New Zealand Acts

MAORI FISHERIES ACT 2004 - SECT 16

16 Functions and powers of asset-holding companies

1 An asset-holding company required by section 12(1)(d) must—

a) be and remain wholly owned by the mandated iwi organisation that established the company; and

b) have constitutional documents that comply with section 17 ; and

c) receive and hold, on behalf of the mandated iwi organisation that owns the company, for so long as they are to be retained, all settlement quota and income shares allocated by Te Ohu Kai Moana Trustee Limited to, or otherwise acquired by, the iwi under this Act; and

d) provide dividends solely to the mandated iwi organisation owning the asset-holding company; and

e) not undertake fishing or hold a fishing permit.

2 However, an asset-holding company—

a) must not enter into any transaction relating to or affecting the income shares it holds unless the mandated iwi organisation has complied with its obligations under sections 69 to 72 ; and

b) in its function of receiving and holding settlement quota and income shares, is bound by all the requirements specified for mandated iwi organisations in relation to those matters.

3 An asset-holding company may—

a) establish 1 or more subsidiaries to be its subsidiary asset-holding companies; and

b) transfer to a subsidiary some or all of the assets received under subsection (1)(c).

4 A subsidiary established under subsection (3)(a) must—

a) be and remain wholly owned by the asset-holding company that established it, and

b) receive and hold, on behalf of the asset-holding company, settlement quota and income shares transferred to it by the asset-holding company under subsection (3)(b); and

c) provide dividends solely to the mandated iwi organisation owning the asset-holding company that established the subsidiary; and

d) comply with subsection (2); and

e) not undertake fishing or hold a fishing permit.