New Zealand Acts

MĀORI PURPOSES (WI PERE TRUST) ACT 1991 - SECT 23

23 Trust board may purchase beneficial interest

1 The trust board may purchase the beneficial interest of a beneficiary who wishes to dispose of that interest.

2 If the trust board purchases the beneficial interest of a beneficiary, the trust board may—

a) cancel the interest, and increase the shares of the other beneficiaries proportionately; or

b) resell the interest to any other beneficiary at a price agreed between the trust board and the purchasing beneficiary; or

c) retain the interest until resale under paragraph (b).

History: Section 23: inserted, on 12 May 2017, by section 9 of the Māori Purposes Act 2017 (2017 No 18).