New Zealand Acts

MAORI FISHERIES ACT 2004 - SECT 74

74 Exceptions to restrictions on disposal of income shares

1 Sections 69 to 73 do not apply to transfers of income shares between or among—

a) asset-holding companies wholly owned by the same mandated iwi organisation; or

b) subsidiaries of asset-holding companies that are wholly owned by the same mandated iwi organisation.

2 If an asset-holding company or a subsidiary of an asset-holding company ceases to be wholly owned by its mandated iwi organisation, its income shares must be—

a) treated as the property of the mandated iwi organisation; and

b) held by another asset-holding company of the mandated iwi organisation, as required by section 16(1)(c) .