New Zealand Acts

MAORI FISHERIES ACT 2004 - SECT 71

71 Disposal of income shares by Te Ohu Kai Moana Trustee Limited

1 Te Ohu Kai Moana Trustee Limited may sell income shares acquired under section 69 to a mandated iwi organisation, but only if—

a) it has passed a special resolution giving it a specific power of sale of income shares, or the sale meets the terms and conditions of a general power of sale; and

b) the shares are offered to every mandated iwi organisation; and

c) it accepts the best price reasonably obtainable at the time of the sale, unless the offer permits Te Ohu Kai Moana Trustee Limited to withdraw the income shares from sale; and

d) it acts in accordance with the constitution of Aotearoa Fisheries Limited.

2 Te Ohu Kai Moana Trustee Limited must not sell income shares held under section 67(3) .

3 As soon as is reasonably practicable after Te Ohu Kai Moana Trustee Limited has sold any income shares under subsection (1), 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 this section.