New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) Every mandated iwi organisation, asset-holding company, and subsidiary of an asset-holding company must have 1 or more constitutional documents that comply with, and implement, the kaupapa set out in Schedule 7.
(2) The constitutional documents referred to in subsection (1) are of no effect under this Act until—
(a) they are approved as complying with the requirements of this Act,—
(i) in the case of a mandated iwi organisation, by Te Ohu Kai Moana Trustee Limited; and
(ii) in the case of each asset-holding company and subsidiary of an asset-holding company, by the mandated iwi organisation that owns the asset-holding company; and
(b) they are ratified,—
(i) in the case of a mandated iwi organisation, by not less than 75% of the adult members of the iwi who vote—
(A) in person at a general meeting called for the purpose of adopting a constitution; or
(B) by postal ballot; and
(ii) in the case of each asset-holding company and subsidiary of an asset-holding company, by not less than 75% of the directors, trustees, or office holders of the mandated iwi organisation that owns the asset-holding company.
(3) Notice of the meeting referred to in subsection (2)(b)(i)(A) must comply with kaupapa 4(2) of Schedule 7.
(4) As soon as is reasonably practicable after the constitutional documents of an asset-holding company or subsidiary of an asset-holding company have been approved in accordance with subsection (2)(a)(ii) and ratified in accordance with subsection (2)(b)(ii), the mandated iwi organisation that owns the asset-holding company must—
(a) advise Te Ohu Kai Moana Trustee Limited that the constitutional documents have been approved and ratified; and
(b) provide documentation to Te Ohu Kai Moana Trustee Limited, supported by a statutory declaration if Te Ohu Kai Moana Trustee Limited so requests, as may be necessary to establish that the constitutional documents of its asset-holding company, and any subsidiary of the asset-holding company, comply with the requirements of subsection (2)(a)(ii) and (b)(ii), and, in the case of amendments to a constitutional document, with the requirements of section 18.
(5) This section does not apply to an iwi governance entity recognised by Te Ohu Kai Moana Trustee Limited as a mandated iwi organisation because it meets the criteria set out in section 15.
(6) However, this section does apply to—
(a) an asset-holding company of a mandated iwi organisation referred to in subsection (5); and
(b) any subsidiary of that asset-holding company.
