New Zealand Acts

MAORI FISHERIES ACT 2004 - SECT 161

161 Restrictions on disposal of settlement quota

1 A mandated iwi organisation must not—

a) sell its settlement quota, except to—

i) another mandated iwi organisation; or

ii) an entity within Te Ohu Kai Moana Group; or

b) gift its settlement quota.

2 A mandated iwi organisation must not sell any settlement quota earlier than 2 years after the date of the first transfer of settlement quota by Te Ohu Kai Moana Trustee Limited to the mandated iwi organisation of the relevant iwi.

3 If an entity within Te Ohu Kai Moana Group or a mandated iwi organisation sells or relinquishes control over a subsidiary, subcompany, asset-holding company, or subsidiary of an asset-holding company that holds settlement quota, that quota must be treated as the property of Te Ohu Kai Moana Trustee Limited or of the mandated iwi organisation, as appropriate.

4 Unless the exceptions under subpart 3 apply, a sale of settlement quota must be made in accordance with—

a) this subpart; and

b) any rules made by Te Ohu Kai Moana Trustee Limited under section 176 .

History: Section 161(2): amended, on 16 September 2011, by section 8 of the Maori Fisheries Amendment Act 2011 (2011 No 74).