New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) If 2 or more Maori incorporations consent in writing under their respective seals to their amalgamation under this section, the Court may amalgamate those incorporations by making, in respect of the shareholders of those incorporations, an order of incorporation in substitution for the several orders of incorporation previously made.
(2) Upon an order of incorporation being made under this section, the former incorporations shall be deemed to have been dissolved and the lands owned by them shall vest in the new incorporation thereby established.
(3) All other property and all rights, powers, and privileges appertaining to the former incorporations shall thereupon pass to the new incorporation, which shall also become subject to and liable for all claims and liabilities to which the former incorporations were respectively subject.
(4) Every order of incorporation under this section shall comply with the provisions of section 248 of this Act.
(5) The Court shall, in respect of an incorporation constituted under this section, fix a total number of shares, and the number of shares to be allocated among the shareholders of each former incorporation.
(6) Subject to subsection (7) of this section, the number of shares to be allocated under subsection (5) of this section shall be fixed on the basis of the equity value of the former incorporations.
(7) The Court may, in making any such allocation, give effect to any understanding or agreement between the former incorporations as to a basis of amalgamation, or otherwise than as specified in subsection (6) of this section, if it is satisfied that the understanding or agreement is, in all the circumstances, fair and equitable.
(8) The shareholders of the new incorporation shall consist of all the shareholders of the former incorporations, and each shareholder shall be credited with the number of shares properly apportionable to him or her on the basis of his or her shares in any former incorporation.
(9) On making an order under this section, the Court may appoint an interim committee of management for the new incorporation to act pending elections to the committee, and the several committees of management previously elected in respect of the former incorporations shall be deemed to have been abolished and the members of those committees shall cease to hold office accordingly.
(10) Notwithstanding anything to the contrary in section 42 of this Act, an order of incorporation under this section 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 44; 1970 No 120 s 9(1)