New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) For the purpose of including in any Maori incorporation the owners of any Maori freehold land who have, in the manner prescribed by section 247(2), agreed to such inclusion, the court may make an order amending the subsisting order of incorporation.
(2) The amending order shall specify the land of which the owners are to be included, and any other property of the owners that is intended to pass to the incorporation, and shall set out the value of the land and other property, and particulars of liabilities (if any), together with the equity value of the incorporation immediately before the amending order.
(3) By the amending order, the court shall vest in the incorporation the land and other property specified in the order, and the owners of the land shall become new shareholders in the incorporation, and their names and addresses and the numbers of their shares shall be shown in a list annexed to the amending order.
(4) The amending order shall set forth the number of additional shares in the incorporation, to be allocated among the new shareholders, proportionately to their former share of the value of the land and other assets passing to the incorporation.
(5) Subject to subsection (6), the additional number of shares shall be fixed by the court and shall bear the same relation to the total shares of the incorporation immediately before the amending order as the value of the land and other assets contributed by the new shareholders, less liabilities (if any), bears to the equity value of the incorporation immediately before the amending order.
(6) The court, in fixing the additional number of shares, may give effect to any understanding or agreement between the original incorporation and the owners of the additional land to be included as to a basis of inclusion otherwise than as specified in subsection (5), if it is satisfied that the understanding or agreement is, in all the circumstances, fair and equitable.
(7) Notwithstanding anything to the contrary in section 42, an amending order may be made to take effect on a date specified by the court, which may be a date earlier than the date of the minute of the order entered in the records of the court.
Compare: 1967 No 124 s 45; 1970 No 120 s 9(2); 1975 No 135 s 16
