section, iwi aquaculture organisation and trustee have the meaning set out in section 26O.

Section 118B: inserted, on 1 January 2005, by section 4 of Te Ture Whenua Maori Amendment Act (No 3) 2004 (2004 No 108).