(1) The Auckland Council is prohibited from selling, transferring, or otherwise disposing of any of the following property before 1 July 2012 the end of the moratorium:
(a) shareholdings in any company; and
(b) land or buildings currently used or designated for service delivery purposes; and
(c) any other land or buildings with a current rating valuation of $250,000 or more.
(2) Despite subsection (1), the Council may sell, transfer, or otherwise dispose of property referred to in that subsection during the moratorium if—
(aa) the disposal of the property is a transfer—
(i) from the Council to one of its council-controlled organisations or a subsidiary of one of its council-controlled organisations; or
(ii) from a council-controlled organisation of the Council or a subsidiary of a council-controlled organisation of the Council to the Council; or
(iii) from a council-controlled organisation of the Council or a subsidiary of a council-controlled organisation of the Council to a council-controlled organisation of the Council or a subsidiary of a council-controlled organisation of the Council; or
(a) the disposal of the property was contemplated in the current long-term council community plan of an existing local authority; or
(b) the disposal of the property is—
(i) part of a property development; and
(ii) contemplated by the statement of intent of a council-controlled organisation of an existing local authority; or
(c) the disposal of the property is required to effect or complete a public work; or
(ca) the disposal of the property is consequential to a public work; or
(d) the property is operational plant or equipment and, during the reorganisation, has been identified as surplus to the Council's requirements.
(3) Despite subsection (1), the Council may lease, rent, or otherwise authorise the use of any land or building formerly used by an existing local authority or a council-controlled organisation of an existing local authority as offices, as a service centre, or for local service delivery purposes that has been identified, during the reorganisation, as surplus to the Council's requirement.
(4) In this section,—
Auckland Council includes—
(a) a council-controlled organisation of the Council; and
(b) a subsidiary of a council-controlled organisation of the Council
Auckland Council or Council (except in subsection (2)(aa)) includes—
(a) a council-controlled organisation of the Auckland Council; and
(b) a subsidiary of a council-controlled organisation of the Auckland Council
moratorium means the period from 1 November 2010 to 1 July 2012 beginning on 1 November 2010 and ending at the close of 30 July 2012.