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Thursday, 22 January, from 5:30pm - 6:00pm.
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Should the Māori incorporation
fail to meet the loan repayments, the
mortgagee (lender) is permitted to sell the
land on the open market without consulting
the Māori incorporation or the shareholders.
Should the Māori incorporation
fail to meet the loan repayments, the
mortgagee (lender) is permitted to sell the
land on the open market without consulting
the Māori incorporation or the shareholders.
For example, selling land gives the new owner the ownership rights; leasing
land gives the lessee a limited right to occupy land in return for payment of rent
(and other conditions); mortgaging land gives the mortgagee the right to sell the
land if the mortgage is not repaid (refer to section 4 of Te Ture Whenua Māori
Act 1993)
PÄNUI
NO:
APPLICATION NO: SECTION: APPLICANT: SUBJECT:
35 A20230001555 150C(4)/93 Marie Jean Tautari Mohinui 4A2A Block - Noting of Discharge of
Mortgage by the Registrar
36 A20230001552 150C(4)/93 Whanake Taituha Oromahoe 18F Block - Noting of Discharge of
Mortgage (C644600.2) by the Registrar
37 A20230001590 150A(4)/93 Connie Burling,
Eddie Abraham,
Mary Waiomio, Pani
Ashby, Wiremu
Taniora William
Waitangi 6 Block - Noting of Discharge of
Mortgage (D374324.1)...
For example:
• selling or gifting the land gives the
new owner the ownership rights
• leases give the lessee a limited
right to occupy land in return for
payment of rent (and other
conditions)
• mortgages give the mortgagee the
right to sell the land if the mortgage is
not repaid.
A court order will also be made to appoint
trustees to administer the reservation.
If a mortgage, or any other charge, exists over the land, the
land cannot be set aside for a reservation until the mortgage
or charge has been cleared
TRUSTEES
The MLC may appoint trustees to administer a reservation.
The
Court is then able to issue orders appointing
trustees 6 to administer the reservation.
If a mortgage, or any other charge, exists
over the land, the land cannot be set aside
for a reservation until the mortgage or charge
has been cleared.
The amount of new shares in an amalgamated
block is proportionate to the value of the shares in the former
blocks.
LEASES AND MORTGAGES
An amalgamation order can’t be made without the consent
of people such as the lessee or mortgagee unless the MLC
is satisfied that the amalgamation would not detrimentally
affect the rights of those people.
