325 Disclaimer of property by the Crown

(1)

The Secretary to the Treasury may, by notice in writing, disclaim the Crown’s title to property vesting in the Crown under section 324 if the property is onerous property within the meaning of section 269.

(2)

The Secretary must forthwith give public notice of the disclaimer.

(3)

Property that is disclaimed under this section shall be deemed not to have vested in the Crown under section 324.

(4)

Subsections (3), (5), and (6) of section 269 apply to any property that is disclaimed under this section as if the property had been disclaimed under that section immediately before the company was removed from the New Zealand register.

(5)

Subject to any order of the court, the Secretary to the Treasury is not entitled to disclaim property unless—

(a)

the property is disclaimed within 12 months after the vesting of the property in the Crown first comes to the notice of the Secretary; or

(b)

if any person gives notice in writing to the Secretary requiring the Secretary to elect, before the close of such date as is stated in the notice, not being a date that is less than 60 working days after the date on which the notice is received by the Secretary, whether to disclaim the property, the property is disclaimed before the close of that date,—

whichever occurs first.

(6)

A statement in a notice disclaiming property under this section that the vesting of the property in the Crown first came to the notice of the Secretary to the Treasury on a specified date shall, in the absence of proof to the contrary, be evidence of the fact stated.

Compare: 1955 No 63 s 338

Section 325(5)(b): amended, on 1 July 1994, by section 40 of the Companies Act 1993 Amendment Act 1994 (1994 No 6).