New Zealand Acts

MAORI FISHERIES ACT 2004 - SECT 87

87 Constitution of Te Putea Whakatupu Trustee Limited

1 Te Putea Whakatupu Trustee Limited must have—

a) only 1 share that—

i) has no distribution rights; and

ii) must be held by the board of Te Ohu Kai Moana Trustee Limited; and

b) a constitution that is consistent with this Act.

2 The constitution must provide—

a) that the role of Te Putea Whakatupu Trustee Limited is restricted to acting as the trustee of Te Putea Whakatupu Trust; and

b) that Te Putea Whakatupu Trustee Limited must have 3 directors; and

c) that Te Ohu Kai Moana Trustee Limited must appoint, in accordance with the criteria specified in section 88 , and may remove, the directors of Te Putea Whakatupu Trustee Limited; and

d) that a director—

i) is appointed for a term not exceeding 4 years; and

ii) may be reappointed for 1 further term; and

iii) continues in office after the expiry of his or her term until his successor is appointed; and

e) that an extraordinary vacancy of a director does not create a breach of the constitution, so long as Te Ohu Kai Moana Trustee Limited appoints a new director within 3 months of the vacancy arising; and

f) a method by which the board of Te Putea Whakatupu Trustee Limited must address conflicts of interest that may arise for its directors; and

g) that Te Putea Whakatupu Trustee Limited may regulate its own procedure, so long as it provides that—

i) the quorum is 3 for the purpose of transacting any business; and

ii) a meeting may be conducted by teleconference or by any means of communication that allows each director to participate effectively in the proceedings; and

h) a procedure for amending the constitution; and

i) that Te Putea Whakatupu Trustee Limited may be put into voluntary liquidation only if Te Putea Whakatupu Trust is terminated.

3 A provision of the constitution of Te Putea Whakatupu Trustee Limited or an amendment to it has no effect to the extent that it is inconsistent with this Act or another enactment or rule of law.