• “(3) Without limiting subsection (1), in this Act, unless the context otherwise requires,—

  “Appropriation Account means the account provided for under section 23

  “Common Fund means the separate fund authorised by section 23(1)(b)

  “General Purposes Fund means the separate fund authorised by section 23(1)(c)

  “Māori Trustee—

  • “(a) means the Māori Trustee established by section 3; and

  • “(b) includes, as the context requires, the Māori Trustee who—

    • “(i) is appointed under section 6; or

    • “(ii) continues to hold office under section 6A.”

“Māori Trustee established

“3 Māori Trustee established

• “(1) This section establishes the Māori Trustee.

  “(2) The Māori Trustee is a corporation sole with perpetual succession and a seal of office.

“Capacity, powers, and status of Māori Trustee

“4 Capacity and powers of Māori Trustee

• “(1) For the purpose of exercising the powers and performing the functions and duties of the Māori Trustee conferred by or under this Act or any other enactment, the Māori Trustee has—

  • “(a) full capacity to carry on or undertake any business or activity, do any act, or enter into any transaction; and

  • “(b) for the purpose of paragraph (a), full rights, powers, and privileges.

  “(2) Subsection (1) applies subject to—

  • “(a) the provisions of this Act and any other enactment; and

  • “(b) the general law.

“5 Independence of Māori Trustee

• In exercising the powers and performing the functions and duties of the Māori Trustee in his or her fiduciary capacity under this Act or any other enactment, the Māori Trustee must act independently, free from any direction or instruction from the Crown.

“Provisions relating to appointment of Māori Trustee

“6 Appointment of Māori Trustee

• “(1) The Māori Trustee is appointed by the Minister.

  “(2) An appointment made under subsection (1) must be made by written notice to the person appointed.

  “(3) The notice must—

  • “(a) state the date on which the appointment takes effect, which must not be earlier than the date on which the notice is received; and

  • “(b) state the period for which the appointment is made, which must not exceed a period of 5 years; and

  • “(c) be published by the Minister in the Gazette as soon as practicable after being given.

  “(4) The person appointed under this section—

  • “(a) may be reappointed; and

  • “(b) continues in office, despite the expiry of his or her term of office, until—

    • “(i) the person is reappointed; or

    • “(ii) the person’s successor is appointed; or

    • “(iii) the person ceases to be the Māori Trustee in a circumstance provided for in section 6B.

“6A Continuation of appointment

• Despite section 6, the person holding office as the Maori Trustee immediately before the commencement of the Māori Trustee Amendment Act 2009 is the Māori Trustee within the meaning of this Act and may hold that office for a period of up to 5 years from the commencement of the Māori Trustee Amendment Act 2009, as may be determined by the Minister and notified in accordance with section 6(3).

“6B Termination of appointment of Māori Trustee

• “(1) The Māori Trustee ceases to hold office if he or she—

  • “(a) resigns from office by written notice to the Minister; or

  • “(b) is removed or suspended from office under subsection (2); or

  • “(c) ceases to hold office as the Māori Trustee under this Act.

  “(2) The Minister may, if the Minister is satisfied that there is just cause, remove or suspend the Māori Trustee from office by written notice to the Māori Trustee, stating—

  • “(a) the date on which the removal or suspension takes effect, which must not be earlier than the date on which the notice is received; and

  • “(b) the reasons for the removal or suspension; and

  • “(c) in the case of a suspension from office,—

    • “(i) the date on which the person’s appointment will be reinstated; or

    • “(ii) the event upon which his or her reinstatement depends.

  “(3) The Minister must notify the removal or suspension in the Gazette as soon as practicable after notice is given to the Māori Trustee.

  “(4) The Māori Trustee is not entitled to receive compensation or other payment or benefit relating to his or her ceasing, for any reason, to hold office as the Māori Trustee.

  “(5) In exercising his or her powers under this section, the Minister must observe the rules of natural justice.

  “(6) In subsection (2), just cause means—

  • “(a) undischarged bankruptcy, misconduct, or neglect of duty; or

  • “(b) inability to perform the functions and duties of the Māori Trustee.

“Appointments by Māori Trustee

“6C Deputy Māori Trustee

• “(1) The Māori Trustee must appoint a Deputy Māori Trustee.

  “(2) The Deputy Māori Trustee is an employee of the Māori Trustee.

  “(3) In the case of a vacancy in the office of the Māori Trustee, or if the Māori Trustee is unable to perform the functions and duties of the Māori Trustee under this Act or any other enactment, or is for any reason prevented from doing so, the Deputy Māori Trustee has and may exercise the powers and perform the functions and duties of the Māori Trustee for as long as the vacancy or absence continues.

  “(4) The powers exercised, and functions and duties performed, by the Deputy Māori Trustee under subsection (3) may not be questioned in any proceeding on the ground that the occasion for the Deputy Māori Trustee to act had not arisen or had ceased.

“6D Other employees

• “(1) The Māori Trustee may appoint the employees that the Māori Trustee considers appropriate to enable the Māori Trustee to exercise the powers and perform the functions and duties of office under this Act effectively and efficiently.

  “(2) The Governor-General may, by Order in Council, provide that the Māori Trustee must not, in relation to any or all employees (including the Deputy Māori Trustee), agree to terms and conditions of employment in a collective employment agreement, or an amendment to those terms and conditions, without—

  • “(a) consulting the State Services Commissioner; and

  • “(b) having regard to the recommendations that the State Services Commissioner may make to the Māori Trustee within a reasonable time of being consulted.

“Delegation

“6E Delegation by Māori Trustee

• “(1) The Māori Trustee may delegate to the Deputy Māori Trustee any of the powers, functions, or duties conferred on the Māori Trustee by or under this Act or any other enactment.

  “(2) Subject to any general or express directions of the Māori Trustee, the Deputy Māori Trustee has and may exercise all the powers, or perform the functions and duties, delegated by the Māori Trustee in the same manner and with the same effect as if they had been conferred on the Deputy Māori Trustee directly by or under this Act or any other enactment.

  “(3) A delegation under this section—

  • “(a) must be in writing; and

  • “(b) is revocable in writing at any time; and

  • “(c) may be made subject to any restrictions or conditions that the Māori Trustee thinks fit; and

  • “(d) does not prevent the exercise of a power or performance of a function or duty by the Māori Trustee; but

  • “(e) does not include a power of delegation.

  “(4) In the absence of proof to the contrary, the Deputy Māori Trustee, when purporting to act under a delegation, is presumed to be acting in accordance with the terms of the delegation.

  “(5) Powers exercised, functions or duties performed, and decisions made by the Deputy Māori Trustee, acting as the delegate of the Māori Trustee, may not be questioned in any proceeding on the ground that the occasion for the Deputy Māori Trustee to act had not arisen or had ceased.”

• “(4) Money may be paid out of the Appropriation Account in the Māori Trustee’s Account for the purposes that are agreed to from time to time between the Māori Trustee and the Crown.”

• “(h) the Appropriation Account.”

• “(5A) All money received by way of Crown appropriation must be credited to the Appropriation Account in the Māori Trustee’s Account.”

“26 Money held in Common Fund invested in Fund

• “(1) All money held in trust in the Common Fund is invested in that fund, and any income derived from investment of the money forms part of the Common Fund.

  “(2) Unless an exception is provided for in regulations made under section 52(a)(i), the Māori Trustee must pay distributable income at least annually on that money, in accordance with subsection (3) and as provided for in regulations made under section 52(a)(ii).

  “(3) Distributable income payable under subsection (2) must be calculated in accordance with the following formula:

  a − b = c

  where—

  a

  is the total amount of money received by the Māori Trustee as income, including amounts properly determined to be realised capital gains less capital losses, from the money held by the Māori Trustee in trust in the Common Fund

  b

  is the total amount of the management fees that the Māori Trustee is entitled to charge or retain under section 26A

  c

  is the amount of distributable income that must be paid annually under subsection (2), which must be apportioned in accordance with regulations made under section 52(b).

  “(4) The Māori Trustee must review, on a quarterly basis, the extent to which the distributable income payable under subsection (2) is commensurate with fair market distributable income paid for the relevant quarter, relative to funds that are—

  • “(a) comparable in size to those held in trust in the Common Fund; and

  • “(b) subject to conditions comparable to the conditions applying to the Common Fund.

  “(5) On and from the date that is 6 months after the commencement of the Māori Trustee Amendment Act 2009, distributable income on investments in the Common Fund must be paid out of the Common Fund.

“26A Management fees

• The Māori Trustee may charge or retain a management fee, calculated in accordance with regulations made under section 52(c), for the management of money held in trust in the Common Fund.

“26B Disclosure requirements

• “(1) The Māori Trustee must report to account holders on the matters and in the manner prescribed by regulations made under section 52(d), including—

  • “(a) the amount of distributable income payable in respect of each account; and

  • “(b) the management fee charged or retained under section 26A; and

  • “(c) the net amount of distributable income to be paid; and

  • “(d) such other matters that the Māori Trustee considers necessary or desirable.

  “(2) The annual report of the Māori Trustee must include a report on the total amount of distributable income, less management fees charged or retained, paid on money held in trust in the Common Fund.”

• “(3) On and from the date that is 6 months after the commencement of the Māori Trustee Amendment Act 2009, all income (including realised capital gains and capital losses) received from the investment of money in the Common Fund must be paid into the Common Fund.”

“52 Regulations

• The Governor-General may, by Order in Council, on the recommendation of the Minister of Māori Affairs, make regulations—

  • “(a) for the purpose of section 26(2),—

    • “(i) defining any special circumstances or cases in which the Māori Trustee, though required to credit distributable income to an account, is not required to pay distributable income under that section, including, without limitation, prescribing the sum of money below which the Māori Trustee is not required to make a distributable income payment:

    • “(ii) setting out how and to whom distributable income is to be paid:

  • “(b) for the purpose of section 26(3), providing for the apportionment of distributable income:

  • “(c) for the purpose of section 26A, prescribing the basis on which the management fee must be calculated and charged or retained:

  • “(d) for the purpose of section 26B(1), prescribing how, when, and to whom, in each financial year, the Māori Trustee must make the required disclosures:

  • “(e) for other purposes expressly provided for in this Act:

  • “(f) prescribing any other matters contemplated by this Act or necessary for its administration or to give it full effect.”