New Zealand Acts

MAORI FISHERIES ACT 2004 - SECT 130

130 Duty to allocate and transfer settlement assets

1 As soon as is reasonably practicable after Te Ohu Kai Moana Trustee Limited is satisfied that an iwi has met the criteria specified in subsection (3), it must—

a) allocate settlement assets to that iwi in accordance with this Part; and

b) transfer the allocated cash assets to the mandated iwi organisation of the iwi; and

c) transfer the settlement quota and income shares to 1 or more of the asset-holding companies of the mandated iwi organisation, so long as the asset-holding companies comply with section 17(1) .

2 A transfer of settlement quota under subsection (1) is subject to section 151 .

3 An iwi must meet the following criteria before settlement assets may be transferred to it:

a) Te Ohu Kai Moana Trustee Limited has recognised a mandated iwi organisation for the iwi under section 13(1) ; and

b) the mandated iwi organisation holds, for all relevant quota management stocks, registered coastline entitlements as provided for by section 11 , including separate entitlements for any relevant harbour quota.