As part of the CNI Forests Collective Settlement, the Collective was granted certain rights to buy Crown properties.
The purpose of this is to provide redress that may not be available to iwi via their comprehensive settlements. For example, Crown properties that are valued above a certain amount, or that are subject to overlapping interests by multiple iwi, would be unlikely to be offered as redress to a single iwi as part of its comprehensive settlement. The Collective's rights create the possibility of securing such properties, which might not otherwise be available to Collective iwi.
There are two types of rights. Both types give the Collective preferential ways to secure core Crown properties over time.
RIGHT OF FIRST REFUSAL (RFR)
The first type of right is known as a Right of First Refusal (RFR). The RFR gives the Collective a relatively long lived opportunity to be the first to be offered certain Crown properties, if and when the owners decide to sell them.
DEFERRED SELECTION PROCEDURE (DSP)
The second type of right is known as Deferred Selection Procedure (DSP). The DSP gives the Collective a relatively short-lived opportunity to buy certain Crown properties at values struck in June 2008, whether or not the owners want to sell them.
This creates the possibility of buying Crown properties at a profit (i.e. if the Collective can see that their market values have risen since June 2008). In effect, the Collective can use the DSP to "pick its horses after the race has run".