Tarawera Forest Act 1967

1: Short Title
This Act may be cited as the Tarawera Forest Act 1967.
2: Interpretation
In this Act, unless the context otherwise requires,— block company Chief Surveyor Land Act 1948 diagram section 3 District Land Registrar Land Transfer Act 1952 nominal value of the block the Māori Trustee Registrar Te Ture Whenua Maori Act 1993 Section 2 nominal value of the block amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 2 Registrar amended 1 July 1993 section 362(2) Te Ture Whenua Maori Act 1993
3: Preparation of diagram of block
1: As soon as practicable after the passing of this Act, the Registrar shall forward to the Chief Surveyor, from the records of the Maori Land Court, such information relating to the boundaries of the block as will, in the opinion of the Chief Surveyor, be sufficient to enable the Chief Surveyor to prepare a plan that will sufficiently identify and define the block.
2: On receipt of such information, the Chief Surveyor shall forthwith prepare such a plan, to be lodged in his records as his official plan of the block, and shall prepare a diagram of the block based on that plan.
3: On payment of the costs provided for by subsection (4), the Chief Surveyor shall endorse the plan and diagram to the effect that they have been prepared under, and sufficiently define the block for the purposes of, this section and that they sufficiently define the block for the purpose of the issue, under subsection (2) of section 5
4: The costs incurred by the Chief Surveyor in preparing the plan and diagram shall be paid to the Chief Surveyor by Tarawera Forests Limited (a duly incorporated company having its registered office at Kawerau).
4: Annexation of diagram to Maori Land Court order
On receipt of the diagram, the Registrar shall annex it to the Maori Land Court order described in the definition of the term block in section 2 provided that before the order and the diagram are so sealed and signed an endorsement shall be made on the face of them to the effect that the order is limited as to parcels.
5: Registration of order and issue of title in name of
Māori Trustee
1: As soon as the order and the diagram have been endorsed, sealed, and signed in accordance with section 4 the Māori Trustee
2: On registration of the orders described in subsection (1), the District Land Registrar shall forthwith issue in the name of the Māori Trustee Land Transfer Act 1952 Part 12 Section 5 heading amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 5(1) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 5(2) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009
6: Incorporation of Maori Investments Limited
1: As soon as practicable after the passing of this Act, the Māori Trustee
a: the name of the company shall be Maori Investments Limited:
b: the company shall be a company limited by shares:
c: the nominal capital of the company shall be the sum of $66,000 divided into 132 000 shares of a value of 50 cents each:
d: the principal objects of the company shall be—
i: to administer its interests in Tarawera Forests Limited; and
ii: to receive all money and other property from time to time payable or transferable to it by the Māori Trustee
2: Nothing in paragraph (d) of subsection (1) shall prevent the company from having any other objects.
3:
4: Section 6(1) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 6(1)(d)(ii) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 6(3) repealed 1 July 1997 section 2(2) Companies Act Repeal Act 1993 Section 6(4) repealed 1 July 1997 section 2(2) Companies Act Repeal Act 1993
7: Transfer of shares and debenture stock to company by
Māori Trustee As soon as practicable after the incorporation of the company in accordance with section 6 the Māori Trustee Section 7 heading amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 7 amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009
8: Allotment of shares and debenture stock by company
1: On the transfer to the company by the Māori Trustee section 7 the Māori Trustee
a: 1 fully-paid share in the capital of the company; and
b: debenture stock to the par value of $1.50— for every complete $2 in the nominal value of the block to which the person is entitled.
2: Every beneficial entitlement in the nominal value of the block that has a value of less than $2 (including every partial entitlement that, by virtue of its value being less than $2, is not included in the value of any entitlement under subsection (1)) shall be aggregated; and on the transfer by the Māori Trustee section 7 the Māori Trustee
a: 1 fully-paid share in the capital of the company; and
b: debenture stock to the par value of $1.50— for every complete $2 in value of the aggregated beneficial entitlements.
3: For the purposes of subsections (1) and (2), the value of any person's beneficial interest in the nominal value of the block shall be determined by the Māori Trustee
4: As soon as practicable after its incorporation, the company shall take all such steps as may be necessary to provide for the delivery to the Registrar of Companies for registration of an appropriate debenture trust deed for the purpose of enabling it to create and issue debenture stock in accordance with subsections (1) and (2). The debenture trust deed shall be drawn so as not to be inconsistent with the terms and conditions of the instrument in writing produced to the Maori Land Court at Whakatane on 2 August 1966 and described as Exhibit A5, and shall provide for a charge on the undertaking and assets of the company both present and future and wherever situated.
5: The company shall keep a register of the holders of its debenture stock. Section 8(1) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 8(2) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 8(3) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009
9: Memorandum and articles of association of company
1: As soon as practicable after the passing of this Act, the Māori Trustee section 8
2: For the purposes of forming the company, the Māori Trustee Section 9(1) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 9(2) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009
10: Sale of shares and debenture stock allotted to
Māori Trustee
1: All shares and debenture stock that have been allotted to the Māori Trustee the Māori Trustee the Māori Trustee
2: Before paying to the company the proceeds of any sale made under subsection (1), the Māori Trustee
a: an amount equal to the sum of all money paid by him in the discharge of any encumbrance or charge that affected any of the land that now comprises the block, together with a fair and reasonable amount to cover the costs, charges, expenses, and disbursements directly and indirectly incurred by him in relation to the use of any such land; and
b: a fair and reasonable amount to cover the costs, charges, expenses, and disbursements directly and indirectly incurred by him in carrying out his duties under the vesting order described in section 5
3: The Financial Markets Conduct Act 2013 the Māori Trustee Section 10 heading amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 10(1) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 10(2) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 10(3) amended 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013 Section 10(3) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 10(3) amended 1 July 1994 Companies Amendment Act 1993
11: Fractional beneficial interests in block
1: Notwithstanding anything in section 10 section 8 the Māori Trustee the Māori Trustee provided that this subsection shall apply only while there are shares and debenture stock available for the purpose.
2: All money received by the Māori Trustee Section 11(1) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 11(2) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009
12: Disposal of missing shareholders' shares and debenture stock
1: On the expiry of a period of 10 years after the date of the incorporation of the company, the company shall prepare a schedule containing the name of every shareholder whose name appears on the list prepared under subsection (1) of section 9 missing shareholders
2: On the completion of the schedule in accordance with subsection (1), the shares and debenture stock that are owned by the missing shareholders shall vest in the directors of the company and shall be dealt with in accordance with the following provisions:
a: for a period of 10 years after the date on which the shares and debenture stock are vested in the directors, the directors shall hold them in trust for the missing shareholders:
b: if, during that period, a claim to any of the shares and debenture stock is established, to the satisfaction of the directors, by a missing shareholder or by someone claiming through or under him, the claimant shall be registered as the proprietor of the relevant shares and debenture stock:
c: on the expiry of that period all the shares and debenture stock remaining in trust and unclaimed shall be sold in accordance with the articles of association of the company, and the proceeds of every such sale shall be held in trust for the company.
12A: Succession to certain shareholders deceased before 1 April 1968
1: In this section, unless the context otherwise requires,— deceased shareholder section 9 unit of debenture stock section 8
2: This section shall apply to the shares and units of debenture stock allotted or to be allotted, pursuant to section 8
3: The Maori Land Court may, at any time before 1 April 1975 the Māori Trustee
4: The directors of the company may at any time after 31 March 1975 section 12
5: Any determination made pursuant to subsection (3) shall be duly embodied in an order of the Maori Land Court, and any determination made pursuant to subsection (4) shall be embodied in an instrument in writing under the seal of the company.
6: An order or instrument created pursuant to subsection (5) shall, notwithstanding anything contained in the articles of association of the company relating to restrictions on the transfer of shares in the company, be dealt with by the company as if it were a duly executed form of transfer of shares or units of debenture stock valid in all respects transferring the shares or units of debenture stock of the deceased shareholder therein mentioned to the persons and in the proportions therein specified: provided that, notwithstanding the provisions of any such order or instrument as to the entitlement of any person to any shares or units of debenture stock, there shall not be transferred to any person any fractional part of a share or unit (whether by itself or with any whole number of shares or units); and any share or unit which, but for this proviso, would be divided into fractional parts shall be transferred to such of the persons who would be entitled to such fractional parts as the directors, by lot, shall select.
7: In any case where before 1 April 1975 provided that no order made by the Chief Judge of the Maori Land Court pursuant to section 452 of the Maori Affairs Act 1953 shall be capable of derogating from any transfer of any share or unit of debenture stock made in good faith and for valuable consideration and lodged with the company before the date of the receipt, by the company, of the certificate relating to such order.
8: Notwithstanding anything to the contrary in the Estate and Gift Duties Act 1955, shares and units of debenture stock dealt with pursuant to this section shall not, for the purposes of that Act, be deemed to form part of the estate of a deceased shareholder. Section 12A inserted 17 December 1968 section 15(1) Maori Purposes Act 1968 Section 12A(3) amended 1 July 2009 section 30(2)(a) Māori Trustee Amendment Act 2009 Section 12A(3) amended 20 October 1972 section 13(5) Maori Purposes Act 1972 Section 12A(4) amended 20 October 1972 section 13(5) Maori Purposes Act 1972 Section 12A(7) amended 20 October 1972 section 13(5) Maori Purposes Act 1972
13: Exemptions from stamp duty
Section 13 repealed 20 May 1999 section 7 Stamp Duty Abolition Act 1999
14: Companies Act 1955 to apply with exceptions
1: Except as otherwise provided in this Act, all the provisions of the Companies Act 1955, other than section 117 of that Act, shall apply to the company so far as they are applicable.
2: Sections 57 to 60 of the Companies Act 1955 shall not apply in respect of shares to be allotted or sold in accordance with this Act.
15: Part 2 of Land Settlement Promotion
and Land Acquisition Part 2 of the Land Settlement Promotion and Land Acquisition section 13 Section 15 heading amended 19 December 1968 Land Settlement Promotion and Land Acquisition Amendment Act 1968 Section 15 amended 19 December 1968 Land Settlement Promotion and Land Acquisition Amendment Act 1968
16: Company deemed to be Maori investment company for purposes of
Income Tax Act 2007 The company shall be deemed to be a Maori investment company within the meaning of section YA 1 of the Income Tax Act 2007 Section 16 heading amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 16 amended 1 April 2008 section ZA 2(1) Income Tax Act 2007