Where a settlement property becomes residual Crown land by virtue of Waikato electing under clause 8 of the deed of settlement not to take that property, section 11 shall apply to that property as if—
(a) a notice had been given to the land holding trustee under subsection (1) of that section offering to sell the property to the land holding trustee for the price and on the other terms on which the property was offered to the land holding trustee under the deed of settlement; and
(b) the land holding trustee had not, within the time prescribed by subsection (2) of that section,—
(i) given, under that subsection, written notice of acceptance of the offer; or
(ii) otherwise agreed in writing to purchase the property; and
(c) the land holding trustee had received the notice under subsection (1) of that section on the date on which the election takes effect.