(1) This section applies if all the specified settlement assets are not transferred on the proposed transfer date as required by section 18E(3).
(2) The Court may make orders as it thinks fit, including—
(a) an order to cancel a transaction or contract for the transfer of any specified settlement assets:
(b) an order to vest any specified settlement assets in an asset-holding company of the existing organisation or of the new organisation:
(c) an order to vest any consideration for the transaction or contract in the new organisation:
(d) an order directing Te Ohu Kai Moana Trustee Limited—
(i) to recognise the new organisation as the mandated iwi organisation for the iwi in place of the existing organisation in accordance with section 18E(2)(a) and (b); or
(ii) to reverse any such recognition so that the existing organisation is reinstated as the mandated iwi organisation for the iwi:
(e) any other order, if the new organisation has on-sold, or has granted any interest in or security over, any specified settlement assets:
(f) an order that the costs of the applicant be met by the parties to the transaction or contract.
(3) Orders made under subsection (2) may be made—
(a) on the application of—
(i) a party; or
(ii) an adult member of an iwi whose mandated iwi organisation is a party; or
(iii) a mandated iwi organisation; or
(iv) Te Ohu Kai Moana Trustee Limited; and
(b) on the terms and conditions that the Court thinks fit, so long as the result is the following:
(i) all specified settlement assets are vested in an asset-holding company of either the existing organisation or the new organisation; and
(ii) that organisation is recognised as the mandated iwi organisation for the iwi.
(4) If Te Ohu Kai Moana Trustee Limited reverses recognition of the new organisation in accordance with an order of the Court,—
(a) the recognition of the existing organisation is to be treated as having continued as if the new organisation had never been recognised; and
(b) the effects under section 18F(1) of recognising the new organisation are to be treated as if they had never occurred.
Section 18G: inserted, on 16 September 2011, by section 4 of the Maori Fisheries Amendment Act 2011 (2011 No 74).