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Parliament last night passed the Maori Purposes Bill, which includes provisions giving Gisborne’s Wi Pere Trust a new set of rules.
Maori Development Minister Te Ururoa Flavell says it allows the trust to manage its own affairs and operate more flexibly.
He says it will allow it to attract new investment partners, general land for investment and development purposes; and to generate greater returns for beneficiaries from its assets.
As at June 2014 those assets were valued at $66 million.
The change comes as other Maori enterprises face uncertainty over how they will be affected by Te Ture Whenua Maori Bill, which is now going through its committee stage.
Mr Flavell says both bills supports mana motuhake by removing crown involvement in trusts’ administrative matters.
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