New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) Subject to any directions of the court, the liquidator may sell any land retained by the incorporation under section 256(1)(a) as an investment, and shall hold the proceeds of any such sale to be dealt with in accordance with orders of the court.
(2) Notwithstanding any restrictions imposed by this Act on the alienation of Maori land, the liquidator may, with the leave of the court, grant a lease of any Maori freehold land vested in the incorporation, for a term not exceeding 7 years (including any term or terms of renewal), on such conditions and for such rent or other consideration as the liquidator thinks fit.
(3) Subject to subsections (1) and (2), the court may, at any time during the course of the winding up of a Maori incorporation, make an order vesting in the persons beneficially entitled to any or all of the land vested in the incorporation, in accordance with the respective interests of those persons, and the property shall vest in those persons accordingly.
Section 283(2): amended, on 11 April 2001, by section 14 of Te Ture Whenua Maori Amendment Act 2001 (2001 No 11).
