New Zealand Acts

WHAKATŌHEA CLAIMS SETTLEMENT ACT 2024 - SECT 183

183 Treatment of assets and liabilities of relevant subsidiaries

1 If, on the commencement of this Act, a relevant subsidiary is a tax charity for the purposes of the Inland Revenue Acts, that subsidiary ceases to be a tax charity on that date.

2 To the extent that the assets and liabilities of a relevant subsidiary are held subject to any charitable trusts, on and from the commencement of this Act,—

a) those assets and liabilities are freed of all charitable trusts but remain subject to any other trusts, covenants, or conditions affecting those assets and liabilities; and

b) the constitution of the relevant subsidiary is deemed to have been amended to the extent necessary to give effect to paragraph (a).

3 To avoid doubt,—

a) nothing in this subpart has the effect, of itself, of causing a relevant subsidiary to be a different person for the purposes of the Inland Revenue Acts; and

b) the assets and liabilities of a relevant subsidiary continue to be the assets and liabilities of that subsidiary; and

c) the income of a relevant subsidiary derived from revenue account property is exempt income until immediately before that company ceases to be a registered charitable entity.

4 In this section,
"revenue account property" includes financial arrangements, trading stock, and depreciable property.