331 Vesting of property in company on restoration to register

(1)

Subject to this section, property of a company that is, at the time the company is restored to the New Zealand register, vested in the Crown pursuant to section 324, shall, on the restoration of the company to the New Zealand register, vest in the company as if the company had not been removed from the register.

(2)

Nothing in subsection (1) applies to any property vested in the Crown pursuant to section 324 if the court has made an order for the payment of compensation to any person pursuant to section 324(4)(b) in respect of that property.

(3)

Nothing in subsection (1) applies to land or any estate or interest in land that has vested in the Crown pursuant to section 324 if transmission to the Crown of the land or that estate or interest in land has been registered under the Land Transfer Act 2017.

(4)

Where transmission to the Crown of land or any estate or interest in land that has vested in the Crown pursuant to section 324 has been registered under the Land Transfer Act 2017, the court may, on the application of the company, make an order—

(a)

for the transfer of the land or the estate or interest to the company; or

(b)

for the payment by the Crown to the company of compensation—

(i)

of an amount not greater than the value of the land or the estate or interest as at the date of registration of the transmission; or

(ii)

if the land or the estate or interest has been sold or contracted to be sold, of an amount equal to the net amount received or receivable from the sale.

(5)

On an application under subsection (4), the court may decide any question concerning the value of the land or the estate or interest.

(6)

Compensation ordered to be paid under subsection (4) shall be paid out of a Crown Bank Account without further appropriation than this section.

Compare: 1955 No 63 s 337

Section 331(3): amended, on 12 November 2018, by section 250 of the Land Transfer Act 2017 (2017 No 30).

Section 331(4): amended, on 12 November 2018, by section 250 of the Land Transfer Act 2017 (2017 No 30).

Section 331(6): amended, on 25 January 2005, pursuant to section 65R(3) of the Public Finance Act 1989 (1989 No 44).