New Zealand Legislation: Bills

18 Powers of IANZ with respect to property

• (1) Nothing in this Act or any other Act authorises the sale or exchange of any land granted by the Crown or by any Act as an endowment to IANZ.

  (2) IANZ may sell or exchange any land held by it in trust for a special purpose, despite the terms of the trust. The same or similar trusts apply (with any necessary modification) to the proceeds, land, or money obtained by such a sale or exchange.

  Compare: 1972 No 36 s 14