New Zealand Legislation: Acts

264 Method of transfer of shares

• (1) Subject to the provisions of this section, the transfer of the property in shares in a Maori incorporation shall be effected only by registration in the share register made on application in accordance with this section.

  (2) On application in the prescribed manner, the committee of management of a Maori incorporation shall direct the registration of a transfer of any shares in the incorporation if it is satisfied that—

  • (a) the transferor is the registered holder of the shares; and

  • (b) the transferee is a person to whom the shares may be alienated in accordance with Part 4 or Part 7; and

  • (c) the transfer is in accordance with any regulations made under this Act relating to the number of shares that shall be the minimum share unit.

  (3) The trustees of a putea trust or a whanau trust to which any shares in a Maori incorporation belong may have their names entered in the share register as the owners of the shares if they satisfy the committee of management that—

  • (a) the shares belong to the trust; and

  • (b) they are duly appointed as trustees of the trust.

  (4) Where any person holds shares in a representative capacity, that fact shall be recorded beside that person’s name in the share register, but it shall not be necessary for the incorporation or any officer of the incorporation or any other person to go behind that entry in respect of any matter relating to the shares.

  Compare: 1967 No 124 s 38(2)

  Section 264(2)(b): substituted, on 1 July 1994, by section 16 of Te Ture Whenua Maori Amendment Act 1994 (1994 No 69).

  Section 264(2)(c): added, on 1 July 1994, by section 16 of Te Ture Whenua Maori Amendment Act 1994 (1994 No 69).