“(1) The territorial authorities within the Auckland Region that have resolved to transfer money under this section may, by notice in the Gazette, appoint a person to be the alternative trustee for the purposes of this section.
“(2) A territorial authority holding in trust money paid to it under section 707ZZZL(4)(b) may—
“(3) A territorial authority may make a transfer of money under this section subject to such terms and conditions as it thinks fit, including (but not by way of limitation) terms and conditions requiring the alternative trustee to complete financial statements and make reports from time to time.
“(4) A territorial authority must not transfer money under this section unless the alternative trustee agrees, in writing and before the transfer, to—
“(5) On the transfer of money under this section,—
“(6) The territorial authorities that have transferred money under this section may remove the alternative trustee from office and appoint another person to be the alternative trustee.
“(7) The powers in subsections (1) and (6) must be exercised jointly by all the territorial authorities specified in those subsections.
“(8) For the purposes of this section, the alternative trustee may—
“(9) If the alternative trustee comprises joint trustees, the power in subsection (6) is exercisable in relation to 1 or more of the joint trustees.”