New Zealand Legislation: Acts

278 Appointment of share valuer

• (1) The shareholders of a Maori incorporation shall, at each annual general meeting, appoint a share valuer for the purpose of this section to hold office from the conclusion of that meeting until the conclusion of the next annual general meeting.

  (2) No person shall be so appointed who is not qualified to be appointed as auditor of a Maori incorporation under section 277 of this Act.

  (3) The same person may be appointed in respect of any incorporation to the offices of auditor and share valuer.

  (4) When, by any provision of this Act, the value of any shares in an incorporation is required to be assessed, fixed, or ascertained by the share valuer under this section, the share valuer shall assess the value of the shares in relation to the equity value of the incorporation at the date of the last published statement of financial position (as disclosed by the statement of financial position and the statement annexed to it of the estimated current market value of assets), with such adjustments (if any) as, in the share valuer's opinion, are necessary to arrive at a fair and reasonable equity value at the date of the share valuer's valuation, having regard to—

  • (a) Any material change in the current market value of the livestock or other assets of the incorporation since the date of the last published statement of financial position; and

  • (b) Any appropriations of money to be paid to the shareholders or otherwise under section 259(1)(c) of this Act, since the date of the last published statement of financial position; and

  • (c) The estimated financial results of the operations of the incorporation for the current financial year; and

  • (d) Any other matter or circumstance that, in the opinion of the share valuer, materially affects the equity value of the incorporation.

  Compare: 1967 No 124 s 60

  The words “statement of financial position” were substituted, as from 1 October 1997, for the words “balance sheet” pursuant to section 6(1) Financial Reporting Amendment Act 1997 (1997 No 17).