New Zealand Acts

MAORI FISHERIES ACT 2004 - SECT 70

70 Process for disposal of income shares by mandated iwi organisations

1 Before a mandated iwi organisation may sell its income shares, it must—

a) notify its proposal to sell income shares, in accordance with the constitutional documents of the mandated iwi organisation; and

b) obtain the prior approval of at least 75% of the adult members of the iwi who vote—

i) at a general meeting; or

ii) in a process prescribed in the constitutional documents of the mandated iwi organisation.

2 A notice given under subsection (1)(a) must specify,—

a) in a public notice,—

i) the approximate proportion of the total value of the income shares of the mandated iwi organisation affected by the proposal; and

ii) the date on which any approval expires; and

b) in a private notice, if required under kaupapa 4 of Schedule 7 ,—

i) the number of income shares affected by the proposal; and

ii) a reasonable estimate of the net present value or likely sale price of those shares.

3 If approval to sell income shares is obtained under subsection (1)(b), the mandated iwi organisation must—

a) offer the income shares to—

i) every mandated iwi organisation; and

ii) Te Ohu Kai Moana Trustee Limited; and

b) accept the best price reasonably obtainable at the time of the sale, unless the offer permits the mandated iwi organisation to withdraw the income shares from sale.

4 Approval obtained under subsection (1)(b) to sell income shares is valid for not more than 15 months from the date on which it is given.

5 As soon as is reasonably practicable after a mandated iwi organisation has sold any income shares under section 69 , it must—

a) notify Aotearoa Fisheries Limited of the sale; and

b) provide documentation to Aotearoa Fisheries Limited, supported by a statutory declaration if Aotearoa Fisheries Limited so requires, to establish that the sale complied with all the requirements of sections 69, 70, and 72 .