New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) Upon the making of an order incorporating any owners under this Part, the court shall fix the total number of shares in the Maori incorporation, which shall be conveniently related to the total value of the land and other assets, less liabilities (if any), specified in the order.
(2) Subject to subsection (3), there shall be allocated to each shareholder a number of shares, being that proportion of the total shares that his or her share in the value of any land or other assets of the Maori incorporation bears to the total value of those assets, less liabilities (if any), as disclosed in the order.
(3) In any case where the order incorporating the owners relates to 2 or more areas of land held under separate titles, the court may allocate the total shares in the incorporation in accordance with any agreement or understanding between the groups of owners of the several areas as to the basis of association of those groups otherwise than as specified in subsection (2), if it is satisfied that the agreement or understanding is, in all the circumstances, fair and equitable.
Compare: 1967 No 124 s 32(2), (3)
Section 249(3): amended, on 16 September 2011, by section 12 of the Te Ture Whenua Maori Amendment Act 2011 (2011 No 76).
