New Zealand Acts

MAORI FISHERIES ACT 2004 - SECT 137

137 Transfer of money

1 Te Ohu Kai Moana Trustee Limited must transfer settlement asset money it receives under section 194 as follows:

a) $20 million, without the addition of earnings, to Te Putea Whakatupu Trustee Limited in accordance with section 90(1) and (2) ; and

b) $10 million, without the addition of earnings, to Te Wai Maori Trustee Limited in accordance with section 103(1) and (2) ; and

c) $5 million, with the addition of earnings, to Te Ohu Kai Moana Trustee Limited as capital of Te Ohu Kai Moana; and

d) amounts of money to iwi, as set out in sections 149 and 150 , without the addition of earnings or other adjustments; and

e) $18 million, with the addition of earnings on that amount and on the amounts referred to in paragraphs (a), (b), and (d) until the payments are made under those paragraphs, may be applied by Te Ohu Kai Moana Trustee Limited to fund transitional arrangements, including—

i) funding to enable Te Ohu Kai Moana Trustee Limited to perform its functions, including assisting iwi and recognised iwi organisations under section 34 to meet their obligations under this Act; and

ii) up to $5 million to Te Putea Whakatupu Trustee Limited under section 90(3) ; and

iii) up to $2 million to Te Wai Maori Trustee Limited, under section 103(4) ; and

f) $20.7 million, plus earnings, under section 130 or section 135 to mandated iwi organisations in the percentage specified for each iwi in column 3 of Schedule 3 .

2 Te Ohu Kai Moana Trustee Limited must not make payments of money under section 90(5) or section 103(6) before any obligation under section 138 has been discharged, unless—

a) it first submits to the mandated iwi organisation of each iwi listed in Schedule 3 a written proposal to make such a payment; and

b) at least 75% of mandated iwi organisations representing at least 50% of the total notional iwi population specified in column 2 of Schedule 3 support the proposal in writing to Te Ohu Kai Moana Trustee Limited not later than 20 working days after the date when Te Ohu Kai Moana Trustee Limited submitted the proposal to mandated iwi organisations.