New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) The shareholders of a Maori incorporation may from time to time, by special resolution, amend the total number of shares in the incorporation to a specified number, and correspondingly amend the number of shares held by each shareholder so as to represent the same proportion of the total shares as was represented by his or her shareholding before the amendment.
(2) The incorporation shall amend the share register in accordance with the terms of the resolution passed under subsection (1), by altering the total number of shares to the number specified in the resolution, and by altering the number of shares held by each shareholder to the proper proportion of the new total of shares.
Compare: 1967 No 124 ss 33(1)(d), 37
Section 278A: inserted, on 1 July 1994, by section 18 of Te Ture Whenua Maori Amendment Act 1994 (1994 No 69).
