Maori Fisheries Act 2004

1: Title
This Act is the Maori Fisheries Act 2004.
2: Commencement
This Act comes into force on the day after the date on which it receives the Royal assent.
1: Purposes of Act, key concepts, and key iwi organisations
1: Purposes, outline, and interpretation
3: Purposes
1: The purposes of this Act are to—
a: implement the agreements made in the Deed of Settlement dated 23 September 1992; and
b: provide for the development of the collective and individual interests of iwi in fisheries, fishing, and fisheries-related activities in a manner that is ultimately for the benefit of all Maori.
2: To achieve the purposes of this Act, provision is made to establish a framework for the allocation and management of settlement assets through—
a: the allocation and transfer of specified settlement assets to iwi as provided for by or under this Act; and
b: the central management of the remainder of those settlement assets.
4: Outline of Act
1: This section and sections 30 129 155 177 188
2: This Act replaces the Maori Fisheries Act 1989
3: The Preamble
4: Following the Title and commencement clauses, Part 1 contains—
a: subpart 1, which includes the purpose and interpretation provisions; and
b: subpart 2
c: subpart 3
5: The schedules set out—
a: the quota shares provided to the Treaty of Waitangi Fisheries Commission under section 40 of the Maori Fisheries Act 1989 section 44
b: the relevant harbours and harbour quota for allocation in relation to those harbours; and
c: iwi listed by groups and the notional population of each iwi; and
d: organisations that are recognised iwi organisations; and
e: the representative Maori organisations; and
f: the method for determining coastline entitlements; and
g: the kaupapa that apply to the constitutional documents of mandated iwi organisations; and
h: procedures for Te Kawai Taumata, including provisions for the appointment of members and alternate members; and
i: consequential amendments.
5: Interpretation
1: In this Act, unless the context otherwise requires,— adult member allocate
a: in respect of settlement assets, means the determination of the quantum of those assets to be transferred to an iwi; but
b: does not include—
i: the transfer of those assets by Te Ohu Kai Moana Trustee Limited; or
ii: distributions made under section 83(b) section 95(b)
iii: grants of assistance made under section 35(1)(h) annual catch entitlement section 2(1) Aotearoa Fisheries Limited section 60 appointed day Order in Council ( see asset-holding company
a: established as required by section 12(1)(d)
b: that complies with section 16(1) and (2)
c: whose constitutional documents comply with the relevant requirements of sections 17 18 beneficiary of the Deed of Settlement Chatham zone section 142 coastline entitlement Schedule 6 committee of representatives section 116 section 118 constitutional documents Court
a: means the District Court or, where proceedings are commenced in the High Court, the High Court; but
b: does not include the Maori Land Court Deed of Settlement Treaty of Waitangi (Fisheries Claims) Settlement Act 1992 deepwater quota
a: the settlement quota identified in Schedule 1
b: the quota of any new quota management stocks brought into the quota management system under section 18 section 7 earnings financial year fisheries section 2(1) Fishery Management Area Parts 1 2 fishing section 2(1) fishing permit section 2(1) fishing year section 2(1) freshwater freshwater fisheries freshwater fishing section 91 freshwater quota
a: the settlement quota identified in Schedule 1
b: the quota of any new quota management stocks brought into the quota management system under section 18 section 7 general meeting
a: in the case of a meeting convened by Te Ohu Kai Moana Trustee Limited, is open to—
i: all mandated iwi organisations and the members of the iwi represented by each mandated iwi organisation; and
ii: all representative Maori organisations and their members; and
iii: the members and alternate members of Te Kawai Taumata; and
b: in the case of a meeting convened by a mandated iwi organisation, is open to all members of the iwi; and
c: in each case, complies with the constitutional documents of the organisation convening the meeting general power of sale harbour quota
a: that part of the settlement quota listed in Schedule 1 Part 2
b: the number of quota shares of any new quota management stocks brought into the quota management system under section 18 section 7 He Kawai Amokura Preamble income share individual transferable quota section 2(1) Inland Revenue Acts section 3(1) inshore quota
a: the settlement quota identified in Schedule 1
b: the quota of any new quota management stocks brought into the quota management system under section 18 section 7 interim coastline entitlement Schedule 6 investment plan section 78 iwi
a: means an iwi listed in column 1 of Schedule 3
b: includes all the members of that iwi; and
c: as listed in the notes to Schedule 3
i: the iwi of Hauraki, means 1 or more of the iwi listed in note (1); and
ii: the iwi of Te Arawa, means 1 or more of the iwi listed in note (2) iwi register section 40 joint mandated iwi organisation section 19 kaupapa mandated iwi organisation section 13(1) section 27 Maori section 4 member of an iwi Schedule 7 Minister National Urban Maori Authority Ngapuhi B—NGAPUHI Schedule 3 Ngati Hine Ngati Kahungunu G—TAKITIMU Schedule 3 panui population of an iwi section 10 private notice
a: sent by any means that is private to the recipient; and
b: in the case of a notice given by a mandated iwi organisation, complies with kaupapa 4 of Schedule 7 public notice
a: is published in a newspaper generally circulating in the relevant area or areas; and
b: may also be published by panui or electronic media, including radio or television; and
c: in the case of a notice given by a mandated iwi organisation, complies with kaupapa 4 of Schedule 7 quota section 2(1) quota management area section 2(1) quota management stock section 2(1) quota management system section 2(1) quota share section 42 recognised iwi organisation section 27 Schedule 4 register of iwi members Schedule 7 registered coastline entitlement
a: is determined by Te Ohu Kai Moana Trustee Limited under section 11
b: is recorded in the iwi register by Te Ohu Kai Moana Trustee Limited under section 11(2)(b)
c: represents the allocation, to a named iwi, of settlement quota for the stock, determined by coastline length under subpart 2 representative Maori organisation Schedule 5 Rongomaiwahine settlement assets
a: the assets transferred to Te Ohu Kai Moana Trustee Limited under section 194(1)(c)
b: any further quota shares allocated to Te Ohu Kai Moana Trustee Limited under section 44
c: any New Zealand units allocated to Te Ohu Kai Moana Trustee Limited under the fishing allocation plan issued under the Climate Change Response Act 2002 settlement quota settlement quota interest section 2(1) special resolution specific power of sale statutory declaration Oaths and Declarations Act 1957 stock subcompany
a: means a company, trust, or entity (whether or not it is a subsidiary of Aotearoa Fisheries Limited) over which Aotearoa Fisheries Limited—
i: controls, directly or indirectly, 50% or more of the votes; or
ii: appoints, or has the right to appoint, 50% or more of the directors, trustees, or office holders, as the case may be; and
b: includes—
i: a company that is a subsidiary of a subcompany; and
ii: a company, trust, or entity over which the sub-company has effective control, as provided for in paragraph (a) subsidiary section 5 Te Kawai Taumata section 55 Te Ohu Kai Moana section 31 Te Ohu Kai Moana Group
a: controls, directly or indirectly, 50% or more of the votes; or
b: appoints 50% or more of the directors, trustees, or office holders, as the case may be Te Ohu Kai Moana Trustee Limited section 33 Te Putea Whakatupu Trust section 79 Te Putea Whakatupu Trustee Limited section 80 Te Wai Maori Trust section 92 Te Wai Maori Trustee Limited section 93 tikanga Maori section 4 total allowable commercial catch section 2(1) Treaty of Waitangi Fisheries Commission section 4 of the Maori Fisheries Act 1989 voting share wānanga section 10(1)
2: An order under the definition of appointed day in subsection (1) is secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 5(1) appointed day amended 28 October 2021 section 3 Secondary Legislation Act 2021 Section 5(1) settlement assets substituted 8 December 2009 section 87(2) Climate Change Response (Moderated Emissions Trading) Amendment Act 2009 Section 5(1) wānanga replaced 1 August 2020 section 668 Education and Training Act 2020 Section 5(2) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
6: Act binds the Crown
This Act binds the Crown.
6A: Transitional, savings, and related provisions
1: The transitional, savings, and related provisions set out in Schedule 1AA
2: Transitional provisions about this Act as enacted are set out in Part 6 Section 6A inserted 27 July 2024 section 9 Māori Fisheries Amendment Act 2024
2: Key concepts
Classification of deepwater and inshore quota
7: Classification of new quota
1: If the responsible Minister declares under section 18
a: determine the appropriate classification for the stock in accordance with sections 8 9
b: in accordance with section 8 Schedule 2
i: the quantity of harbour quota for the stock; or
ii: that there is no harbour quota for the stock; and
c: publish by notice
i: the classification of the stock; and
ii: whether harbour quota applies to that stock; and
iii: the quantity, if any, of each harbour quota for the stock.
2: A Part 2 Part 2 sections 8 9
3: A notice under this section is secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication The maker must publish it in the Gazette LA19 ss 73 74(1)(a) cl 14 Presentation It is not required to be presented to the House of Representatives because a transitional exemption applies under Schedule 1 LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 7(1)(c) amended 28 October 2021 section 3 Secondary Legislation Act 2021 Section 7(2) amended 28 October 2021 section 3 Secondary Legislation Act 2021 Section 7(3) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
8: Basis for classifying stock under section 7
1: For the purpose of classifying stock under section 7
a: at depths greater than 400 m from the surface, must be classified as deepwater:
b: at depths less than 200 m from the surface, must be classified as inshore:
c: in freshwater, must be classified as freshwater.
2: For each stock, if any commercial catch was taken during the 5 fishing years prior to the declaration referred to in section 7(1) Schedule 2
3: In relation to each harbour listed in Schedule 2 section 7(1)
4: Harbour quota is calculated under subsection (3) in accordance with the following formula: Harbour quota for the listed harbour = (a ÷ b) × c where— a is the highest commercial catch of a stock in a listed harbour in a fishing year during the 5 fishing years prior to the declaration referred to in section 7(1) b is the total commercial catch of that stock in that year c is the available settlement quota.
9: Alternative basis for classification of new quota
1: This section applies when Te Ohu Kai Moana Trustee Limited is unable to classify a stock under section 8
2: Te Ohu Kai Moana Trustee Limited must consider the evidence from the previous 5 fishing years referred to in section 8(1)
a: deepwater, if at least 75% of the commercial catch was taken in depths greater than 300 m from the surface; or
b: inshore, if at least 75% of the commercial catch was taken in depths of 300 m or less from the surface; or
c: freshwater, if at least 90% of the commercial catch was taken in freshwater.
3: If the classification cannot be determined under subsection (2), Te Ohu Kai Moana Trustee Limited must determine a classification, after taking into account—
a: the fishing gear used to take the stock; and
b: the location where the stock was taken; and
c: any other information that Te Ohu Kai Moana Trustee Limited considers to be relevant. How iwi population and coastlines determined
10: Population of an iwi
1: In this Act,—
a: the population of an iwi is the notional iwi population as stated in column 2 of Schedule 3
b: the notional iwi population—
i: binds all iwi; and
ii: applies irrespective of any multiple iwi affiliations or other census or other data.
2: However, that notional iwi population does not—
a: bind the iwi to which it relates or any other iwi in any matter that is before the Waitangi Tribunal, the Maori Land Court, or any other court, other than under this Act; or
b: bind, compromise, advantage or disadvantage, or operate as a precedent for any other matter; or
c: affect any customary rights, aboriginal title rights, or any rights arising under the Treaty of Waitangi
3: Column 3 of Schedule 3
11: Registered coastline entitlements
1: A mandated iwi organisation, in order to obtain allocations of settlement quota based on coastlines under this Act, must make coastline claims for coastline entitlements for its iwi (including any interim and supplementary coastline entitlements) in accordance with Part 1
2: Coastline entitlements must be—
a: determined by Te Ohu Kai Moana Trustee Limited in accordance with Schedule 6
b: recorded by Te Ohu Kai Moana Trustee Limited on the iwi register.
3: Registered coastline entitlements are created under this Act for the sole purpose of calculating the amount of settlement quota to be allocated to iwi under subpart 2
4: However, those registered coastline entitlements do not—
a: bind the iwi to which they relate or any other iwi in any matter that is before the Waitangi Tribunal, the Maori Land Court, or any other court, other than under this Act; or
b: bind, compromise, advantage or disadvantage, or operate as a precedent for any other matter; or
c: affect any customary rights, aboriginal title rights, or any rights arising under the Treaty of Waitangi
3: Iwi organisations
Mandated iwi organisations
12: Functions and powers of mandated iwi organisations
1: Under this Act, a mandated iwi organisation must—
a: act for the benefit of all the members of the iwi, irrespective of where those members reside; and
b: perform the functions and duties conferred on it by or under this Act; and
c: except as restricted by section 23(2)
i: clause 1 clause 6
ii: clause 1
d: ensure that it has 1 or more asset-holding companies that, in each case,—
i: is wholly owned by the mandated iwi organisation; and
ii: performs the functions and complies with the requirements set out in sections 16 to 18
2: A mandated iwi organisation may—
a: directly receive and hold, on behalf of its iwi, settlement assets allocated and grants made to that iwi by Te Ohu Kai Moana Trustee Limited, other than assets referred to in section 16(1)(c)
b: receive distributions from Te Putea Whakatupu Trustee Limited and Te Wai Maori Trustee Limited, as provided for under subparts 4 5
c: if relevant, enter into agreements with other mandated iwi organisations in relation to—
i: coastline claims under section 11
ii: the allocation of—
A: harbour quota under section 143
B: freshwater quota under section 148
d: establish companies to undertake fishing and fisheries-related activities, including, but not limited to, any activity related to the seafood industry:
e: perform other functions provided for by or under this Act.
13: Recognition of mandated iwi organisations
1: As soon as is reasonably practicable after Te Ohu Kai Moana Trustee Limited is satisfied that an iwi or a withdrawing group has established an organisation that meets the criteria specified in section 14 section 21(1) section 15
a: recognise 1 mandated iwi organisation for that iwi or withdrawing group, as the case may be; and
b: record its recognition of that mandated iwi organisation in the iwi register.
2: Te Ohu Kai Moana Trustee Limited must not recognise more than 1 mandated iwi organisation for an iwi.
14: Criteria for recognition of mandated iwi organisation
The criteria for recognition and continuing recognition of a mandated iwi organisation under section 13(1)
a: the organisation is a company, trust, body corporate set up under an enactment, or incorporated society; and
b: the constitutional documents of the organisation comply with section 17
c: the directors, trustees, or office holders, as the case may be, are able to demonstrate that, for the purposes of their responsibilities under this Act, they have been duly elected or appointed in accordance with the constitutional documents of the organisation; and
d: the organisation has a register of iwi members that—
i: complies with kaupapa 5 of Schedule 7
ii: has no fewer than the minimum number of members specified in column 4 of Schedule 3
15: Recognition of iwi governance entity
Te Ohu Kai Moana Trustee Limited must, if requested, recognise an iwi governance entity as a mandated iwi organisation under section 13(1)
a: it has been approved as a governance entity of the iwi for the purposes of the settlement of the historical Treaty of Waitangi claims of that iwi, as perfected through the enactment of legislation; and
b: it represents an iwi listed in Schedule 3
c: it complies with section 14(a)
d: it has established 1 or more asset-holding companies as required by section 12(1)(d)
e: it has directors, trustees, or office holders, as the case may be, who are elected in a manner that complies with the kaupapa of Schedule 7
f: it has a dispute resolution mechanism that complies with kaupapa 8 of Schedule 7
16: Functions and powers of asset-holding companies
1: An asset-holding company required by section 12(1)(d)
a: be and remain wholly owned by the mandated iwi organisation that established the company; and
b: have constitutional documents that comply with section 17
c: receive and hold, on behalf of the mandated iwi organisation that owns the company, for so long as they are to be retained, all settlement quota and income shares allocated by Te Ohu Kai Moana Trustee Limited to, or otherwise acquired by, the iwi under this Act; and
d: provide dividends solely to the mandated iwi organisation owning the asset-holding company; and
e: not undertake fishing or hold a fishing permit.
2: However, an asset-holding company—
a: must not enter into any transaction relating to or affecting the income shares it holds unless the mandated iwi organisation has complied with its obligations under sections 69 to 72
b: in its function of receiving and holding settlement quota and income shares, is bound by all the requirements specified for mandated iwi organisations in relation to those matters.
3: An asset-holding company may—
a: establish 1 or more subsidiaries to be its subsidiary asset-holding companies; and
b: transfer to a subsidiary some or all of the assets received under subsection (1)(c).
4: A subsidiary established under subsection (3)(a) must—
a: be and remain wholly owned by the asset-holding company that established it, and
b: receive and hold, on behalf of the asset-holding company, settlement quota and income shares transferred to it by the asset-holding company under subsection (3)(b); and
c: provide dividends solely to the mandated iwi organisation owning the asset-holding company that established the subsidiary; and
d: comply with subsection (2); and
e: not undertake fishing or hold a fishing permit.
17: Constitutional documents
1: Every mandated iwi organisation, asset-holding company, and subsidiary of an asset-holding company must have 1 or more constitutional documents that comply with, and implement, the kaupapa set out in Schedule 7
2: The constitutional documents referred to in subsection (1) are of no effect under this Act until—
a: they are approved as complying with the requirements of this Act,—
i: in the case of a mandated iwi organisation, by Te Ohu Kai Moana Trustee Limited; and
ii: in the case of each asset-holding company and subsidiary of an asset-holding company, by the mandated iwi organisation that owns the asset-holding company; and
b: they are ratified,—
i: in the case of a mandated iwi organisation, by not less than 75% of the adult members of the iwi who vote—
A: in person at a general meeting called for the purpose of adopting a constitution; or
B: by postal ballot; and
ii: in the case of each asset-holding company and subsidiary of an asset-holding company, by not less than 75% of the directors, trustees, or office holders of the mandated iwi organisation that owns the asset-holding company.
3: Notice of the meeting referred to in subsection (2)(b)(i)(A) must comply with kaupapa 4(2) of Schedule 7
4: As soon as is reasonably practicable after the constitutional documents of an asset-holding company or subsidiary of an asset-holding company have been approved in accordance with subsection (2)(a)(ii) and ratified in accordance with subsection (2)(b)(ii), the mandated iwi organisation that owns the asset-holding company must—
a: advise Te Ohu Kai Moana Trustee Limited that the constitutional documents have been approved and ratified; and
b: provide documentation to Te Ohu Kai Moana Trustee Limited, supported by a statutory declaration if Te Ohu Kai Moana Trustee Limited so requests, as may be necessary to establish that the constitutional documents of its asset-holding company, and any subsidiary of the asset-holding company, comply with the requirements of subsection (2)(a)(ii) and (b)(ii), and, in the case of amendments to a constitutional document, with the requirements of section 18
5: This section does not apply to an iwi governance entity recognised by Te Ohu Kai Moana Trustee Limited as a mandated iwi organisation because it meets the criteria set out in section 15
6: However, this section does apply to—
a: an asset-holding company of a mandated iwi organisation referred to in subsection (5); and
b: any subsidiary of that asset-holding company.
18: Changes to constitutional documents
1: To the extent that the constitutional documents of a mandated iwi organisation, asset-holding company, or subsidiary of an asset-holding company relate to matters provided for by or under this Act, a proposal to change those documents—
a: must not be inconsistent with this Act; and
b: unless the change is required as a consequence of a rule made or amended under section 25
i: must not be made earlier than 2 years after the date on which the mandated iwi organisation is recognised by Te Ohu Kai Moana Trustee Limited under section 13(1)
ii: may only be promoted if the iwi resolves at a general meeting of the mandated iwi organisation that the change is for the collective benefit of all members of the iwi.
2: Section 17(2) and (3) section 25 New mandated iwi organisation may replace existing mandated iwi organisation Heading inserted 16 September 2011 section 4 Maori Fisheries Amendment Act 2011
18A: Interpretation
In sections 18A to 18G existing organisation section 18B(1) new organisation section 18B(1) specified income shares specified settlement assets specified settlement quota Section 18A inserted 16 September 2011 section 4 Maori Fisheries Amendment Act 2011
18B: Requirements for recognition of new mandated iwi organisation
1: An organisation may be recognised as the mandated iwi organisation ( new organisation existing organisation section 18C
2: The new organisation must—
a: meet the criteria in section 14 section 12(1)(d)
b: have met the criteria in section 15
3: The 1 or more asset-holding companies of the new organisation that are to receive the transfer of the specified settlement assets under section 18E(3) section 17(1)
4: The existing organisation must—
a: notify the proposal to have the new organisation recognised to the adult members of the iwi in accordance with subclause (4) of kaupapa 4
b: obtain approval for the proposal from not less than 75% of the adult members of the iwi who vote—
i: at a general meeting of the existing organisation called for the purpose; or
ii: by postal ballot.
5: A notice given under subsection (4)(a) must—
a: specify the name of the new organisation; and
b: state that, if the proposal is approved and Te Ohu Kai Moana Trustee Limited is satisfied that the requirements for recognition are met and authorises the transfer of the relevant settlement assets, the following things may happen:
i: the new organisation is recognised as the mandated iwi organisation for the iwi in place of the existing organisation; and
ii: the settlement quota and income shares received under this Act and held by an asset-holding company of the existing organisation are transferred to an asset-holding company of the new organisation. Section 18B inserted 16 September 2011 section 4 Maori Fisheries Amendment Act 2011
18C: Requirements relating to constitutional documents of new organisation
1: This section applies if the new organisation seeks recognition by meeting the criteria in section 14
2: The existing organisation is responsible for ensuring that the constitutional documents of the new organisation comply with section 17 section 14(b)
3: The existing organisation must first have the constitutional documents approved by Te Ohu Kai Moana Trustee Limited for the purposes of section 17(2)(a)(i)
4: The existing organisation must then have the constitutional documents ratified for the purposes of section 17(2)(b)(i)
5: The constitutional documents must be ratified at the same general meeting, or by the same postal ballot, that approves the proposal to have the new organisation recognised.
6: Notice of the proposed ratification must be given together with notice of the proposal to have the new organisation recognised, in accordance with subclause (4) of kaupapa 4 section 17(3) Section 18C inserted 16 September 2011 section 4 Maori Fisheries Amendment Act 2011
18D: Proposed transfer date if recognition requirements met
1: As soon as is reasonably practicable after Te Ohu Kai Moana Trustee Limited is satisfied that the requirements of section 18B section 18C
2: The existing organisation may, after receiving the written notice, give Te Ohu Kai Moana Trustee Limited at least 3 months' written notice of the date on which the specified settlement assets are proposed to be transferred under section 18E(3) proposed transfer date
3: The proposed transfer date must be no later than 15 months after the date upon which the proposal to have the new organisation recognised was approved under section 18B(4) Section 18D inserted 16 September 2011 section 4 Maori Fisheries Amendment Act 2011
18E: Recognition of new mandated iwi organisation and transfer of specified settlement assets
1: This section applies only if—
a: the existing organisation has given notice of a proposed transfer date under section 18D(2)
b: before the proposed transfer date, Te Ohu Kai Moana Trustee Limited—
i: has authorised (for the purposes of section 158(1)(a)
ii: has authorised the transfer of the specified income shares to 1 or more asset-holding companies of the new organisation.
2: Te Ohu Kai Moana Trustee Limited must, on the proposed transfer date,—
a: do the following things under section 13(1)
i: recognise the new organisation as the mandated iwi organisation for the iwi in place of the existing organisation; and
ii: record its recognition of the new organisation in the iwi register; and
b: remove its recognition of the existing organisation from the iwi register.
3: The existing organisation must ensure that all the specified settlement assets are transferred to the 1 or more asset-holding companies of the new organisation on the proposed transfer date in accordance with the authorisations referred to in subsection (1)(b).
4: Te Ohu Kai Moana Trustee Limited must contribute its part of the joint application required by section 158(2)
5: The new organisation must, as soon as is reasonably practicable after the specified income shares have been transferred, give written notice of the transfer to Aotearoa Fisheries Limited. Section 18E inserted 16 September 2011 section 4 Maori Fisheries Amendment Act 2011
18F: Certain effects of recognition of new organisation
1: From the time that a new organisation is recognised in place of an existing organisation under section 18E(2)
a: the new organisation is the mandated iwi organisation of the relevant iwi for the purposes of this Act; and
b: any registered coastline entitlement held by the existing organisation is to be treated as a registered coastline entitlement held by the new organisation; and
c: any coastline claim, agreement, or written statement of the existing organisation under Part 1
2: However, to avoid doubt, section 136(1)(b)
3: Subpart 2 section 136(1)(a) section 18E(3)
4: Sections 69 to 73 section 18E(3) Section 18F inserted 16 September 2011 section 4 Maori Fisheries Amendment Act 2011
18G: Remedy if specified settlement assets not transferred
1: This section applies if all the specified settlement assets are not transferred on the proposed transfer date as required by section 18E(3)
2: The Court may make orders as it thinks fit, including—
a: an order to cancel a transaction or contract for the transfer of any specified settlement assets:
b: an order to vest any specified settlement assets in an asset-holding company of the existing organisation or of the new organisation:
c: an order to vest any consideration for the transaction or contract in the new organisation:
d: an order directing Te Ohu Kai Moana Trustee Limited—
i: to recognise the new organisation as the mandated iwi organisation for the iwi in place of the existing organisation in accordance with section 18E(2)(a) and (b)
ii: to reverse any such recognition so that the existing organisation is reinstated as the mandated iwi organisation for the iwi:
e: any other order, if the new organisation has on-sold, or has granted any interest in or security over, any specified settlement assets:
f: an order that the costs of the applicant be met by the parties to the transaction or contract.
3: Orders made under subsection (2) may be made—
a: on the application of—
i: a party; or
ii: an adult member of an iwi whose mandated iwi organisation is a party; or
iii: a mandated iwi organisation; or
iv: Te Ohu Kai Moana Trustee Limited; and
b: on the terms and conditions that the Court thinks fit, so long as the result is the following:
i: all specified settlement assets are vested in an asset-holding company of either the existing organisation or the new organisation; and
ii: that organisation is recognised as the mandated iwi organisation for the iwi.
4: If Te Ohu Kai Moana Trustee Limited reverses recognition of the new organisation in accordance with an order of the Court,—
a: the recognition of the existing organisation is to be treated as having continued as if the new organisation had never been recognised; and
b: the effects under section 18F(1) Section 18G inserted 16 September 2011 section 4 Maori Fisheries Amendment Act 2011 Provisions allowing for reorganisation of specified mandated iwi organisations
19: Interpretation
In this Act,— joint mandated iwi organisation section 13(1) , or a new organisation recognised in place of that organisation under section 18E(2)
a: the iwi of Hauraki listed in note (1) to Schedule 3
b: the iwi of Te Arawa listed in note (2) to Schedule 3
c: Ngapuhi (including Ngati Hine):
d: Ngati Kahungunu (including Rongomaiwahine) withdrawing group
a: in the case of the iwi of Hauraki or the iwi of Te Arawa, any iwi that withdraws from the joint mandated iwi organisation in accordance with the constitutional documents of the joint mandated iwi organisation as provided for under section 20
b: in the case of Ngapuhi, Ngati Hine if it withdraws from Ngapuhi in accordance with the constitutional documents of the joint mandated iwi organisation of Ngapuhi as provided for under section 20
c: in the case of Ngati Kahungunu, Rongomaiwahine if it withdraws from Ngati Kahungunu in accordance with the constitutional documents of the joint mandated iwi organisation of Ngati Kahungunu as provided for under section 20 Section 19 joint mandated iwi organisation amended 16 September 2011 section 5 Maori Fisheries Amendment Act 2011
20: Withdrawal of group from joint mandated iwi organisation
1: In addition to the matters required for the constitutional documents of a mandated iwi organisation under section 17
a: in the cases of the iwi of Hauraki and the iwi of Te Arawa, for any iwi to withdraw, if it so chooses, from the relevant joint mandated iwi organisation; and
b: in the case of Ngapuhi, for Ngati Hine, if it so chooses, to withdraw from the joint mandated iwi organisation of Ngapuhi; and
c: in the case of Ngati Kahungunu, for Rongomaiwahine, if it so chooses, to withdraw from the joint mandated iwi organisation of Ngati Kahungunu.
2: The constitutional documents of each joint mandated iwi organisation must also provide—
a: the process that a withdrawing group must undertake in order to withdraw, including giving notice of its intention to withdraw to—
i: Te Ohu Kai Moana Trustee Limited; and
ii: the relevant joint mandated iwi organisation; and
b: the process for determining, consistently with the provisions of Part 3
c: the criteria that must be met by the withdrawing group in order to complete the process of withdrawal, including having a mandated iwi organisation recognised by Te Ohu Kai Moana Trustee Limited in accordance with section 13(1)
3: The matters that must be determined by the process provided for under subsection (2)(b) are—
a: the amount of the notional iwi population specified in column 2 of Schedule 3
b: the division of settlement assets that must be made between the joint mandated iwi organisation and a withdrawing group, including the proportion that the withdrawing group is entitled to receive of—
i: the settlement assets of the joint mandated iwi organisation, on the date when the withdrawal is complete; and
ii: other settlement assets that the joint mandated iwi organisation receives—
A: under sections 36(1)(f)(ii) 43 84(1)(g) 96(1)(g)
B: as a consequence of the allocation and transfer of settlement assets under subparts 1 2 section 44
4: In determining the amount of the notional iwi population to be attributed to a withdrawing group under subsection (3)(a) and the proportion of the settlement assets that a withdrawing group must receive under subsection (3)(b), a joint mandated iwi organisation and a withdrawing group may use any relevant information, including the relevant data from the census of 2001 or 2006 (but no other census data).
5: If a withdrawing group chooses to withdraw from its joint mandated iwi organisation, it must commence the process of withdrawal, in accordance with the process provided for under subsection (2)(a), not later than 5 years after the recognition of the relevant joint mandated iwi organisation under section 13(1)
21: Recognition of mandated iwi organisation of withdrawing group
1: Despite section 13(2) section 20(2)(a)
a: the criteria of section 14
b: the following further criteria:
i: it has on its register of iwi members no fewer than the minimum number of persons specified in column 4 of Schedule 3 section 20(3)(a) (a ÷ b) × c where— a is the amount attributed to the withdrawing group under section 20(3)(a) b is the total notional population for the iwi set out in column 2 of Schedule 3 c is the minimum number of members specified in column 4 of Schedule 3
ii: it has an asset-holding company, as required by section 12(1)(d)
2: Despite subsection (1), if a group has withdrawn from a joint mandated iwi organisation as provided for under section 20 section 36(1)(f)(ii) section 43 Part 3 section 84(1)(g) section 96(1)(g)
22: Transfer of assets
1: A joint mandated iwi organisation must not transfer to a withdrawing group the assets referred to in section 20(3)(b)
2: A transfer of assets referred to in subsection (1) must be—
a: free of charge to the withdrawing group, other than reasonable administrative costs; and
b: treated as if it were between wholly-owned asset-holding companies of the joint mandated iwi organisation.
23: Voting rights
1: The mandated iwi organisation of a withdrawing group, after it has completed the process of withdrawal provided for under section 20(2)(c)
a: has all the voting rights of a mandated iwi organisation under this Act; and
b: may exercise those rights from the date when it has completed the process of withdrawal.
2: However, only the joint mandated iwi organisation may exercise voting rights in respect of an appointment or removal at a meeting convened under—
a: clause 1 clause 6
b: clause 1 section 117(1)
3: For the purposes of sections 115(2) 127(3) 137(2)(b) 138(3)(b)
a: the notional iwi population represented by the mandated iwi organisation of any withdrawing group is the amount attributed to the withdrawing group under section 20(3)(a)
b: the notional iwi population represented by the joint mandated iwi organisation is the number stated in column 2 of Schedule 3 section 20(3)(a)
24: Status of Ngati Hine and Rongomaiwahine
1: If Ngati Hine withdraws from the joint mandated iwi organisation of Ngapuhi in accordance with the constitutional documents of Ngapuhi, Ngati Hine becomes, upon completion of its withdrawal, an iwi for the purposes of this Act as if it were listed in Group B—NGAPUHI of Schedule 3
2: If Rongomaiwahine withdraws from the joint mandated iwi organisation of Ngati Kahungunu in accordance with the constitutional documents of Ngati Kahungunu, Rongomaiwahine becomes, upon completion of its withdrawal, an iwi for the purposes of this Act as if it were listed in Group G—TAKITIMU of Schedule 3
3: Subsections (1) and (2) do not override section 21(2)
25: Further criteria may be prescribed
For the purpose of recognising and continuing to recognise mandated iwi organisations under section 13(1) section 54
26: Benefit to persons who are not members of iwi
1: The constitutional documents of a mandated iwi organisation may permit the organisation to benefit—
a: Maori who are not members of the iwi:
b: the community generally.
2: If the constitutional documents of a mandated iwi organisation make provision as contemplated by subsection (1), that does not disqualify the organisation from being recognised as a mandated iwi organisation or affect the validity of its constitutional documents, to the extent that they relate to matters provided for by or under this Act. Recognised iwi organisations
27: Functions and powers of recognised iwi organisations
1: This section and section 28 Schedule 4
2: In addition to the recognised iwi organisations listed in Schedule 4
3: A recognised iwi organisation has the functions and powers of a mandated iwi organisation, including the right—
a: to receive all documents, reports, and notices that must be provided to mandated iwi organisations under Part 2
b: to participate in the process for offering annual catch entitlement provided for in section 152
c: to participate in the process for resolving a dispute referred to in section 180(1)(b), (d), (e), (g), (h), (i), (k), or (l)
d: to represent the iwi in consultation, negotiation, and proceedings relating to a matter listed in this subsection; and
e: to represent its iwi by voting at any meeting convened under clause 1 clause 6
4: However, a recognised iwi organisation does not have the right—
a: to receive settlement quota; or
b: to receive money under section 149 section 150
c: to purchase settlement quota; or
d: to receive or purchase income shares, or to receive dividends relating to income shares; or
e: to enter into binding agreements with other iwi over coastline claims; or
f: to submit coastline claims to Te Ohu Kai Moana Trustee Limited for determination under section 11
g: to enter into agreements for freshwater quota or harbour quota; or
h: to nominate an entity with charitable status to receive distributions on the termination of—
i: Te Ohu Kai Moana, as provided for under section 36(1)(f)(ii)
ii: Te Putea Whakatupu Trust, as provided for under section 84(1)(g)
iii: Te Wai Maori Trust, as provided for under section 96(1)(g)
28: Status of recognised iwi organisations
1: Te Ohu Kai Moana Trustee Limited, mandated iwi organisations, and recognised iwi organisations must recognise and deal with a recognised iwi organisation as if it were a mandated iwi organisation, including for the matters listed in section 27(3)
2: Despite the constitutional documents of a recognised iwi organisation, Te Ohu Kai Moana Trustee Limited may, if it considers in the circumstances that it is reasonably necessary, require the directors, trustees, or office holders of a recognised iwi organisation to demonstrate that, in relation to their functions under this Act, they have the confidence of the majority of the adult members of the iwi who vote at a properly constituted general meeting to act on their behalf.
29: Representative Maori organisations
1: The organisations specified in Schedule 5
2: A representative Maori organisation is entitled to participate in the procedures—
a: to appoint or remove a member or alternate member of Te Kawai Taumata, as provided for in Schedule 8
b: to appoint a member of any committee of representatives established under section 116
2: Establishment and review of new entities
30: Outline of this Part
This Part provides, in 6 subparts, for the establishment, audit, and review of the following new entities:
a: Te Ohu Kai Moana and Te Ohu Kai Moana Trustee Limited; and
b: Te Kawai Taumata; and
c: Aotearoa Fisheries Limited; and
d: Te Putea Whakatupu Trust and Te Putea Whakatupu Trustee Limited; and
e: Te Wai Maori Trust and Te Wai Maori Trustee Limited.
1: Te Ohu Kai Moana and Te Ohu Kai Moana Trustee Limited
Establishment of trust and trustee
31: Te Ohu Kai Moana to be established
1: The Treaty of Waitangi Fisheries Commission must, before the appointed day, establish by trust deed a trust called Te Ohu Kai Moana.
2: No rule of law or provisions of an Act limiting the duration of a trust, including section 16
a: prescribe or restrict the period during which Te Ohu Kai Moana may exist in law; or
b: apply to a document entered into to give effect to the Deed of Settlement (including the trust deed required to be entered into under subsection (1)) if the application of that rule or the provisions of that Act would otherwise make the document, or a right or obligation conferred by that document, invalid or ineffective. Section 31(2) amended 30 January 2021 section 161 Trusts Act 2019
32: Purpose of Te Ohu Kai Moana
The purpose of Te Ohu Kai Moana is to advance the interests of iwi individually and collectively, primarily in the development of fisheries, fishing, and fisheries-related activities, in order to—
a: ultimately benefit the members of iwi and Maori generally; and
b: further the agreements made in the Deed of Settlement; and
c: assist the Crown to discharge its obligations under the Deed of Settlement and the Treaty of Waitangi
d: contribute to the achievement of an enduring settlement of the claims and grievances referred to in the Deed of Settlement.
33: Trustee of Te Ohu Kai Moana
1: Te Ohu Kai Moana must have only 1 trustee.
2: The trustee of Te Ohu Kai Moana must be a company formed under the Companies Act 1993 Duties and functions of trustee
34: Duties of Te Ohu Kai Moana Trustee Limited
Te Ohu Kai Moana Trustee Limited must administer the settlement assets in accordance with the purposes of this Act and the purpose of Te Ohu Kai Moana, including performing the following duties:
a: as required by sections 7 196
b: as required by section 157
i: the quota shares listed in Schedule 1
ii: any quota shares allocated under section 44
c: to allocate and transfer the settlement assets; and
d: to manage on a transitional basis, collectively or separately as Te Ohu Kai Moana Trustee Limited considers appropriate, the settlement assets to be allocated to an iwi, until they are transferred to the mandated iwi organisation of the iwi; and
e: to determine the coastline entitlements of iwi under section 11 Schedule 6
f: to maintain the iwi register required by section 40
g: if Te Ohu Kai Moana Trustee Limited is satisfied that each commercial fisher is wholly owned by 1 or more mandated iwi organisations, to advise the chief executive of the Ministry of Fisheries as to those commercial fishers who are approved entities for the purposes of section 74(2A)
h: to make extracts of the iwi register available, on request, to mandated iwi organisations or members of iwi, in accordance with any policy prepared under section 53
i: to assist recognised iwi organisations to establish a register of iwi members that includes the contact details and date of birth for every person included in that register; and
j: to assist iwi to meet the requirements of sections 14 17 130(3)
k: where the lack of a mandated iwi organisation for an iwi prevents the mandated iwi organisation of another iwi from making its coastline claims under clause 3
l: to the extent that they relate to matters provided for by or under this Act, to approve constitutional documents under section 17 section 18 section 25
m: to appoint the directors of Aotearoa Fisheries Limited; and
n: to establish Te Putea Whakatupu Trust, appoint the directors of Te Putea Whakatupu Trustee Limited, and make the payments required by section 90(1) and (3)
o: to establish Te Wai Maori Trust, appoint the directors of Te Wai Maori Trustee Limited, and make the payments required by section 103(1), (3), and (4)
p: to consider and, if satisfied, approve the annual plans of Te Putea Whakatupu Trustee Limited and Te Wai Maori Trustee Limited; and
q: to prepare the final financial statements of the Treaty of Waitangi Fisheries Commission, as provided for in section 197
r: to perform any other duties prescribed by or under this Act or any other enactment.
35: Functions of Te Ohu Kai Moana Trustee Limited
1: As a means to further the purpose of Te Ohu Kai Moana, Te Ohu Kai Moana Trustee Limited may—
a: foster, promote, commission, or fund research into the sustainable management of fisheries:
b: in relation to fisheries, fishing, and fisheries-related activities, act to protect and enhance the interests of iwi and Maori in those activities:
c: in relation to other activities, so long as the nature of the business activities of Te Ohu Kai Moana Group, taken as a whole, is not significantly changed from the primary focus on fisheries, fishing, or fisheries-related activities,—
i: approve other activities, including, but not limited to, activities related to the seafood industry:
ii: give prior approvals to specified entities of Te Ohu Kai Moana Group to conduct other activities up to thresholds specified by Te Ohu Kai Moana Trustee Limited:
d: require mandated iwi organisations to demonstrate their progress in meeting the criteria and requirements set out in section 14 17 section 130(3)(b) section 34(i) or (j)
e: in accordance with the provisions of Part 4
f: perform the functions of the voting shareholder of Aotearoa Fisheries Limited:
g: apply the funds of the trust by way of payments to—
i: mandated iwi organisations:
ii: Te Putea Whakatupu Trustee Limited and Te Wai Maori Trustee Limited as specified in sections 90(5) 103(6)
h: grant assistance, as permitted by or under this Act, to—
i: mandated iwi organisations:
ii: individual Maori and groups of Maori:
i: maintain reserve funds to the extent that it considers prudent:
j: perform any other functions permitted by or under this Act or any other enactment.
2: Te Ohu Kai Moana Trustee Limited must not undertake fishing or hold a fishing permit.
3: This section and section 34 Trust deed
36: Trust deed of Te Ohu Kai Moana
1: The trust deed of Te Ohu Kai Moana must—
a: specify the purpose of Te Ohu Kai Moana as stated in section 32
b: require Te Ohu Kai Moana Trustee Limited to develop—
i: an annual plan; and
ii: a 5-year strategic plan that is updated annually; and
c: require Te Ohu Kai Moana Trustee Limited to circulate drafts of the plans referred to in paragraph (b) for comment, prior to their adoption by Te Ohu Kai Moana Trustee Limited, to—
i: mandated iwi organisations; and
ii: representative Maori organisations; and
d: provide for the manner in which the trust deed may be varied and any restrictions on its variation; and
e: provide for fees or remuneration for attendance at meetings, as the case may be, and reimbursing allowances or actual and reasonable expenses to be paid, in accordance with the provisions included in the annual plan of Te Ohu Kai Moana Trustee Limited under section 37(d) to (g)
i: the directors of Te Ohu Kai Moana Trustee Limited; and
ii: the directors of Te Putea Whakatupu Trustee Limited and Te Wai Maori Trustee Limited; and
iii: the members and alternate members of Te Kawai Taumata; and
iv: the members of a committee of representatives; and
f: provide for—
i: the termination of Te Ohu Kai Moana; and
ii: on termination of that Trust, the distribution of the assets of the Trust, including capital and accumulated income, in the percentages specified in column 3 of Schedule 3
A: to each mandated iwi organisation that has charitable status; or
B: in the case of a mandated iwi organisation that does not have charitable status, to an entity with charitable status nominated by the mandated iwi organisation to benefit the relevant iwi and its members; or
C: if no mandated iwi organisation exists or no nomination is made under subsubparagraph (B), to an entity with charitable status nominated by Te Ohu Kai Moana Trustee Limited to benefit the relevant iwi and its members.
2: The trust deed may—
a: include any other matter that is not inconsistent with this Act; and
b: be amended, subject to—
i: the purpose of Te Ohu Kai Moana; and
ii: any restrictions specified by the trust deed on the way it may be varied; and
iii: the provisions of this Act.
3: A provision of the trust deed or an amendment to it has no effect to the extent that it is inconsistent with this Act.
37: Matters to be included in annual plan
The trust deed of Te Ohu Kai Moana must require Te Ohu Kai Moana Trustee Limited to include in its annual plan for the relevant year—
a: whether Te Ohu Kai Moana Trustee Limited will hold and account separately or collectively for—
i: the net proceeds of sales referred to in section 152(4)
ii: income shares and dividends referred to in section 153(1)
b: the matters referred to in section 152(5)(a)
c: the budget for Te Ohu Kai Moana Trustee Limited; and
d: the budget to be paid by Te Ohu Kai Moana Trustee Limited for Te Kawai Taumata, as provided for under clause 19 clause 18
e: when relevant, the budget for—
i: a review under section 114(2) and (3)(a)
ii: a committee of representatives, as provided for under section 115(1) section 120(4)
f: the scale of fees (expressed in bands of $10,000) that applies for—
i: the directors of Te Ohu Kai Moana Trustee Limited, to be paid by Te Ohu Kai Moana Trustee Limited; and
ii: the directors of Te Putea Whakatupu Trustee Limited, to be paid by Te Putea Whakatupu Trustee Limited; and
iii: the directors of Te Wai Maori Trustee Limited, to be paid by Te Wai Maori Trustee Limited; and
g: the policy that must apply to the payments referred to in paragraphs (d), (e), and (f) of reimbursing allowances to, or actual and reasonable expenses of, the directors, members, and alternate members, as the case may be.
38: Annual report of Te Ohu Kai Moana Trustee Limited
1: The trust deed of Te Ohu Kai Moana must set out the reporting obligations of Te Ohu Kai Moana Trustee Limited, as provided for in this section and section 39
2: In measuring its performance against the annual plan and strategic plan referred to in section 36(1)(b)
a: mandated iwi organisations and representative Maori organisations; and
b: the members and alternate members of Te Kawai Taumata.
3: In each annual report required by subsection (2), Te Ohu Kai Moana Trustee Limited must—
a: describe any amendments made to the trust deed of Te Ohu Kai Moana; and
b: describe the key activities undertaken by—
i: Te Ohu Kai Moana Trustee Limited; and
ii: any subsidiary set up by Te Ohu Kai Moana Trustee Limited, including Aotearoa Fisheries Limited; and
iii: Te Putea Whakatupu Trustee Limited and Te Wai Maori Trustee Limited; and
c: describe any special resolution passed or approval granted during that year in respect of the matters referred to in section 35(1)(c)
d: separately describe each of the funds it has reserved under section 35(1)(i)
e: separately describe each sale of income shares sold under section 71
f: describe how the revenue from annual catch entitlements sold in the previous year was used; and
g: describe separately or collectively, as provided for in the annual plan, the income shares and dividends held under section 153(1)
h: describe separately, in relation to any loan referred to in section 75(4)(f)
i: the capital sum of the loans; and
ii: the money received, in each case by way of capital repayments or interest; and
iii: loans written off or discharged; and
i: list any appointments made by Te Ohu Kai Moana Trustee Limited to the board of directors of Aotearoa Fisheries Limited, Te Putea Whakatupu Trustee Limited; and Te Wai Maori Trustee Limited.
4: The annual report must include—
a: the audited financial statements of Te Ohu Kai Moana and Te Ohu Kai Moana Trustee Limited; and
b: a statement of—
i: the payments made under section 35(1)(g)
ii: the fees (expressed in bands of $10,000) and the reimbursing allowances or actual and reasonable expenses paid to each of the directors of Te Ohu Kai Moana Trustee Limited, Te Putea Whakatupu Trustee Limited, and Te Wai Maori Trustee Limited; and
iii: the remuneration and reimbursing allowances or actual and reasonable expenses paid, collectively, to—
A: the members and alternate members of Te Kawai Taumata; and
B: the members of a committee of representatives.
39: Consultation and other reporting obligations
1: The trust deed must require Te Ohu Kai Moana Trustee Limited—
a: to hold a general meeting, not later than 8 months after the end of each financial year, to discuss and address issues arising from the annual report; and
b: to provide, in a timely manner, to mandated iwi organisations, representative Maori organisations, and the members and alternate members of Te Kawai Taumata—
i: the minutes of every general meeting; and
ii: the annual report required by section 38
iii: the annual and strategic plans referred to in section 36(1)(b)
2: This section does not limit any reporting obligations arising under any other enactment or rule of law.
40: Obligation to establish and maintain iwi register
1: The trust deed of Te Ohu Kai Moana must include an obligation on Te Ohu Kai Moana Trustee Limited to establish and maintain an iwi register.
2: The purpose of the iwi register is to provide a record, in respect of each iwi, of the matters set out in subsection (3).
3: Without limiting the scope of the iwi register, Te Ohu Kai Moana Trustee Limited must record in the iwi register—
a: its recognition of mandated iwi organisations; and
b: to the extent that the constitutional documents (and any amendments to them) relate to the matters provided for by or under this Act,—
i: its approval of the documents of mandated iwi organisations; and
ii: the approval by mandated iwi organisations of the documents of their asset-holding companies and of any subsidiaries of those asset-holding companies; and
c: changes to the criteria or requirements that apply to mandated iwi organisations and their constitutional documents made in accordance with section 18
d: its determinations on coastline entitlements or interim coastline entitlements made under clause 10A 11
e: the allocation of settlement assets to each iwi; and
f: the transfer of those settlement assets to the mandated iwi organisation of the iwi or to an asset-holding company of the mandated iwi organisation, as appropriate; and
g: any transfer of settlement quota made in accordance with Part 4 Section 40(3)(d) amended 13 December 2006 section 4 Maori Fisheries Amendment Act 2006
41: Review of revenue requirements
1: In this section and sections 42 43 loan funds section 42(1)(c) revenue review
2: The trust deed of Te Ohu Kai Moana must include an obligation on Te Ohu Kai Moana Trustee Limited to commence and complete, during the 12th year after the commencement of this Act, a review of the revenue requirements of Te Ohu Kai Moana Trustee Limited.
3: Te Ohu Kai Moana Trustee Limited must include, in the next annual report after the completion of the revenue review, a report on the findings and conclusions of the review.
42: Scope of revenue review
1: The revenue review conducted under section 41
a: the activities that Te Ohu Kai Moana Trustee Limited must undertake in carrying out its duties and functions under this Act; and
b: the revenue that is necessary to enable Te Ohu Kai Moana Trustee Limited to carry out the activities identified under paragraph (a); and
c: whether, in order to meet the revenue requirements identified under paragraph (b), it is necessary for Te Ohu Kai Moana Trustee Limited to continue to hold and receive any of the funds relating to the loans referred to in section 75(4)(f)
i: the capital funds of the loans:
ii: the income from the capital funds:
iii: the accumulated income from the loans.
2: If Te Ohu Kai Moana Trustee Limited determines under subsection (1)(c) that it is necessary that it continue to hold and receive some or all of the loan funds, it must—
a: state the period of time for which it will continue to do so; and
b: complete a further revenue review before the expiry of the period of time provided for under paragraph (a).
3: In conducting the revenue review, Te Ohu Kai Moana Trustee Limited must—
a: consult with mandated iwi organisations and representative Maori organisations; and
b: take their views into account.
43: Allocation and transfer of surplus loan funds
If Te Ohu Kai Moana Trustee Limited determines, in the revenue review conducted under section 41 section 42(1)(b) Schedule 3 Te Ohu Kai Moana Trustee Limited
44: Constitution of Te Ohu Kai Moana Trustee Limited
1: Te Ohu Kai Moana Trustee Limited must have—
a: only 1 share that—
i: has no distribution rights; and
ii: is held jointly by the members of 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 Ohu Kai Moana Trustee Limited is restricted to acting as the trustee of Te Ohu Kai Moana; and
b: that Te Ohu Kai Moana Trustee Limited must have a board that consists of at least 6, and not more than 7, directors; and
c: that an extraordinary vacancy of a director does not create a breach of the constitution, so long as—
i: there is an alternate for that director; and
ii: a new director is appointed within 6 months of the vacancy arising; and
d: that, in accordance with sections 46 to 49
i: must appoint the directors (except the first directors) of Te Ohu Kai Moana Trustee Limited; and
ii: may remove any director; and
e: that each of the directors of Te Ohu Kai Moana Trustee Limited must be a Maori; and
f: that, having regard to the purpose of Te Ohu Kai Moana, the directors of Te Ohu Kai Moana Trustee Limited collectively must have commercial expertise and business skills, and be well versed in matters of tikanga Maori; and
g: a procedure for the appointment of an alternate for a director to attend and vote at meetings on behalf of that director; and
h: a method by which the board of Te Ohu Kai Moana Trustee Limited must address conflicts of interest for its directors; and
i: that no director of Te Ohu Kai Moana Trustee Limited may undertake any contract for services for Te Ohu Kai Moana Group; and
j: the restrictions that apply to the chairperson and deputy chairperson of Te Ohu Kai Moana Trustee Limited in relation to any other appointment under this Act; and
k: the criteria that must be taken into account when an alternate director is appointed and any restrictions on eligibility that apply to the appointment of an alternate; and
l: a procedure for amending the constitution of Te Ohu Kai Moana Trustee Limited; and
m: that Te Ohu Kai Moana Trustee Limited must convene at least 1 general meeting each financial year; and
n: that Te Ohu Kai Moana Trustee Limited must give public notice of not less than 20 working days that a general meeting is to be held and the agenda for that meeting, with separate written notice to—
i: each mandated iwi organisation and representative Maori organisation; and
ii: each member and alternate member of Te Kawai Taumata; and
o: that Te Ohu Kai Moana Trustee Limited must put any written motion to a non-binding vote at a general meeting, provided the motion is supported by not less than 20% of the total number of mandated iwi organisations; and
p: that Te Ohu Kai Moana Trustee Limited may be put into voluntary liquidation only if Te Ohu Kai Moana is terminated; and
q: a process for putting Te Ohu Kai Moana Trustee Limited into voluntary liquidation.
3: The constitution must provide for a specific power of sale of income shares or settlement quota or both and may provide for a general power of sale of income shares or settlement quota or both, including in each case any terms and conditions as to the exercise of the power.
4: A provision of the constitution of Te Ohu Kai Moana Trustee Limited is of no effect to the extent that it is inconsistent with this Act.
5: Te Ohu Kai Moana Trustee Limited has full powers to act in its role as the trustee of Te Ohu Kai Moana. Appointment of directors
45: First directors of Te Ohu Kai Moana Trustee Limited
1: The Minister of Maori Affairs must appoint the first directors of Te Ohu Kai Moana Trustee Limited.
2: The directors appointed under subsection (1) must not exercise any powers or functions as directors or take any other action before the appointed day.
3: Each director appointed by the Minister under subsection (1) must, immediately before the appointed day, be a member of the Treaty of Waitangi Fisheries Commission.
4: Despite section 47(1)
5: Before appointing the first directors, the Minister may consult any person he or she considers appropriate.
46: Subsequent appointments
1: Te Kawai Taumata must, in accordance with this Act and the constitution of Te Ohu Kai Moana Trustee Limited, appoint to the board of Te Ohu Kai Moana Trustee Limited—
a: 3 directors to replace the directors whose terms expire under section 45(4)
b: all other directors.
2: If at any time Te Kawai Taumata cannot make all the appointments necessary to fill the board of Te Ohu Kai Moana Trustee Limited, the members of Te Kawai Taumata (or their alternates) must nominate which of the directors will not be replaced for the time being.
47: Term of office of directors
1: A director is appointed under section 45(1) section 46(1)
2: However, a director—
a: who has held office for 2 consecutive full terms (disregarding any appointment to fill a vacancy arising during the term of another director) is not eligible to be reappointed as a director within 2 years after ceasing to hold office; and
b: whose term of office expires, continues in office until his or her successor is appointed in accordance with this Act and the constitution of Te Ohu Kai Moana Trustee Limited.
48: Eligibility for office of director
1: A person who is, or who has been within the previous 2 years, a member or alternate member of Te Kawai Taumata is not eligible for appointment as a director or alternate director of Te Ohu Kai Moana Trustee Limited or of a subsidiary of Te Ohu Kai Moana Trustee Limited.
2: If a director of Te Ohu Kai Moana Trustee Limited or of a subsidiary of Te Ohu Kai Moana Trustee Limited becomes a member or alternate member of Te Kawai Taumata, he or she must, within 5 working days, resign as a director or alternate director of Te Ohu Kai Moana Trustee Limited or of the subsidiary, as the case may be.
49: Removal of directors
1: A director appointed under section 45(1)
2: A director appointed under section 46(1) Schedule 8
50: Effect of vacancy in membership of Te Ohu Kai Moana Trustee Limited
The functions and powers of Te Ohu Kai Moana Trustee Limited are not affected by a vacancy in the membership of the board. Iwi register
51: Documentation relating to iwi register
1: Te Ohu Kai Moana Trustee Limited must preserve, for not less than 12 years from the date when the document comes into existence, every document relevant to the iwi register, in respect of—
a: iwi constitutional documents; and
b: documents submitted in making a coastline claim under section 11
c: records of the process by which coastline entitlements are determined by Te Ohu Kai Moana Trustee Limited; and
d: other documents that Te Ohu Kai Moana Trustee Limited considers relevant to the matters set out in section 40(3)
2: Te Ohu Kai Moana Trustee Limited may create summaries of the records listed in subsection (1) for the purpose of section 52
52: Access to iwi register
1: The iwi register must be available for access upon request by—
a: a mandated iwi organisation:
b: a member of an iwi:
c: the members and alternate members of Te Kawai Taumata.
2: However, access to the iwi register may be restricted under a policy of Te Ohu Kai Moana Trustee Limited prepared under section 53
53: Policy on iwi register
1: Te Ohu Kai Moana Trustee Limited may prepare a policy on the iwi register that includes—
a: rules on access to—
i: information on the register:
ii: documents that are relevant to, and included with, information on the register:
b: criteria that apply to—
i: protect the confidentiality of information in the iwi register:
ii: restrict access to the register:
c: the circumstances when only a summary of information on the iwi register will be accessible, and those when the full documentation will be accessible:
d: when and where the iwi register may be accessed:
e: fees and charges that apply for supplying information requested from the iwi register.
2: In preparing a policy on the iwi register, Te Ohu Kai Moana Trustee Limited must comply with the procedures set out in section 54 Rule-making procedures
54: Procedures for making or amending rules
1: Te Ohu Kai Moana Trustee Limited may make or amend rules—
a: that change the procedures applying to the sale or exchange of settlement quota under Part 4
b: that affect the criteria or other requirements applying to the constitutional documents of mandated iwi organisations in accordance with section 25
c: that restrict access to the iwi register under section 52
2: Te Ohu Kai Moana Trustee Limited must give notice in the Gazette
3: Before notifying a rule or an amendment under subsection (2), Te Ohu Kai Moana Trustee Limited must, in respect of the proposed rule or amendment,—
a: identify the mandated iwi organisations that will be affected by the proposal; and
b: inform them of the proposal; and
c: if Te Ohu Kai Moana Trustee Limited will be a party affected by the proposal, inform the affected mandated iwi organisations of that fact; and
d: allow not less than 20 working days for affected mandated iwi organisations to make written submissions to Te Ohu Kai Moana Trustee Limited on the proposal; and
e: take into account submissions made by mandated iwi organisations under paragraph (d); and
f: notify the affected mandated iwi organisations of significant issues raised by the submissions and how those issues were taken into account.
4: Rules must not be inconsistent with this Act or any other enactment or rule of law.
2: Te Kawai Taumata
55: Establishment of Te Kawai Taumata
1: The chairperson of the board of Te Ohu Kai Moana Trustee Limited must by written notice request those with responsibility under clause 1
2: The duty under subsection (1) must be completed not later than 6 months before the term of office expires under section 45(4)
3: Schedule 8
56: Sole function of Te Kawai Taumata
1: The sole function of the members and alternate members of Te Kawai Taumata is to appoint and remove directors of Te Ohu Kai Moana Trustee Limited in accordance with—
a: the requirements of this Act; and
b: the constitution of Te Ohu Kai Moana Trustee Limited.
2: In carrying out their function under subsection (1), the members and alternate members of Te Kawai Taumata,—
a: are not subject to directions from the board of Te Ohu Kai Moana Trustee Limited or any of its directors; and
b: may collectively seek advice from any source they consider appropriate; and
c: must act in a manner that is consistent with achieving the purpose of Te Ohu Kai Moana; and
d: must receive audit reports under section 113 section 125 section 127(1)
57: Membership of Te Kawai Taumata
1: Te Kawai Taumata must have not more than 11 members, and not fewer than 6, together with an alternate member for each member.
2: One member of Te Kawai Taumata, and an alternate for that member, may be appointed, in accordance with clauses 1 to 3
a: each of the groups of iwi set out in column 1 of Schedule 3
b: the group of representative Maori organisations listed in Schedule 5
3: All members of Te Kawai Taumata and their alternates must be Maori.
58: Alternate members of Te Kawai Taumata
1: An alternate member may act in place of the member, but only if the member is unable by illness, absence, or other reason to act as a member.
2: The death, resignation, or removal from office of a member does not cause the removal from office of that member’s alternate member, until the new member and his or her alternate member are appointed, which must not be later than 6 months after the death, resignation, or removal from office of the member.
59: Eligibility for membership of Te Kawai Taumata
1: Any Maori is eligible for appointment as a member or alternate member of Te Kawai Taumata if,—
a: in the case of a person appointed by mandated iwi organisations, a majority of the mandated iwi organisations in the group have voted for that person; or
b: in the case of a person appointed by the representative Maori organisations, a majority of those organisations have voted for that person; or
c: in the case of the person appointed by Ngapuhi, a majority of the directors, trustees, or office holders of the Ngapuhi mandated iwi organisation have voted for that person.
2: A person is not eligible to be a member or alternate member of Te Kawai Taumata at the same time as he or she is a director of—
a: Te Ohu Kai Moana Trustee Limited; or
b: Aotearoa Fisheries Limited or any other subsidiary of Te Ohu Kai Moana Trustee Limited; or
c: a subcompany; or
d: Te Putea Whakatupu Trustee Limited; or
e: Te Wai Maori Trustee Limited.
3: If subsection (2) is breached, the member or alternate member of Te Kawai Taumata must, within 5 working days, resign as a director of any company listed in that subsection.
3: Aotearoa Fisheries Limited
Establishment
60: Establishment of Aotearoa Fisheries Limited
1: Before the appointed day, unless it has done so before the commencement of this Act, the Treaty of Waitangi Fisheries Commission must form a company under the Companies Act 1993
2: Aotearoa Fisheries Limited must have—
a: voting shares that have—
i: all the rights to vote under the Companies Act 1993 section 207P
ii: no rights to distributions from Aotearoa Fisheries Limited; and
b: income shares that have—
i: equal distribution rights; and
ii: sole rights to vote under section 207P
3: To avoid doubt, Aotearoa Fisheries Limited is not the company of the same name referred to in section 12 of the Maori Fisheries Act 1989 Section 60(2)(a)(i) amended 1 April 2014 section 126 Financial Reporting (Amendments to Other Enactments) Act 2013 Section 60(2)(b)(ii) amended 1 April 2014 section 126 Financial Reporting (Amendments to Other Enactments) Act 2013 Duty of Aotearoa Fisheries Limited
61: Duty of Aotearoa Fisheries Limited
1: Aotearoa Fisheries Limited must manage its assets in a commercial manner.
2: Despite section 35(2)
a: fishing and fisheries-related activities:
b: other activities including, but not limited to, activities related to the seafood industry.
3: However, Aotearoa Fisheries Limited and its subcompanies must not undertake activities referred to in subsection (2)(b) unless they do so in a manner consistent with the terms and conditions of an approval given under section 35(1)(c) Constitution of Aotearoa Fisheries Limited
62: Requirements for constitution
1: Aotearoa Fisheries Limited must have a constitution that includes—
a: a provision that prevents Aotearoa Fisheries Limited from passing a special resolution for the purpose of approving any transaction that would be likely to have the effect of breaching section 35(1)(c)
b: a procedure for the appointment of an alternate for a director to attend and vote at meetings on behalf of that director; and
c: the criteria that must be taken into account when an alternate is appointed, and any restrictions on eligibility that apply to an appointment; and
d: a method by which the board of Aotearoa Fisheries Limited must address conflicts of interest that may arise for its directors; and
e: a provision enabling income shareholders to pass non-binding resolutions relating to the management of the company; and
f: a requirement that Aotearoa Fisheries Limited report to income shareholders with—
i: formal unaudited half-yearly financial statements; and
ii: audited yearly financial statements; and
iii: an annual report that includes a statement of any change in the value of the company for the financial year, together with a statement of the method by which that value was determined; and
iv: a business plan for the next financial year, including a summary of the key activities to be undertaken in that year; and
v: the minutes of the annual general meeting and any special general meeting; and
g: a requirement that Aotearoa Fisheries Limited use its best endeavours to work co-operatively with iwi on commercial matters; and
h: requirements that Aotearoa Fisheries Limited—
i: establish a process for the disposal of income shares in accordance with the provisions of sections 69 to 72
ii: maintain a register that records—
A: all income shareholders; and
B: all transfers of income shares; and
iii: record transfers of shares in the register if, and only if, the transfers comply with the requirements of sections 69 to 72
i: a requirement that if Aotearoa Fisheries Limited is put into liquidation, distributions must be made to the income shareholders in proportion to their shareholding at the time of liquidation; and
j: a provision that the constitution must not be amended in a way that affects the rights or entitlements of the income shareholders, unless the shareholders of at least 75% of the income shares approve; and
k: a provision enabling Aotearoa Fisheries Limited—
i: to issue additional income shares; and
ii: to establish subcompanies; and
l: provisions for any other matters that are required by this Act.
2: This section does not limit any reporting obligations arising under another enactment or rule of law.
3: To the extent that a provision of the constitution of Aotearoa Fisheries Limited or an amendment to it is inconsistent with this Act, that provision has no effect. Directors
63: Directors of Aotearoa Fisheries Limited
1: Te Ohu Kai Moana Trustee Limited must appoint, and may remove, the directors of Aotearoa Fisheries Limited.
2: Aotearoa Fisheries Limited must have not fewer than 5, and not more than 8, directors.
3: An extraordinary vacancy of a director does not create a breach of this section if the vacancy is filled within 3 months.
64: Restrictions on appointment of directors
1: Not more than 2 of the directors of Aotearoa Fisheries Limited may be directors or employees of Te Ohu Kai Moana Trustee Limited.
2: Neither the chairperson nor the deputy chairperson of either Te Ohu Kai Moana Trustee Limited or Aotearoa Fisheries Limited may, at the same time, be the chairperson or deputy chairperson of the other.
3: If subsection (1) is breached, the most recently appointed director of Aotearoa Fisheries Limited who is also a director or employee of Te Ohu Kai Moana Trustee Limited must resign, within 5 working days,—
a: as a director of Aotearoa Fisheries Limited; or
b: as a director or employee of Te Ohu Kai Moana Trustee Limited, as the case may be.
4: A breach of subsection (1) does not—
a: invalidate an action or decision of Aotearoa Fisheries Limited:
b: occur in the case of an extraordinary vacancy of a director, if the vacancy is filled within 3 months.
5: To avoid doubt, subsection (1) does not apply to the appointment of an alternate for a director, as provided for in the constitution of Aotearoa Fisheries Limited under section 62(1)(b)
6: A person who is, or who has been within the previous 2 years, a member or alternate member of Te Kawai Taumata is not eligible for appointment as a director of Aotearoa Fisheries Limited.
7: A director of Aotearoa Fisheries Limited is not eligible to be, at the same time, a director of Te Putea Whakatupu Trustee Limited or of Te Wai Maori Trustee Limited.
65: Directors of subcompanies
1: In this section, if a subcompany of Aotearoa Fisheries Limited is a trust or an entity other than a company, a reference to a director of a subcompany is a reference to a trustee or office holder of the entity.
2: Not more than 2 of the directors of a subcompany of Aotearoa Fisheries Limited may be directors or employees of Te Ohu Kai Moana Trustee Limited.
3: If subsection (2) is breached, the most recently appointed director of the subcompany who is also a director or employee of Te Ohu Kai Moana Trustee Limited must, within 5 working days, resign, as the case may be,—
a: as a director of the subcompany; or
b: as a director or employee of Te Ohu Kai Moana Trustee Limited.
4: A breach of subsection (2) does not—
a: invalidate an action or decision of the subcompany; or
b: occur in the case of an extraordinary vacancy of a director of the subcompany if the vacancy is filled within 3 months.
5: A person who is, or who has been within the previous 2 years, a member or alternate member of Te Kawai Taumata is not eligible for appointment as a director of a subcompany of Aotearoa Fisheries Limited.
6: A director of a subcompany is not eligible to be, at the same time, a director of Te Putea Whakatupu Trustee Limited or of Te Wai Maori Trustee Limited. Voting shares
66: Voting shares
1: On the appointed day, Aotearoa Fisheries Limited must have 125 000 voting shares, all of which it must issue to Te Ohu Kai Moana Trustee Limited, unless it has already done so.
2: Te Ohu Kai Moana Trustee Limited must retain control of all the voting shares in Aotearoa Fisheries Limited.
3: However, if a resolution that is supported under section 127(3) Income shares
67: Income shares
1: On the appointed day, Aotearoa Fisheries Limited must have 125 000 income shares, all of which it must issue to Te Ohu Kai Moana Trustee Limited, unless it has already done so.
2: Income shares in Aotearoa Fisheries Limited must be held only by—
a: Te Ohu Kai Moana Trustee Limited, either as an owner or trustee; and
b: mandated iwi organisations, through their asset-holding companies.
3: Te Ohu Kai Moana Trustee Limited must—
a: retain ownership of 20% of all the income shares issued at any time by Aotearoa Fisheries Limited; and
b: until they are allocated in accordance with section 139
68: Additional income shares
If Aotearoa Fisheries Limited issues additional income shares,—
a: they must be offered to income shareholders in proportion to the income shares they hold at the date of issue, including income shares held in trust under section 67(3)(b)
b: in the case of any unsubscribed shares, they must be offered or withdrawn in accordance with the constitution of Aotearoa Fisheries Limited.
69: Disposal of income shares by mandated iwi organisations
1: A mandated iwi organisation may sell its income shares, but only—
a: to Te Ohu Kai Moana Trustee Limited; or
b: to another mandated iwi organisation; and
c: in accordance with section 70
2: Despite subsection (1), a mandated iwi organisation must not sell income shares allocated to it under section 139 section 130 section 135
3: Income shares—
a: must not be gifted; and
b: may be exchanged or otherwise disposed of, but only in accordance with this Act and the process established in the constitution of Aotearoa Fisheries Limited.
4: An exchange or other disposal of income shares must be treated as a sale under sections 69 to 73
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
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 72
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
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.
72: Other constraints on disposal of income shares
1: Section 70(1) to (4)
a: the sale of its income shares; or
b: the iwi being disentitled to the income from the income shares for a period of more than 5 years.
2: If a third party to a transaction or series of transactions referred to in subsection (1) exercises a right to sell or requires the sale of income shares,—
a: section 69(1)(a) and (b)
b: the third party proposing to sell must notify the proposal to—
i: Te Ohu Kai Moana Trustee Limited; and
ii: all mandated iwi organisations.
3: As soon as is reasonably practicable after a third party has sold income shares under subsection (2), it must—
a: notify Aotearoa Fisheries Limited; 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 subsection (2).
4: In this section, third party
73: Remedy for breach of sections 69 to 72
1: If a contract for the sale of income shares, including a transaction or series of transactions referred to in section 72(1) section 67 sections 69 to 72
a: cancel the contract or transaction:
b: vest in the vendor the income shares that were the subject of the contract or transaction:
c: vest in the buyer the consideration for the contract or transaction:
d: the Court thinks fit, if the buyer has on-sold, or has granted any interest in, or security over, the income shares:
e: the costs of the applicant be met by the parties to the sale or transaction.
2: Orders made under subsection (1) may be made—
a: on the application of—
i: a party; or
ii: an adult member of an iwi whose mandated iwi organisation is a party; or
iii: a mandated iwi organisation; or
iv: Te Ohu Kai Moana Trustee Limited; and
b: on the terms and conditions that the Court thinks fit, so long as the income shares are not vested other than in—
i: a mandated iwi organisation, to be held in trust by an asset-holding company of the mandated iwi organisation; or
ii: Te Ohu Kai Moana Trustee Limited.
3: In the case of a breach of section 67(2) sections 69 to 72 subpart 5 Section 73(3) amended 1 September 2017 section 347 Contract and Commercial Law Act 2017
74: Exceptions to restrictions on disposal of income shares
1: Sections 69 to 73
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) Transfer of assets
75: Transfer of assets to Aotearoa Fisheries Limited
1: In this section, assets
a: the Treaty of Waitangi Fisheries Commission; or
b: any company or other commercial entity, to the extent that it is owned or controlled by the Treaty of Waitangi Fisheries Commission.
2: Before the appointed day, the Treaty of Waitangi Fisheries Commission may transfer some or all of its assets to Aotearoa Fisheries Limited or to any of its subcompanies.
3: On the appointed day, Te Ohu Kai Moana Trustee Limited must transfer to Aotearoa Fisheries Limited, or to any of its subcompanies, all of the assets that have not been transferred under subsection (2).
4: However, subsections (2) and (3) do not apply to—
a: quota shares listed in Schedule 1
b: assets described in section 137(1)
c: any entities in which Te Ohu Kai Moana Trustee Limited has a controlling interest that hold any of the quota listed in Schedule 1
d: shares in a subsidiary of, or a trust controlled by, Te Ohu Kai Moana Trustee Limited that owns any of the quota shares listed in Schedule 1
e: the shares in ACE Trader Limited, SafeAce Limited, Whangape Mussels Limited, and Southern Abalone Limited; or
f: any loans issued by the Treaty of Waitangi Fisheries Commission at any time to a company transferred to Aotearoa Fisheries Limited under this Act; or
g: other assets that continue to be held by Te Ohu Kai Moana Trustee Limited, including administrative and research assets and information that it reasonably needs in order to perform its functions and exercise its powers.
5: To avoid doubt, subsection (3) does not limit section 66(2) section 67(3)
6: A transfer made by the Treaty of Waitangi Fisheries Commission under subsection (2) or subsection (3) must be without charge to Aotearoa Fisheries Limited in respect of—
a: the value of the assets; or
b: the costs associated with the transfer.
7: The transfer of assets by the Treaty of Waitangi Fisheries Commission or by Te Ohu Kai Moana Trustee Limited to Aotearoa Fisheries Limited or to a subcompany in accordance with subsections (2) and (3) are not subject to income tax, goods and services tax, gift duty, or a tax, levy, duty, or other charge imposed or provided for under the Inland Revenue Acts or any other enactment.
8: For the purposes of the Inland Revenue Acts, the value of the assets transferred under subsections (2) and (3) is included in the available subscribed capital of Aotearoa Fisheries Limited or its subcompanies.
76: Payment of dividends by Aotearoa Fisheries Limited
1: Aotearoa Fisheries Limited may pay dividends only to income shareholders.
2: Aotearoa Fisheries Limited must ensure that not less than 40% of its consolidated group net profit after tax, as determined in accordance with generally accepted accounting practice, is paid annually to its income shareholders.
3: Aotearoa Fisheries Limited must use its best endeavours to ensure that the constitution of every subcompany requires the subcompany to make payments that provide Aotearoa Fisheries Limited with sufficient money to enable Aotearoa Fisheries Limited to comply with subsection (2).
4: If the payments from its subcompanies are insufficient to allow Aotearoa Fisheries Limited to comply with subsection (2), Aotearoa Fisheries Limited may meet its obligations under subsection (2) by other means.
5: In subsection (2),— consolidated group consolidated group net profit after tax
a: asset revaluations; or
b: unrealised capital gains or losses; or
c: unrealised gains or losses from financial instruments.
77: Circumstances when payments not required
Section 76(2)
a: until Te Ohu Kai Moana Trustee Limited has made payments—
i: under section 137(1)(a)
ii: under section 137(1)(b)
b: to the extent that compliance would put Aotearoa Fisheries Limited, a subcompany, or any directors of either, in breach of any obligation under the Companies Act 1993
4: Te Putea Whakatupu Trust and Te Putea Whakatupu Trustee Limited
Establishment
78: Interpretation
In this subpart and in subpart 5 distribution
a: Te Putea Whakatupu Trustee Limited under section 83(b)
b: Te Wai Maori Trustee Limited under section 95(b) distribution policy investment plan trust capital
a: in the case of Te Putea Whakatupu Trust—
i: settlement asset money transferred by Te Ohu Kai Moana Trustee Limited in accordance with section 137(1)(a)
ii: any further payments made under section 90(5)
b: in the case of Te Wai Maori Trust—
i: settlement asset money transferred by Te Ohu Kai Moana Trustee Limited in accordance with sections 103(3) 137(1)(b)
ii: any further payments made under section 103(6) trust funds trust income
a: in the case of Te Putea Whakatupu Trust,—
i: funds transferred under section 137(1)(e)(ii)
ii: earnings derived from the trust capital; and
b: in the case of Te Wai Maori Trust—
i: funds transferred under section 137(1)(e)(iii)
ii: earnings derived from trust capital.
79: Establishment of Te Putea Whakatupu Trust
1: Te Ohu Kai Moana Trustee Limited must, not later than 60 working days after the appointed day, establish by trust deed a trust called Te Putea Whakatupu Trust.
2: No rule of law or provisions of an Act limiting the duration of a trust, including section 16
a: prescribe or restrict the period during which Te Putea Whakatupu Trust may exist in law; or
b: apply to a document entered into to give effect to the Deed of Settlement (including the trust deed required to be entered into under subsection (1)) if the application of that rule or the provisions of that Act would otherwise make a document, or a right or obligation conferred by that document, invalid or ineffective. Section 79(2) amended 30 January 2021 section 161 Trusts Act 2019
80: Trustee of Te Putea Whakatupu Trust
1: Te Putea Whakatupu Trust must have only 1 trustee.
2: The trustee of Te Putea Whakatupu Trust must be a company formed under the Companies Act 1993
81: Purpose of Te Putea Whakatupu Trust
The purpose of Te Putea Whakatupu Trust is to hold and manage the trust funds on trust for and on behalf of the beneficiaries under the Deed of Settlement, in order to promote education, training, and research, including matters that relate to fisheries, fishing, and fisheries-related activities, but not in a manner that could adversely affect the charitable status (if any) of the Trust.
82: Benefits of Trust
The benefits of Te Putea Whakatupu Trust must be made available as widely as possible to all Maori, having regard to—
a: the extent to which mandated iwi organisations are providing, or are able to provide, benefits for members of their iwi that are the same or similar to those that are able to be provided by Te Putea Whakatupu Trustee Limited; and
b: the interests of Maori who—
i: do not associate with their iwi; or
ii: do not receive benefits from a mandated iwi organisation.
83: Functions of Te Putea Whakatupu Trustee Limited
In achieving the purpose of Te Putea Whakatupu Trust, Te Putea Whakatupu Trustee Limited must—
a: manage the trust funds; and
b: distribute the annual trust income for activities that include—
i: promoting educational and training programmes, courses, and schemes within New Zealand for Maori, with a view to providing educational and training opportunities, including those that have application to the fishing industry:
ii: funding the development of the skills of Maori, including those relevant to the fishing industry:
iii: promoting the advancement of Maori by—
A: offering or funding scholarships and grants to enable Maori students to meet the entry requirements of wānanga,
B: establishing scholarships and grants, or funding wānanga,
iv: promoting research and development by wānanga,
A: the involvement of Maori in fishing and fisheries-related activities; and
B: matters affecting Maori fishing:
v: facilitating access of Maori working in, or wishing to work in industry (including the fishing industry), to—
A: education and training courses:
B: conferences, presentations, and other learning experiences:
vi: other activities that are necessary to foster or promote the activities set out in subparagraphs (i) to (v). Section 83(b)(iii)(A) amended 1 August 2020 section 668 Education and Training Act 2020 Section 83(b)(iii)(B) amended 1 August 2020 section 668 Education and Training Act 2020 Section 83(b)(iv) amended 1 August 2020 section 668 Education and Training Act 2020 Requirements for trust deed
84: Contents of trust deed of Te Putea Whakatupu Trust
1: To enable Te Putea Whakatupu Trustee Limited to carry out the purpose of Te Putea Whakatupu Trust, the trust deed must provide—
a: that the directors of Te Putea Whakatupu Trustee Limited are entitled to be paid fees and reimbursing allowances or actual and reasonable expenses in accordance with the provisions included in the annual plan of Te Ohu Kai Moana Trustee Limited under section 37(f) and (g)
b: for the powers of investment of the directors of Te Putea Whakatupu Trustee Limited (and any prohibited investments); and
c: for the manner in which the trust deed may be varied and any restrictions on the way it may be varied; and
d: that the directors of Te Putea Whakatupu Trustee Limited may—
i: make distributions to Maori, mandated iwi organisations, and other Maori organisations for the purpose of Te Putea Whakatupu Trust, subject to any conditions stated in the trust deed or specified by the directors; and
ii: decline to make distributions if they consider that, in a particular case, the iwi concerned can or should be able to provide similar benefits to its members from income derived from settlement assets; and
iii: in relation to any trust income not distributed in a financial year, determine a policy for capitalising, carrying forward, or creating reserves from, that income; and
e: for the directors to commission an audit of Te Putea Whakatupu Trustee Limited under section 105
f: for the circumstances when Te Putea Whakatupu Trust may be terminated; and
g: on termination of that Trust, for the payment of the trust funds, in the percentages specified in column 3 of Schedule 3
i: to each mandated iwi organisation that has charitable status; or
ii: in the case of a mandated iwi organisation that does not have charitable status, to an entity with charitable status nominated by the mandated iwi organisation to benefit the relevant iwi and its members; or
iii: if no mandated iwi organisation exists or no nomination is made under subparagraph (ii), to an entity with charitable status nominated by Te Ohu Kai Moana Trustee Limited to benefit the relevant iwi and its members.
2: The trust deed must prohibit Te Putea Whakatupu Trustee Limited from—
a: undertaking any business other than what is necessary for the purpose of the Trust; and
b: expending or distributing trust capital, except on termination of the trust.
3: The trust deed may—
a: include any other matter that is not inconsistent with this Act or the constitution of Te Putea Whakatupu Trustee Limited; and
b: be amended subject to—
i: the purpose of Te Putea Whakatupu Trust:
ii: the manner of its variation and any restrictions specified in the trust deed:
iii: the constitution of Te Putea Whakatupu Trustee Limited:
iv: this Act.
4: A provision of the trust deed or an amendment to it has no effect to the extent that it is inconsistent with this Act.
85: Annual plan of Te Putea Whakatupu Trustee Limited
The trust deed of Te Putea Whakatupu Trust must require Te Putea Whakatupu Trustee Limited to prepare, and obtain the approval of Te Ohu Kai Moana Trustee Limited for, an annual plan that includes—
a: the distribution policy of Te Putea Whakatupu Trustee Limited; and
b: any investment plan of Te Putea Whakatupu Trustee Limited; and
c: the budget for Te Putea Whakatupu Trustee Limited; and
d: the administrative services available to Te Putea Whakatupu Trustee Limited.
86: Reporting obligations of Te Putea Whakatupu Trustee Limited
1: The trust deed of Te Putea Whakatupu Trust must set out the following reporting, accounting, and auditing obligations of Te Putea Whakatupu Trustee Limited:
a: the directors of Te Putea Whakatupu Trustee Limited must report to Te Ohu Kai Moana Trustee Limited within 4 months after the end of each financial year on—
i: the performance of Te Putea Whakatupu Trustee Limited, assessed against its approved annual plan; and
ii: distributions made by Te Putea Whakatupu Trustee Limited, assessed against its distribution policy; and
iii: investments made (if any) and returns on investments (if any); and
iv: any matter required by Te Ohu Kai Moana Trustee Limited in order to meet its reporting obligations; and
b: the directors of Te Putea Whakatupu Trustee Limited must keep separate accounts for and report separately on—
i: the distributions made by Te Putea Whakatupu Trustee Limited; and
ii: the cost of administering Te Putea Whakatupu Trust; and
iii: the cost of administering the distributions; and
iv: the fees (in bands of $10,000) and reimbursing allowances or actual and reasonable expenses paid to the directors of Te Putea Whakatupu Trustee Limited; and
v: contracts for service entered into by Te Putea Whakatupu Trustee Limited or any of its directors; and
c: the directors must ensure that the accounts of Te Putea Whakatupu Trust are audited annually.
2: This section does not limit any reporting obligations of Te Putea Whakatupu Trustee Limited arising under any enactment or rule of law. Requirements for constitution
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
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. Directors
88: Requirements for appointment of directors
1: The constitution of Te Putea Whakatupu Trustee Limited must specify that the directors of Te Putea Whakatupu Trustee Limited must all be Maori who, collectively,—
a: are well versed in matters of tikanga Maori; and
b: are experienced in working with Maori and Maori organisations; and
c: have expertise and experience in human resource development, education, and training.
2: In appointing the directors of Te Putea Whakatupu Trustee Limited, Te Ohu Kai Moana Trustee Limited must consult with the National Urban Maori Authority in order to ensure that the directors have knowledge of, and are able to represent, the interests of Maori who reside in urban areas of New Zealand.
3: Subsection (2) does not limit the power of Te Ohu Kai Moana Trustee Limited to consider the views of any other person or organisation that it considers has knowledge that is relevant to the interests of Maori who live in urban areas.
89: Eligibility for office of director
1: Not more than 1 director of Te Ohu Kai Moana Trustee Limited may also be a director of Te Putea Whakatupu Trustee Limited.
2: However, if a director of Te Putea Whakatupu Trustee Limited is a director of Te Ohu Kai Moana Trustee Limited, then that director’s alternate may also be a director of Te Ohu Kai Moana Trustee Limited.
3: A person who is a director of Te Putea Whakatupu Trustee Limited is not eligible to be, at the same time, a director of—
a: Aotearoa Fisheries Limited; or
b: a subcompany; or
c: Te Wai Maori Trustee Limited.
4: A person who is a director of an entity listed in subsection (3) must resign as a director of that entity within 5 working days if he or she becomes a director of Te Putea Whakatupu Trustee Limited.
5: A person who is, or who has been within the previous 2 years, a member or alternate member of Te Kawai Taumata is not eligible for appointment as a director of Te Putea Whakatupu Trustee Limited.
6: Neither the chairperson nor the deputy chairperson of Te Ohu Kai Moana Trustee Limited or Te Putea Whakatupu Trustee Limited may, at the same time, be the chairperson or deputy chairperson of the other. Payments
90: Payments to Te Putea Whakatupu Trustee Limited
1: Te Ohu Kai Moana Trustee Limited must pay the settlement asset money to Te Putea Whakatupu Trustee Limited, as provided for by section 137(1)(a)
2: Te Ohu Kai Moana Trustee Limited must comply with the obligation under subsection (1) on a date to be determined by Te Ohu Kai Moana Trustee Limited in its discretion, but not later than 31 October 2009.
3: Subject to the limit specified in section 137(1)(e)(ii) section 84(1)(a) section 85(c) and (d)
4: After the date of the payment referred to in subsection (2), no further amounts are payable by Te Ohu Kai Moana Trustee Limited under subsection (3).
5: Te Ohu Kai Moana Trustee Limited may make payments of other money as trust capital to Te Putea Whakatupu Trustee Limited, subject to the conditions specified in section 137(2)
6: Te Putea Whakatupu Trustee Limited is not entitled to receive allocations of settlement quota or income shares from Te Ohu Kai Moana Trustee Limited.
5: Te Wai Maori Trust and Te Wai Maori Trustee Limited
Establishment
91: Interpretation
In this subpart,— freshwater fisheries Freshwater Fish Farming Regulations 1983 freshwater fishing sports fish section 2(1) unwanted aquatic life section 2(1)
92: Establishment of Te Wai Maori Trust
1: Te Ohu Kai Moana Trustee Limited must, not later than 60 working days after the appointed day, establish by trust deed a trust called Te Wai Maori Trust.
2: No rule of law or provisions of an Act limiting the duration of a trust, including section 16
a: prescribe or restrict the period during which Te Wai Maori Trust may exist in law; or
b: apply to a document entered into to give effect to the Deed of Settlement (including the trust deed required to be entered into under subsection (1)) if the application of that rule or the provisions of that Act would otherwise make a document, or a right or obligation conferred by that document, invalid or ineffective. Section 92(2) amended 30 January 2021 section 161 Trusts Act 2019
93: Trustee of Te Wai Maori Trust
1: Te Wai Maori Trust must have only 1 trustee.
2: The trustee of Te Wai Maori Trust must be a company formed under the Companies Act 1993
94: Purpose of Te Wai Maori Trust
The purpose of Te Wai Maori Trust is to hold and manage the trust funds on trust for and on behalf of the beneficiaries under the Deed of Settlement, in order to advance Maori interests in freshwater fisheries, but not in a manner that could adversely affect the charitable status (if any) of the Trust.
95: Functions of Te Wai Maori Trustee Limited
In achieving the purpose of Te Wai Maori Trust, Te Wai Maori Trustee Limited must—
a: manage the trust funds; and
b: distribute the annual trust income for activities that include—
i: undertaking or funding research, development, and education related to Maori interests in freshwater fishing; and
ii: promoting the protection and enhancement of freshwater fisheries habitat in lakes, rivers, and other water bodies, particularly those that have traditionally supported iwi and whose shores have been the location of their marae; and
iii: promoting the establishment of freshwater fisheries; and
iv: using its resources to bring direct or indirect benefit to Maori in respect of their freshwater fishing interests. Requirements for trust deed
96: Contents of trust deed of Te Wai Maori Trust
1: To enable Te Wai Maori Trustee Limited to carry out the purpose of Te Wai Maori Trust, the trust deed must provide—
a: that the directors of Te Wai Maori Trustee Limited are entitled to be paid fees and reimbursing allowances or actual and reasonable expenses in accordance with the provisions included in the annual plan of Te Ohu Kai Moana Trustee Limited under section 37(f) and (g)
b: for the powers of investment of the directors of Te Wai Maori Trustee Limited (and any prohibited investments); and
c: for the manner in which the trust deed may be varied and any restrictions on the way it may be varied; and
d: for the directors to commission an audit of Te Wai Maori Trustee Limited under section 105
e: for the directors to determine—
i: the circumstances when distributions may be made in accordance with section 98
ii: in relation to any trust income not distributed in a financial year, a policy for capitalising, carrying forward, or creating reserves from that income; and
f: for the circumstances when Te Wai Maori Trust may be terminated; and
g: on termination of that Trust, for the payment of the trust funds, in the percentages specified in column 3 of Schedule 3
i: to each mandated iwi organisation that has charitable status; or
ii: in the case of a mandated iwi organisation that does not have charitable status, to an entity with charitable status nominated by the mandated iwi organisation, for the benefit of the relevant iwi and its members; or
iii: if no mandated iwi organisation exists or no nomination is made under subparagraph (ii), to an entity with charitable status nominated by Te Ohu Kai Moana Trustee Limited to benefit the relevant iwi and its members.
2: The trust deed must prohibit Te Wai Maori Trustee Limited from—
a: undertaking any business other than what is necessary for the purpose of the Trust; and
b: expending or distributing trust capital, except on termination of the trust.
3: The trust deed may—
a: include any other matter that is not inconsistent with this Act or the constitution of Te Wai Maori Trustee Limited; and
b: be amended, subject to—
i: the purpose of Te Wai Maori Trust:
ii: the manner of its variation and any restrictions specified in the trust deed:
iii: the constitution of Te Wai Maori Trustee Limited:
iv: this Act.
4: A provision of the trust deed or an amendment to it has no effect to the extent that it is inconsistent with this Act.
97: Annual plan of Te Wai Maori Trustee Limited
The trust deed of Te Wai Maori Trust must require Te Wai Maori Trustee Limited to prepare, and obtain the approval of Te Ohu Kai Moana Trustee Limited for, an annual plan that includes—
a: the distribution policy of Te Wai Maori Trustee Limited; and
b: any investment plan of Te Wai Maori Trustee Limited; and
c: the budget for Te Wai Maori Trustee Limited; and
d: the administrative services available to Te Wai Maori Trustee Limited.
98: Distributions of trust income
1: The directors of Te Wai Maori Trustee Limited may make distributions to Maori, mandated iwi organisations, and other Maori organisations for the purpose of Te Wai Maori Trust, subject to any conditions provided for by the trust deed.
2: Before making a distribution, the directors must take into account the extent to which—
a: a proposal will assist in co-ordinating and consolidating the activities of the recipients with the activities of agencies involved in freshwater fisheries and habitat management; and
b: a proposal provides a model that is able to be applied by the groups referred to in subsection (1); and
c: the activities proposed to be undertaken with the distribution are being undertaken by other mandated iwi organisations or agencies; and
d: the functions of Te Wai Maori Trustee Limited are being undertaken by other agencies.
99: Reporting obligations of Te Wai Maori Trustee Limited
1: The trust deed of Te Wai Maori Trust must set out the following reporting, accounting, and auditing obligations of Te Wai Maori Trustee Limited:
a: the directors of Te Wai Maori Trustee Limited must report to Te Ohu Kai Moana Trustee Limited within 4 months after the end of each financial year on—
i: the performance of Te Wai Maori Trustee Limited, assessed against its approved annual plan; and
ii: distributions made by Te Wai Maori Trustee Limited, assessed against the distribution policy; and
iii: investments made (if any) and returns on investments (if any); and
iv: any matter required by Te Ohu Kai Moana Trustee Limited in order to meet its reporting obligations; and
b: the directors of Te Wai Maori Trustee Limited must keep separate accounts for, and report separately on,—
i: the distributions made by Te Wai Maori Trustee Limited; and
ii: the cost of administering Te Wai Maori Trust; and
iii: the cost of administering the distributions; and
iv: the fees (in bands of $10,000) and reimbursing allowances or actual and reasonable expenses paid to the directors of Te Wai Maori Trustee Limited; and
v: contracts for service entered into by Te Wai Maori Trustee Limited or any of its directors; and
c: the directors must ensure that the accounts of Te Wai Maori Trust are audited annually.
2: This section does not limit any reporting obligations of Te Wai Maori Trustee Limited arising under any enactment or rule of law. Requirements for constitution
100: Constitution of Te Wai Maori Trustee Limited
1: Te Wai Maori 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 Wai Maori Trustee Limited is restricted to acting as the trustee of Te Wai Maori Trust; and
b: that Te Wai Maori 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 101
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 Wai Maori Trustee Limited must address conflicts of interest that may arise for its directors; and
g: that Te Wai Maori 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 Wai Maori Trustee Limited may be put into voluntary liquidation only if Te Putea Whakatupu Trust is terminated.
3: A provision of the constitution of Te Wai Maori 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. Directors
101: Criteria for appointment of directors
The constitution of Te Wai Maori Trustee Limited must specify that the directors of Te Wai Maori Trustee Limited must all be Maori who, collectively,—
a: are well versed in matters of tikanga Maori; and
b: are experienced in working with Maori and Maori organisations; and
c: are experienced in fisheries management, enhancement, and development; and
d: have expertise and experience in matters relevant to freshwater fisheries; and
e: have knowledge of the special interest of iwi in freshwater fisheries.
102: Eligibility for office of director
1: Not more than 1 director of Te Ohu Kai Moana Trustee Limited may also be a director of Te Wai Maori Trustee Limited.
2: However, if a director of Te Wai Maori Trustee Limited is a director of Te Ohu Kai Moana Trustee Limited, that director’s alternate may also be a director of Te Ohu Kai Moana Trustee Limited.
3: A person who is a director of Te Wai Maori Trustee Limited is not eligible to be, at the same time, a director of—
a: Aotearoa Fisheries Limited; or
b: a subcompany; or
c: Te Putea Whakatupu Trustee Limited.
4: A person who is a director of an entity listed in subsection (3) must resign as a director of that entity within 5 working days if he or she becomes a director of Te Wai Maori Trustee Limited.
5: A person who is, or who has been within the previous 2 years, a member or alternate member of Te Kawai Taumata is not eligible for appointment as a director of Te Wai Maori Trustee Limited.
6: Neither the chairperson nor the deputy chairperson of Te Ohu Kai Moana Trustee Limited or Te Wai Maori Trustee Limited may, at the same time, be the chairperson or deputy chairperson of the other. Payments
103: Payments to Te Wai Maori Trustee Limited
1: Te Ohu Kai Moana Trustee Limited must pay to Te Wai Maori Trustee Limited the settlement asset money, as provided for by section 137(1)(b)
2: Te Ohu Kai Moana Trustee Limited must comply with the obligation under subsection (1) on a date to be determined by Te Ohu Kai Moana Trustee Limited in its discretion, but not later than 31 October 2009.
3: After the date of payment referred to in subsection (2), Te Ohu Kai Moana Trustee Limited must pay not less than $1 million per year, until Te Wai Maori Trustee Limited has received in total the sum of $20 million (including the sum referred to in subsection (1)) from Te Ohu Kai Moana Trustee Limited (but excluding the sums referred to in subsection (4)).
4: Subject to the limit specified in section 137(1)(e)(iii) section 96(1)(a) section 97(c) and (d)
5: After the date of payment referred to in subsection (2), no further amounts are payable by Te Ohu Kai Moana Trustee Limited under subsection (4).
6: Te Ohu Kai Moana Limited may make payments of other money as trust capital to Te Wai Maori Trustee Limited, subject to the conditions specified in section 137(2)
7: Te Wai Maori Trustee Limited is not entitled to receive allocations of settlement quota or income shares from Te Ohu Kai Moana Trustee Limited.
6: Audits and reviews
104: Interpretation
In this subpart, unless the context otherwise requires,— auditor section 107 restrictions on the disposal of settlement assets
a: restrictions imposed on the disposal of the income shares of Aotearoa Fisheries Limited under subpart 3
b: restrictions on the disposal of settlement quota restrictions on the disposal of settlement quota subpart 2 reviewer section 121 Audit of entities
105: Audits
1: Not later than 4 years after the commencement of this Act,—
a: Te Ohu Kai Moana Trustee Limited must arrange for an audit of Te Ohu Kai Moana Trustee Limited; and
b: Aotearoa Fisheries Limited must arrange for an audit of Aotearoa Fisheries Limited and its subcompanies; and
c: Te Putea Whakatupu Trustee Limited must arrange for an audit of Te Putea Whakatupu Trustee Limited; and
d: Te Wai Maori Trustee Limited must arrange for an audit of Te Wai Maori Trustee Limited.
2: The cost of an audit conducted under this section or section 106
106: Subsequent audits
Each of the entities referred to in section 105
a: in the case of Te Ohu Kai Moana Trustee Limited, Te Putea Whakatupu Trustee Limited, or Te Wai Maori Trustee Limited, at least 75% of the mandated iwi organisations and representative Maori organisations at a general meeting convened by Te Ohu Kai Moana Trustee Limited, vote not to conduct an audit of 1 or more of the relevant entities; or
b: in the case of Aotearoa Fisheries Limited, the shareholders of at least 75% of the income shares vote at an annual general meeting of Aotearoa Fisheries Limited, not to conduct an audit.
107: Person to conduct audit
1: Each of the audits referred to in sections 105 106
a: appointed by the entity that is to be audited; and
b: who is appropriately qualified to conduct the audit.
2: A person appointed to conduct an audit is not required to be—
a: a chartered accountant within the meaning of section 19 New Zealand Institute of Chartered Accountants Act 1996
b: qualified to undertake financial audits.
3: In carrying out an audit, the person appointed must—
a: maintain the appropriate degree of impartiality and independence; and
b: take all reasonable steps to ensure that his or her judgment is not impaired by any relationship with, or interest in, the entity subject to audit.
4: The independence of a person appointed to conduct an audit is not compromised merely because that person has a beneficial interest under this Act. Section 107(2)(a) amended 7 July 2010 section 10 New Zealand Institute of Chartered Accountants Amendment Act 2010
108: General scope of audits
An audit conducted under section 105 section 106
a: the objectives established by the board of directors of the entity; and
b: the extent to which those objectives are consistent with the effective implementation of the duties and functions of the entity under this Act or any other enactment; and
c: the progress made by the board of directors towards achieving the objectives; and
d: the policies and strategies established by the board of directors to achieve the objectives and perform the duties and functions of the board and its directors; and
e: the effectiveness of the policies and strategies referred to in paragraph (d); and
f: the quality and timeliness of the reporting documents prepared to meet the reporting obligations under this Act or another enactment.
109: Audit of Te Ohu Kai Moana Trustee Limited
In the case of an audit of Te Ohu Kai Moana Trustee Limited, the audit must consider and report on—
a: the progress that Te Ohu Kai Moana Trustee Limited has made towards allocating and transferring settlement assets; and
b: the contribution that Te Ohu Kai Moana Trustee Limited has made towards assisting iwi to meet the requirements for recognition as mandated iwi organisations.
110: Audit of Aotearoa Fisheries Limited
1: In the case of Aotearoa Fisheries Limited, an audit must consider and report on—
a: the performance of Aotearoa Fisheries Limited in meeting its constitutional requirement to work co-operatively with iwi on commercial matters; and
b: the commercial performance of Aotearoa Fisheries Limited in comparison with other participants in the fishing industry, including its net profit after tax as determined in accordance with generally accepted accounting practice, and changes in the value of the company.
2: In this section a reference to Aotearoa Fisheries Limited includes its subcompanies.
111: Audits of Te Putea Whakatupu Trustee Limited and Te Wai Maori Trustee Limited
1: In the case of Te Putea Whakatupu Trustee Limited, an audit must consider and report on the contribution that Te Putea Whakatupu Trustee Limited has made towards promoting education, training, and research in relation to Maori involvement in fisheries, fishing, and fisheries-related activities.
2: In the case of Te Wai Maori Trustee Limited, an audit must consider and report on the contribution that Te Wai Maori Trustee Limited has made in advancing the interests of Maori in freshwater fisheries. Procedure after completion of audit
112: Procedure for auditor and entity audited
1: As soon as practicable after conducting an audit under section 105 section 106
a: prepare a written audit report that includes—
i: the findings made in the audit; and
ii: the recommendations of the auditor; and
b: distribute the audit report to—
i: each entity that is subject to audit; and
ii: Te Ohu Kai Moana Trustee Limited, in the case of an audit of Aotearoa Fisheries Limited, Te Putea Whakatupu Trustee Limited, or Te Wai Maori Trustee Limited.
2: Not later than 40 working days after receiving an audit report under subsection (1), each entity subject to audit must—
a: prepare a plan specifying the actions that it intends to take to address the findings and recommendations of the audit report; and
b: provide a copy of that plan to Te Ohu Kai Moana Trustee Limited.
3: After an audit has been completed, an entity subject to audit must include in its next annual report a description of the progress it has made in addressing the matters specified in the plan prepared under subsection (2)(a).
113: Procedure for Te Ohu Kai Moana Trustee Limited
1: Not later than 60 working days after receiving an audit report under section 112(1)
a: the audit report; and
b: the plan prepared under section 112(2)
c: in the case of an audit of Aotearoa Fisheries Limited, Te Putea Whakatupu Trustee Limited, or Te Wai Maori Trustee Limited, any further plan prepared by Te Ohu Kai Moana Trustee Limited to address the findings and recommendations of the audit report.
2: At its next general meeting after it has received an audit report under section 112(1)
a: the audit report; and
b: the plans referred to in subsection (1)(b) and (c), as relevant; and
c: any comments from mandated iwi organisations or representative Maori organisations on the audit report or any plans. Requirement for review of entities
114: Review of entities
1: Independent reviews must be conducted in accordance with this section and sections 115 to 127
2: For each of the entities listed in subsection (4), the first review must be completed not later than the end of the 11th year after the commencement of this Act.
3: Subsequent reviews, which may be of 1 of the entities listed in subsection (4) or of 2 or more jointly, must be commenced—
a: not later than the beginning of the fifth year after the date of completion of the review under subsection (2), if the reviewer found, as provided for in section 124(2) section 161(1) section 168
b: not sooner than the beginning of the fifth year after the completion of the preceding review, if at least 75% of mandated iwi organisations agree, at a general meeting of Te Ohu Kai Moana Trustee Limited, that a review should be conducted in relation to—
i: a specified entity or entities; or
ii: the matters set out in section 122(1)(b)
4: The entities referred to in subsections (2) and (3) are—
a: Te Ohu Kai Moana Trustee Limited; and
b: Aotearoa Fisheries Limited; and
c: Te Putea Whakatupu Trustee Limited; and
d: Te Wai Maori Trustee Limited.
115: Funding of reviews
1: Te Ohu Kai Moana Trustee Limited must provide adequate funding for reviews conducted under section 114(2) and (3)(a)
a: the budget for a committee of representatives; and
b: remuneration of the members of that committee for attendance at meetings and reimbursing allowances or actual and reasonable expenses to be paid to the members in undertaking their functions under this Act.
2: Mandated iwi organisations must fund reviews conducted under section 114(3)(b) Schedule 3
a: the budget for a committee of representatives; and
b: remuneration and reimbursing allowances or actual and reasonable expenses for the members of a committee of representatives, in accordance with the provisions included in the annual plan of Te Ohu Kai Moana Trustee Limited under section 37(e) and (g) Committee of representatives
116: Committee of representatives
1: For each review conducted under section 114
2: A committee of representatives must consist of not more than 11 and not fewer than 6 members.
117: Appointment procedure
1: Clauses 1 3
2: Not later than 6 months before the commencement of the year referred to in section 114(2)
a: request those with responsibility under clause 1
b: specify the date by which the appointment of the committee of representatives must be complete, which must be not later than 60 working days after the notice is given.
3: In the case of subsequent reviews referred to in section 114(3)
4: The appointments to a committee of representatives expire on the day after the date on which the review report is distributed by that committee under section 125(2)
118: Functions of committee of representatives
1: The only functions of a committee of representatives are—
a: to set the terms of reference for the review in respect of which the committee has been appointed; and
b: to appoint the reviewer; and
c: to receive and distribute the review report in accordance with section 125
2: The committee of representatives must complete its functions in subsection (1)(a) and (b) not later than 60 working days after the date specified under section 117(2)(b)
119: Terms of reference
1: The terms of reference required by section 118(1)
a: the date for the commencement of the review (which must be not later than 6 months after the date of the notice given under section 117(2)(b)
b: the date by which the review report must be presented under section 125(1)
2: Before finalising the terms of reference for the review, the committee of representatives must, for the purposes of consultation,—
a: provide the draft terms of reference to—
i: all mandated iwi organisations and representative Maori organisations; and
ii: the members of Te Kawai Taumata; and
iii: the entity under review; and
b: allow 20 working days for written comments to be provided to the committee.
3: The terms of reference must be consistent with the requirements of sections 122 to 124
120: Procedure and remuneration of committee of representatives
1: A committee of representatives must regulate its own procedure.
2: However,—
a: a quorum for a meeting of a committee is 6 members; and
b: a committee must not transact business unless the quorum is present at the meeting.
3: A meeting of a committee may be conducted by teleconference or by any means of communication that allows the members of the committee to participate effectively in the proceedings.
4: As provided for in section 115
a: remuneration for attendance at meetings; and
b: reimbursing allowances or actual and reasonable expenses incurred in undertaking the functions of a committee of representatives. Conduct of review
121: Reviewer
1: Every review conducted under this subpart must be carried out by an independent person—
a: appointed by the committee of representatives; and
b: appropriately qualified to conduct the review.
2: In carrying out a review, the reviewer must—
a: maintain the appropriate degree of impartiality and independence; and
b: take all reasonable steps to ensure that his or her judgment is not impaired by any relationship with, or interest in, the entity under review.
3: The independence of a reviewer is not compromised merely because that person has a beneficial interest under this Act.
122: Scope of review
1: Every review conducted under section 114
a: the effect on the entity under review of the governance arrangements provided for by or under this Act as those arrangements relate to—
i: the performance of that entity in achieving its duties and functions; and
ii: the ability of that entity to deliver benefits to the beneficiaries of the entity; and
iii: the ability of that entity to contribute to achieving the purposes of the Act; and
b: the effect of the restrictions on the disposal of settlement assets as they relate to the ability of—
i: mandated iwi organisations (and their asset-holding companies and subsidiaries of the asset-holding companies) to deliver benefits to the members of their iwi; and
ii: Aotearoa Fisheries Limited to deliver benefits to its income shareholders; and
c: whether, without creating an inconsistency with the purposes of this Act or with the purpose of Te Ohu Kai Moana, the interests of the beneficiaries of the Deed of Settlement would be better served by changes to—
i: the governance arrangements of an entity:
ii: the restrictions on the disposal of settlement assets.
2: In this section,— beneficiary of an entity
a: in the case of Te Ohu Kai Moana Trustee Limited, the beneficiaries of the Deed of Settlement; and
b: in the case of Aotearoa Fisheries Limited, its income shareholders; and
c: in the case of Te Putea Whakatupu Trustee Limited and Te Wai Maori Trustee Limited, those individuals and groups entitled to apply for distributions provided for under the distribution policy of the relevant trust deed governance arrangements
a: the procedures and criteria to appoint—
i: the directors of Te Ohu Kai Moana Trustee Limited, Aotearoa Fisheries Limited, Te Putea Whakatupu Trustee Limited, and Te Wai Maori Trustee Limited; and
ii: the members and alternate members of Te Kawai Taumata; and
b: the ownership structure of each entity, including the shareholding structure of Aotearoa Fisheries Limited; and
c: the procedural requirements that enable the beneficiaries of an entity to hold directors accountable for management performance; and
d: the provisions required by this Act for the constitution and the trust deed (if any) of an entity.
123: Further relevant considerations
Every review conducted under section 114
a: the findings and reports of relevant audits conducted under section 105 section 106
b: in each case, the plan prepared under section 112(2)
124: Limits to recommendations that may be made
1: A reviewer must not recommend a change to the requirement in the trust deeds of Te Ohu Kai Moana, Te Putea Whakatupu Trust, or Te Wai Maori Trust that, upon termination, the trust assets or funds be distributed to iwi in the percentages specified in column 3 of Schedule 3
2: If, in conducting a review under section 114(2) section 161(1) section 168
a: the reviewer must—
i: include the finding in the review report; but
ii: not recommend that the restrictions be changed; and
b: a subsequent review must be carried out, as provided for by section 114(3)(a)
3: If, in conducting a review of Te Putea Whakatupu Trustee Limited or Te Wai Maori Trustee Limited under section 114(2) or (3)
4: If a reviewer makes findings of the kind referred to in subsections (2) or (3), mandated iwi organisations must not amend a recommendation to achieve a change to the restriction. Procedure after completion of review
125: Report on review
1: As soon as practicable after conducting a review under section 114
a: prepare a written report that includes—
i: the findings made in the review; and
ii: the recommendations of the reviewer; and
b: present the review report to—
i: the committee of representatives; and
ii: each entity under review.
2: As soon as practicable after receiving the review report, the committee of representatives must distribute the report to—
a: Te Ohu Kai Moana Trustee Limited; and
b: all mandated iwi organisations and representative Maori organisations; and
c: the members and alternate members of Te Kawai Taumata.
126: Consideration of review report by entity under review
1: Not later than 40 working days after receiving a review report under section 125(1)
2: A plan prepared under subsection (1) must be distributed to—
a: Te Ohu Kai Moana Trustee Limited; and
b: all mandated iwi organisations and representative Maori organisations; and
c: the members and alternate members of Te Kawai Taumata.
127: Consideration of review report
1: At a general meeting of Te Ohu Kai Moana Trustee Limited convened not later than 60 working days after the distribution of a review report under section 125(2)
a: the review report; and
b: any plan prepared under section 126(1)
c: any comments from mandated iwi organisations on the review report or on any plan; and
d: any comments from members or alternate members of Te Kawai Taumata on the review report, as provided for in section 56(2)(d)
2: At the meeting referred to in subsection (1), the mandated iwi organisations may resolve to—
a: adopt all or some of the recommendations set out in the review report; or
b: adopt all or part of the plan prepared under section 126(1)
c: without creating an inconsistency with the purposes of this Act or the purpose of Te Ohu Kai Moana, amend, and adopt as amended, any of those recommendations.
3: If 75% or more of the mandated iwi organisations, representing over 50% of the total notional iwi population, support a resolution made under subsection (2),—
a: the entity under review must—
i: within a reasonable time implement the resolutions to the extent that they are not inconsistent with this Act or any other enactment or rule of law; and
ii: include in its next annual plan a description of any action required as a result of the resolutions implemented under subparagraph (i); and
b: if amendments to the Act are required, Te Ohu Kai Moana Trustee Limited must request the Minister to promote the necessary amendments. Requirement to provide information
128: Information requested by auditor or reviewer
Information requested by or on behalf of the auditor in relation to an audit conducted under section 105 section 106 section 114
a: has or controls the information; or
b: is contractually entitled to the information; or
c: can obtain the information by reasonable effort.
3: Allocation and transfer of settlement assets
129: Outline of this Part
1: The provisions of this Part govern the allocation and transfer of settlement assets (including settlement money, any surplus funds, and any New Zealand units allocated to Te Ohu Kai Moana Trustee Limited under the fishing allocation plan issued under the Climate Change Response Act 2002
a: inshore quota; and
b: deepwater quota; and
c: harbour quota; and
d: freshwater quota; and
e: settlement quota within Specified Fisheries Management Areas; and
f: Chatham Island allocations; and
g: specified cash allocations.
2: It also makes provision for—
a: the transfer of settlement assets; and
b: the sale of annual catch entitlement; and
c: requirements relating to assets held in trust; and
d: the status of settlement assets under the Inland Revenue Acts. Section 129(1) amended 8 December 2009 section 87(3) Climate Change Response (Moderated Emissions Trading) Amendment Act 2009
1: Allocation and transfer of settlement assets
Duty
130: Duty to allocate and transfer settlement assets
1: As soon as is reasonably practicable after Te Ohu Kai Moana Trustee Limited is satisfied that an iwi has met the criteria specified in subsection (3), it must—
a: allocate settlement assets to that iwi in accordance with this Part; and
b: transfer the allocated cash assets to the mandated iwi organisation of the iwi; and
c: transfer the settlement quota and income shares to 1 or more of the asset-holding companies of the mandated iwi organisation, so long as the asset-holding companies comply with section 17(1)
2: A transfer of settlement quota under subsection (1) is subject to section 151
3: An iwi must meet the following criteria before settlement assets may be transferred to it:
a: Te Ohu Kai Moana Trustee Limited has recognised a mandated iwi organisation for the iwi under section 13(1)
b: the mandated iwi organisation holds, for all relevant quota management stocks, registered coastline entitlements as provided for by section 11 Further circumstance when Te Ohu Kai Moana Trustee Limited must allocate and transfer settlement assets
131: Interpretation
In sections 132 to 134 affected iwi clause 2 named iwi section 132(2)
132: Application of sections 133 and 134
1: Sections 133 134
a: has a mandated iwi organisation recognised by Te Ohu Kai Moana Trustee Limited; but
b: cannot finalise all its coastline claims under clause 3
2: A mandated iwi organisation may, by written notice,—
a: request Te Ohu Kai Moana Trustee Limited to exercise its powers under section 133
b: identify any affected iwi that does not have a mandated iwi organisation.
3: Before making a request under subsection (2), a mandated iwi organisation must, in relation to any affected iwi that has a mandated iwi organisation,—
a: resolve any dispute and conclude all necessary agreements relevant to its coastline claims in accordance with clauses 6 7
b: request Te Ohu Kai Moana Trustee Limited to register the agreements under clause 8
4: A request made under subsection (2) must be accompanied by coastline claims for all quota management stocks and harbour quota relevant to the iwi of the mandated iwi organisation making the request, except to the extent that any coastline entitlements have already been determined for that iwi.
133: Procedure if request made under section 132(2)
1: When Te Ohu Kai Moana Trustee Limited receives a request from a mandated iwi organisation under section 132(2) clause 10
2: If Te Ohu Kai Moana Trustee Limited is satisfied that the mandated iwi organisation is unable to finalise its coastline claims solely because 1 or more of the named iwi do not have a mandated iwi organisation, Te Ohu Kai Moana Trustee Limited must—
a: give written notice to the recognised iwi organisation of each relevant named iwi—
i: that coastline claims have been made by the mandated iwi organisation; and
ii: of the details of the coastline claims that affect the named iwi; and
iii: that the provisions of section 134 section 132(2)
b: record in the iwi register—
i: its determination that the finalisation of coastline claims of that mandated iwi organisation is delayed; and
ii: the identity of the relevant named iwi; and
iii: a copy of any notice given under paragraph (a).
134: Allocation and transfer after request under section 132(2)
1: If, before the date specified in the notice issued to a named iwi under section 133(2)(a)(iii) section 132(2)
a: complete the necessary agreements in accordance with clauses 6 7
b: request Te Ohu Kai Moana Trustee Limited to register those agreements under clause 8
2: If, after the date specified in the notice issued to a named iwi under section 133(2)(a)(iii) section 132(2)
3: Coastline entitlements determined under subsection (2) must be made in accordance with—
a: section 11 Schedule 6
b: the coastline claims made by the mandated iwi organisation, as supported or modified by any agreements registered under clause 8
4: To avoid doubt, the specified points in the coastline claims that would otherwise require the agreement of the named iwi that does not have a mandated iwi organisation must be treated as if they were subject to such an agreement. Discretionary power
135: Discretion to allocate and transfer
1: If a mandated iwi organisation does not, 2 years or more after the date when it , or the iwi's first mandated iwi organisation (for a mandated iwi organisation that replaced another organisation under section 18E(2) section 130(3)(b) sections 130(1) and 151
a: non-quota settlement assets:
b: settlement quota for which the mandated iwi organisation holds a registered coastline entitlement:
c: settlement quota for which the mandated iwi organisation does not hold a registered coastline entitlement.
2: However, if a transfer is made under subsection (1)(c),—
a: settlement quota that is to be allocated on the basis of coastline may only be transferred in proportion to the length of coastline of the relevant iwi that Te Ohu Kai Moana Trustee Limited is satisfied is unlikely to be disputed; and
b: in the case of deepwater quota for which a registered coastline entitlement is required, settlement quota that is to be allocated on the basis of population must not be transferred unless a transfer of that quota management stock is made under subsection (2)(a).
3: Assets transferred under subsection (1)(a) or (b) must have been allocated to the iwi in accordance with sections 137 139 to 141 Section 135(1) amended 16 September 2011 section 6 Maori Fisheries Amendment Act 2011
136: Limitations applying if mandated iwi organisation receives settlement quota under section 135
1: If settlement quota is transferred to a mandated iwi organisation under section 135(1)(c) , or a new organisation recognised in place of that organisation under section 18E(2)
a: not sell, exchange, or otherwise transfer that quota until it holds registered coastline entitlements for the relevant quota management stock; and
b: where another mandated iwi organisation becomes entitled to any amount of that quota as a result of holding a registered coastline entitlement, transfer the relevant amount of that quota to that mandated iwi organisation without consideration or compensation before the start of the next fishing year.
2: This section applies in addition to, and does not limit, the provisions of Part 4 Section 136(1) amended 16 September 2011 section 7 Maori Fisheries Amendment Act 2011 Settlement asset money
137: Transfer of money
1: Te Ohu Kai Moana Trustee Limited must transfer settlement asset money it receives under section 194
a: $20 million, without the addition of earnings, to Te Putea Whakatupu Trustee Limited in accordance with section 90(1) and (2)
b: $10 million, without the addition of earnings, to Te Wai Maori Trustee Limited in accordance with section 103(1) and (2)
c: $5 million, with the addition of earnings, to Te Ohu Kai Moana Trustee Limited as capital of Te Ohu Kai Moana; and
d: amounts of money to iwi, as set out in sections 149 150
e: $18 million, with the addition of earnings on that amount and on the amounts referred to in paragraphs (a), (b), and (d) until the payments are made under those paragraphs, may be applied by Te Ohu Kai Moana Trustee Limited to fund transitional arrangements, including—
i: funding to enable Te Ohu Kai Moana Trustee Limited to perform its functions, including assisting iwi and recognised iwi organisations under section 34
ii: up to $5 million to Te Putea Whakatupu Trustee Limited under section 90(3)
iii: up to $2 million to Te Wai Maori Trustee Limited, under section 103(4)
f: $20.7 million, plus earnings, under section 130 section 135 Schedule 3
2: Te Ohu Kai Moana Trustee Limited must not make payments of money under section 90(5) section 103(6) section 138
a: it first submits to the mandated iwi organisation of each iwi listed in Schedule 3
b: at least 75% of mandated iwi organisations representing at least 50% of the total notional iwi population specified in column 2 of Schedule 3
138: Allocation of surplus funds
1: If the annual plan of Te Ohu Kai Moana Trustee Limited for the year that ends 5 years after the commencement of this Act forecasts an accumulated net positive cash balance, Te Ohu Kai Moana Trustee Limited must comply with subsection (2).
2: The net positive cash balance (if any) that exists at the end of the relevant year must be allocated to mandated iwi organisations—
a: in accordance with sections 130 135
b: in the percentage specified for each iwi in column 3 of Schedule 3
3: However, Te Ohu Kai Moana Trustee Limited may retain all or part of any net positive cash balance to use for specified purposes or projects on behalf of all iwi, so long as it—
a: submits a written proposal to do so to the mandated iwi organisation of each iwi listed in Schedule 3
b: at least 75% of mandated iwi organisations, representing at least 50% of the total notional iwi population specified in column 3 of Schedule 3
4: Despite subsections (2) and (3), Te Ohu Kai Moana Trustee Limited may set aside up to $10 million from the net positive cash balance referred to in subsection (2) against its liability to Te Wai Maori Trustee Limited under section 103(3).
5: In this section the forecast net positive cash balance referred to in subsection (1) must be determined according to generally accepted accounting practice, after taking into account the amounts allocated under section 137(1)(a) to (d) and (f)
138A: Allocation and transfer of New Zealand units
1: In this section— New Zealand units Climate Change Response Act 2002 unallocated quota section 130(1) 135 151
2: When Te Ohu Kai Moana Trustee Limited allocates and transfers unallocated quota to an iwi or a mandated iwi organisation in accordance with section 130(1) 135 151
3: Te Ohu Kai Moana Trustee Limited must notify the Minister responsible for the administration of the Climate Change Response Act 2002 subsection (2) Section 138A inserted 8 December 2009 section 87(4) Climate Change Response (Moderated Emissions Trading) Amendment Act 2009 Income shares
139: Allocation of income shares
Te Ohu Kai Moana Trustee Limited must allocate the income shares in Aotearoa Fisheries Limited referred to in section 67(3)(b)
a: in the percentage specified for each iwi in column 3 of Schedule 3
b: in accordance with the requirements of sections 130 135
2: Bases for allocation of settlement quota
Inshore quota
140: Allocation of inshore quota
1: When allocating inshore quota, Te Ohu Kai Moana Trustee Limited must, after setting aside any harbour quota, allocate to each iwi the same proportion of the settlement quota for each quota management stock that the iwi coastline bears to the total coastline of the quota management area for that stock, as determined in accordance with section 11 Schedule 6
2: This section applies unless, in the circumstances, sections 142 to 146 Deepwater quota
141: Allocation of deepwater quota
When allocating deepwater quota to iwi, Te Ohu Kai Moana Trustee Limited must—
a: divide the total settlement quota for each quota management stock into 2 parcels, comprising 25% and 75% of the total amount respectively; and
b: allocate to each iwi an amount from the 25% parcel on the same basis as the allocation of inshore quota; and
c: allocate the 75% parcel to each iwi in accordance with the percentages specified in column 3 of Schedule 3 Chatham zone
142: Chatham Island allocations
1: In this section,— Chatham iwi Chatham zone
a: means the area within 200 nautical miles of the baseline of the territorial sea around the Chatham Islands, as determined under the Territorial Sea, Contiguous Zone, and Exclusive Economic Zone Act 1977
b: includes a single and contiguous shared zone that lies—
i: within the area described in paragraph (a); and
ii: within the area that would be within 200 nautical miles of the baseline of the territorial sea around New Zealand if the Chatham Islands were not part of New Zealand; and
iii: between 2 points at which the boundaries of the areas described in subparagraphs (i) and (ii) intersect, at approximately 40°20.7′S 177°58.2′W and 44°06.5′S 178°21.2′E.
2: If a quota management area is partly within the Chatham zone, the settlement quota for that quota management stock must be divided for the purpose of allocation into 2 portions in accordance with subsection (3), with—
a: 1 portion being attributed to the Chatham zone; and
b: the other portion being attributed to the remaining part of the quota management area to be allocated under section 140 section 141 section 144
3: If settlement quota for a stock is to be divided under subsection (2), the portion of the quota for the stock attributable to the Chatham zone is given by— (a ÷ b) × c where a = a c s and a c means the amount of stock taken in the Chatham zone a s means the amount of stock taken from the shared zone a c s are derived from—
i: in the case of stocks introduced into the quota management system before 1 October 1999, the total of all commercial catches for the stock for the fishing years commencing on 1 October 1990 and ending on 30 September 2001 (inclusive):
ii: in the case of stocks introduced into the quota management system after 1 October 1999, the total of all commercial catches of the stock for the most recent 5 fishing years of available data b means the total of all commercial catches for the stock for the relevant period described in subparagraphs (i) and (ii) c means the amount of settlement quota for the stock.
4: If a quota management area is wholly within the Chatham zone, all the settlement quota for that stock is attributed to the Chatham zone.
5: When allocating settlement quota attributed to the Chatham zone, Te Ohu Kai Moana Trustee Limited must allocate that quota as follows:
a: for inshore quota, Te Ohu Kai Moana Trustee Limited must allocate, to each Chatham iwi, the proportion of the settlement quota for each stock, as established in a registered coastline entitlement, either—
i: as agreed between the mandated iwi organisations of the Chatham iwi; or
ii: in the proportion that the iwi coastline bears to the total coastline of the Chatham Islands for that stock as determined in accordance with section 11 Schedule 6
b: for deepwater quota, Te Ohu Kai Moana Trustee Limited must—
i: divide the total settlement quota attributed to the Chatham zone for each stock into 2 equal parcels; and
ii: allocate to each Chatham iwi an amount from one parcel on the same basis as inshore quota is allocated under paragraph (a); and
iii: allocate to each iwi the percentage of the other parcel specified in column 3 of Schedule 3 Harbour quota
143: Allocation of quota within harbours
1: Te Ohu Kai Moana Trustee Limited must allocate harbour quota to iwi whose territory abuts a harbour specified in Part 1
2: If more than 1 iwi has its territory abutting a harbour specified in Part 1
a: to consult with each other; and
b: to agree on the proportion of the harbour quota for each relevant stock that must be—
i: attributed to each iwi; and
ii: used subsequently by the mandated iwi organisation of each iwi in submitting coastline claims for that harbour quota.
3: If, after negotiating in good faith, mandated iwi organisations are unable to reach agreement under subsection (2)(b), they may enter into the dispute resolution process provided for in Part 5
4: Harbour quota must be deducted from the total settlement quota for each relevant stock before the general allocation of that stock is made under section 140
5: The classification of settlement quota as harbour quota under section 7 Allocations in specified Fishery Management Areas
144: Allocation of settlement quota in quota management areas same as Fishery Management Area 4
1: This section applies if a quota management area for a quota management stock is exactly the same as Fishery Management Area 4.
2: When allocating settlement quota for a stock referred to in subsection (1), Te Ohu Kai Moana Trustee Limited must allocate to each iwi that portion of the quota not attributed to the Chatham zone, in accordance with the percentages specified in column 3 of Schedule 3
145: Allocation of settlement quota in quota management areas same as Fishery Management Area 6
1: This section applies if a quota management area for a quota management stock is exactly the same as Fishery Management Area 6.
2: When allocating settlement quota for a stock referred to in subsection (1), Te Ohu Kai Moana Trustee Limited must allocate that quota to each iwi in accordance with the percentages specified in column 3 of Schedule 3
146: Allocation of settlement quota in quota management areas same as Fishery Management Area 10
1: This section applies if a quota management area for a quota management stock is exactly the same as Fishery Management Area 10.
2: Te Ohu Kai Moana Trustee Limited must not allocate the settlement quota described in Part 3
3: When allocating settlement quota under subsection (2), Te Ohu Kai Moana Trustee Limited must allocate that quota to each iwi in accordance with the percentages specified in column 3 of Schedule 3 Highly migratory species
147: Allocation of settlement quota for highly migratory species
1: This section applies if a quota management stock is for a species listed in Schedule 4B
2: When allocating settlement quota for a stock to which this section applies, Te Ohu Kai Moana Trustee Limited must allocate that quota to each iwi in accordance with the percentages specified in column 3 of Schedule 3 Adjustments to number of quota shares available for distribution Heading inserted 13 December 2006 section 5 Maori Fisheries Amendment Act 2006
147A: Recalculation of allocations of deepwater stock
1: Subsection (2) applies if—
a: the number of shares for a stock available for distribution is reduced by the application of section 23(1) section 28N
b: deepwater stock has been allocated to an iwi under section 141 142
c: the quota shares have not been transferred to the iwi.
2: Te Ohu Kai Moana Trustee Limited must recalculate the number of quota shares allocated to an iwi, and amend the register accordingly. Section 147A inserted 13 December 2006 section 5 Maori Fisheries Amendment Act 2006
147B: Allocation of reduced number of quota shares
The number of quota shares listed in the third column of Schedule 1 section 23(1) section 28N Section 147B inserted 13 December 2006 section 5 Maori Fisheries Amendment Act 2006 Freshwater quota
148: Allocation of freshwater quota
1: When allocating freshwater quota, Te Ohu Kai Moana Trustee Limited must allocate that quota to each iwi whose territory falls wholly or partly within the quota management area for each quota management stock.
2: If more than 1 iwi has its territory within a quota management area, an allocation of freshwater quota under subsection (1) may be made by Te Ohu Kai Moana Trustee Limited only—
a: in accordance with an agreement entered into by the mandated iwi organisations of all the iwi whose territory is wholly or partly within the quota management area, that sets out how the settlement quota for the quota management area is to be divided among those iwi; or
b: if there is no agreement between the mandated iwi organisations of the iwi whose territory is wholly or partly within the quota management area, as identified under subsection (1), in the proportion that the population of each iwi living within the quota management area bears to the combined population of those iwi living within the quota management area.
3: For the purpose of subsection (2)(b), the population of an iwi living within a quota management area must be determined from the 2001 census. Alteration of quota management areas under Fisheries Act 1996 Heading inserted 13 December 2006 section 6 Maori Fisheries Amendment Act 2006
148A: Consequence of altering quota management area
1: This section applies to Te Ohu Kai Moana Trustee Limited if—
a: a quota management area is altered under section 25
b: settlement quota for that area has not been fully allocated under this Act.
2: Te Ohu Kai Moana Trustee Limited must—
a: first calculate all entitlements to settlement quota for the relevant stock as if the quota management area had not been altered under section 25
b: then convert the amount of the quota shares for the stock to the shares relevant to the altered quota management area, applying the method set out in either—
i: the quota owner agreement entered into under section 25A
ii: the plan approved by the Minister under section 25B Section 148A inserted 13 December 2006 section 6 Maori Fisheries Amendment Act 2006 Cash allocations
149: Additional cash in lieu of shortfall in settlement quota
1: This section applies if there are fewer than 10 000 000 shares for a quota management stock listed in Part 1
2: When transferring settlement quota for stocks referred to in subsection (1), Te Ohu Kai Moana Trustee Limited must, at the time of transfer, pay to any mandated iwi organisations of iwi that receive an allocation of that quota the amount in cash specified for that stock in column 4 of Part 1
150: Specific cash transfers to certain iwi
1: Te Ohu Kai Moana Trustee Limited must pay the stated sum of money to the mandated iwi organisation of each of the following iwi at the time when the iwi is entitled to have settlement assets transferred to it under section 130
a: Te Atiawa ki Whakarongotai, the sum of $398,039:
b: Ngai Takoto, the sum of $556,184:
c: Ngati Whare, the sum of $585,234:
d: Ngati Maru, the sum of $463,348:
e: Ngati Hauiti, the sum of $385,247:
f: Ngati Pukenga, the sum of $264,544:
g: Ngati Manawa, the sum of $72,841.
2: The payments under subsection (1) are in addition to any other entitlements of the iwi under this Act.
3: Transfer of settlement assets
151: Transfer of allocated settlement quota
1: Te Ohu Kai Moana Trustee Limited must transfer settlement quota allocated under section 130
2: If the mandated iwi organisation of an iwi to which settlement quota has been allocated wishes and is eligible to receive ownership of that quota,—
a: it must, not later than 6 months before the start of the next fishing year applicable to that quota management stock (or a lesser period that Te Ohu Kai Moana Trustee Limited agrees is practicable in the circumstances), make written request to Te Ohu Kai Moana Trustee Limited to transfer some or all of that allocated settlement quota; and
b: Te Ohu Kai Moana Trustee Limited must transfer the quota requested by the mandated iwi organisation to an asset-holding company of that mandated iwi organisation before the start of the next fishing year that applies to each stock.
3: In relation to settlement quota allocated to an iwi under section 130
a: to continue to be managed by Te Ohu Kai Moana Trustee Limited on behalf of the iwi; or
b: to be transferred to an asset-holding company of the mandated iwi organisation; or
c: to be consolidated with other quota for sale under section 172
152: Offer of annual catch entitlement
1: Te Ohu Kai Moana Trustee Limited must, unless 1 or more of the conditions in subsection (3) apply, offer the annual catch entitlement derived from settlement quota that has not been transferred under section 130 section 135
a: to mandated iwi organisations; and
b: in a manner that reflects as closely as possible, based on the available information, the bases for allocation of settlement quota to iwi under subpart 2
2: Te Ohu Kai Moana Trustee Limited may, as it sees fit,—
a: offer to sell the annual catch entitlement that would otherwise be offered to a mandated iwi organisation under subsection (1) to Aotearoa Fisheries Limited or its nominated subcompany at commercial rates; or
b: sell that annual catch entitlement on the open market; or
c: in the circumstances referred to in subsection (3)(c), determine the amount of annual catch entitlement to be offered to each affected mandated iwi organisation.
3: Subsection (2) applies only if—
a: there is no mandated iwi organisation or recognised iwi organisation for an iwi; or
b: Te Ohu Kai Moana Trustee Limited considers that the recognised iwi organisation has not demonstrated reasonable progress in meeting the criteria set out in section 14
c: in the case of a particular group of iwi,—
i: there is sufficient information to satisfy subsection (1)(b) for the group as a whole, but not for 1 or more individual iwi of that group; and
ii: the mandated iwi organisations of the group as a whole are unable to agree on a division of the annual catch entitlement to be offered to them.
4: Te Ohu Kai Moana Trustee Limited must hold in trust the net proceeds of a sale under subsection (2)(a) or (b) (after deducting its reasonable costs and expenses) to be transferred to the relevant mandated iwi organisation when it is established or when the matters referred to in subsection (3)(b) or (c) are remedied or settled.
5: Te Ohu Kai Moana Trustee Limited may prescribe the terms and conditions for offering annual catch entitlement under subsection (1) or subsection (2)(c)—
a: by describing in its draft annual plan distributed in accordance with section 36(1)(c)
i: the proposed terms and conditions for offering annual catch entitlements; and
ii: the reason for the charges (if any) to be levied for annual catch entitlements against mandated iwi organisations; and
iii: how Te Ohu Kai Moana Trustee Limited proposes to use the expected net revenue (if any) from these charges; and
b: after taking into account the response of mandated iwi organisations and recognised iwi organisations.
4: Miscellaneous
Assets held in trust
153: When settlement assets must be held in trust
1: Unless Te Ohu Kai Moana Trustee Limited exercises its discretion under section 135(1) section 130(3)
a: the income shares that would otherwise be transferred to each mandated iwi organisation; and
b: any dividends that relate to those shares.
2: Te Ohu Kai Moana Trustee Limited is entitled to withhold from any dividends held in trust under subsection (1)(b) the reasonable costs incurred in administering the income shares and dividends. Status of settlement assets for purposes of Inland Revenue Acts and other enactments
154: Status of settlement assets
1: For the purposes of the Inland Revenue Acts, the value of the settlement assets transferred under this Part to a mandated iwi organisation or to an asset-holding company (including settlement quota and income shares) is included in the available subscribed capital of the company, trust, or other body to which the assets are transferred.
2: Income tax, goods and services tax, gift duty, any tax duty levy, and any other charge imposed or provided for under the Inland Revenue Acts or any other enactment do not apply to allocations or transfers of settlement assets—
a: by Te Ohu Kai Moana Trustee Limited to—
i: mandated iwi organisations; or
ii: asset-holding companies required by section 12(1)(d)
iii: Te Putea Whakatupu Trustee Limited; or
iv: Te Wai Maori Trustee Limited; and
b: by an asset-holding company to any of its subsidiaries established under section 16(3) section 151
4: Settlement quota interests, sales and exchanges of settlement quota, related restrictions, and option to purchase
155: Outline of this Part
This Part provides for the following matters:
a: the registration under the Fisheries Act 1996
b: a general restriction on the transfer of settlement quota; and
c: the basis on which settlement quota may be disposed of; and
d: exceptions to the general constraint on disposal, including provisions for the exchange, of settlement quota; and
e: an option to purchase (right of first refusal), with a procedure for selling bundles of assets that include settlement quota; and
f: a power for Te Ohu Kai Moana Trustee Limited to make further rules for the sale or exchange of settlement quota.
156: Interpretation
In this Part, bundle of assets
1: Registration of settlement quota interests
157: Registration of settlement quota interests
1: Te Ohu Kai Moana Trustee Limited must, in accordance with section 152A
a: within 20 working days after the appointed day and before any transactions are made involving the specified shares, against—
i: quota shares listed in Schedule 1
ii: quota shares allocated, before the appointed day, under section 44
b: against further quota shares allocated under section 44
2: The quota shares referred to in subsection (1) become settlement quota when the settlement quota interest is registered under section 152A
158: General restriction on transfer of settlement quota
1: Settlement quota must not be transferred except—
a: on application under subsection (2), with the authorisation of Te Ohu Kai Moana Trustee Limited (which must not be withheld if it is satisfied that the requirements of this Part for the transfer have been met by the registered owner of the settlement quota); or
b: as ordered by the Court; or
c: through forfeiture to the Crown under the Fisheries Act 1996
2: An application to transfer settlement quota must be submitted to the chief executive of the Ministry of Fisheries by the registered owner and Te Ohu Kai Moana Trustee Limited jointly in the prescribed form.
159: Quota may be treated as settlement quota
1: A mandated iwi organisation may request Te Ohu Kai Moana Trustee Limited in writing to treat any quota owned by the asset-holding company of that mandated iwi organisation as settlement quota.
2: A request must not be made under subsection (1) until the mandated iwi organisation has—
a: notified the proposal to the adult members of the iwi in accordance with subclause (3) of kaupapa 4 of Schedule 7
b: obtained the approval of not less than 75% of the adult members of the iwi who vote—
i: at a general meeting of the mandated iwi organisation called for the purpose; or
ii: by postal ballot; and
c: obtained the approval of any party that holds a mortgage or caveat registered against the quota.
3: A public notice given under subsection (2)(a) must specify the quota management stock and the number of quota shares affected by the proposal.
160: Application for registration
1: This section applies if Te Ohu Kai Moana Trustee Limited—
a: is acting in accordance with its duty under section 157
b: is satisfied that a mandated iwi organisation making a request under section 159(1)
c: has consented to a proposal for an exchange under section 174
2: Te Ohu Kai Moana Trustee Limited and the registered owner of the quota jointly (or Te Ohu Kai Moana Trustee Limited alone if it is the registered owner of the quota) must—
a: request the chief executive of the Ministry of Fisheries to register a settlement quota interest against the quota shares; and
b: specify which quota management stock is the subject of the request; and
c: specify the number of quota shares to which the request applies.
3: If, in the case of an exchange contemplated by subsection (1)(c), a request is made to remove a settlement quota interest from settlement quota, Te Ohu Kai Moana Trustee Limited and the registered owner of the quota jointly (or Te Ohu Kai Moana Trustee Limited alone if it is the registered owner of the quota) must—
a: request the chief executive of the Ministry of Fisheries to remove the settlement quota interest from the quota shares; and
b: specify which quota management stock is the subject of the request; and
c: specify the number of quota shares to which the request applies.
2: Restrictions on, and procedures for, disposal of settlement quota
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
a: this subpart; and
b: any rules made by Te Ohu Kai Moana Trustee Limited under section 176 Section 161(2) amended 16 September 2011 section 8 Maori Fisheries Amendment Act 2011
162: Prerequisites to sale of settlement quota
1: A mandated iwi organisation may sell settlement quota only if, before sale, the mandated iwi organisation selling the quota has—
a: notified the proposal to the adult members of the iwi in accordance with subclause (3) of kaupapa 4 of Schedule 7
b: obtained the prior approval of not less than 75% of the adult members of the iwi who vote—
i: at a general meeting of the mandated iwi organisation called for the purpose; or
ii: by postal ballot.
2: A notice given under subsection (1)(a) must specify,—
a: in the public notice, the approximate proportion of the total value of the settlement quota of the iwi that is affected by the proposal; and
b: in the case of a private notice to an adult member of the iwi,—
i: the amount of settlement quota of the iwi affected by the proposal; and
ii: a reasonable estimate of the likely market value of that settlement quota.
3: An approval obtained under subsection (1)(b) may give a power for the mandated iwi organisation to sell—
a: specified settlement quota; or
b: settlement quota generally up to a specified limit that must not exceed 10% of the total value of the settlement quota held by the asset-holding companies or any subsidiary of the asset-holding companies of the mandated iwi organisation; or
c: settlement quota approved for sale in accordance with a programme set out in the annual plan approved under kaupapa 11(b)(iii) of Schedule 7
4: For transactions involving settlement quota, an approval obtained under subsection (1)(b) is valid from the date on which it is given—
a: for a term not exceeding 15 months; or
b: in the case of an approval of the kind referred to in subsection (3)(b), for the term specified in the approval, which must not exceed 12 months.
5: The terms referred to in subsection (4) do not limit the term of a transaction or series of transactions referred to in section 167 Option to purchase
163: Offer of option to purchase
1: A mandated iwi organisation may sell settlement quota in accordance with this subpart only if it first offers every other mandated iwi organisation and Te Ohu Kai Moana Group an opportunity to bid for the settlement quota.
2: In offering an opportunity to bid under subsection (1), a mandated iwi organisation that wishes to sell, as a single lot, a bundle of assets that includes 1 or more stocks of settlement quota must provide for—
a: single bids to be made for the total bundle of assets; and
b: a set of bids to be made for lots covering all the assets in the bundle, including separate bids for each individual settlement quota stock.
3: However, a mandated iwi organisation that wishes to sell freshwater settlement quota must not include that quota in a bundle of assets that contains inshore or deepwater settlement quota.
4: A bid submitted under subsection (1) is binding until the conclusion of the sale process required by this subpart.
164: Procedure for selling bundle of assets
If bids have been received under section 163(1)
a: calculate the sum of the highest bids received under section 163(2)(b)
b: either—
i: notify all bidders of its intention to proceed with the sale as a bundle of assets or as separate lots, whichever yields the higher total cash return based on the bids received; or
ii: withdraw the settlement quota from sale.
165: Procedure to determine right to purchase
If assets offered for sale under section 163
a: in the case of inshore settlement quota, to Te Ohu Kai Moana Group and every mandated iwi organisation that holds a registered coastline entitlement for any inshore stock offered:
b: in the case of freshwater settlement quota, to Te Ohu Kai Moana Group and every mandated iwi organisation whose territory is wholly or partly within a relevant quota management area.
166: Basis on which sale must proceed
1: The vendor must sell to a party that, having been offered the settlement quota under section 165 section 163(1)
a: the vendor decides not to sell; or
b: an alternative procedure has been provided for in rules made under section 176
2: If the highest bid is matched by bids from more than 1 party referred to in section 165
a: negotiate with those parties; or
b: conduct a second bidding process between or amongst those other bidders; or
c: withdraw the settlement quota from sale.
3: If no party referred to in section 165 section 163(1)
a: the vendor decides not to sell; or
b: an alternative procedure has been provided for in rules made under section 176
4: If there are 2 matching highest bids obtained under section 163(1) section 165
a: negotiate with those parties; or
b: conduct a second bidding process between or amongst those other bidders; or
c: withdraw the settlement quota from sale.
5: To avoid doubt, subsections (3) and (4) apply to any sale of settlement quota to which section 165
167: Other constraints on disposal
1: Section 162
a: the sale of settlement quota; or
b: the iwi being disentitled, for a period of more than 5 years, to—
i: the income from annual catch entitlements arising from that quota; or
ii: the control or use of the annual catch entitlements arising from that quota.
2: Section 162
3: If a third party to a transaction referred to in subsection (1) exercises a right to sell, or requires a sale of, settlement quota, sections 161(1) 163 to 166
4: In this section, third party
168: Application of this subpart to Te Ohu Kai Moana Group
1: If an entity within Te Ohu Kai Moana Group acquires settlement quota under this subpart, sections 161(1) 163 to 166
2: An entity within Te Ohu Kai Moana Group must not sell settlement quota unless it—
a: passes a special resolution, in compliance with its constitutional documents, authorising it to exercise, in relation to settlement quota, either—
i: a specific power of sale; or
ii: a general power of sale; and
b: complies with any rules made under section 176
169: When sale of settlement quota must be allowed
1: Te Ohu Kai Moana Trustee Limited must allow a sale of settlement quota if it has ascertained that—
a: in the case of a sale by a mandated iwi organisation,—
i: the 2-year period referred to in section 161(2)
ii: the mandated iwi organisation has obtained the approval required by section 162(1)(b)
b: in the case of a sale by a mandated iwi organisation or by an entity within Te Ohu Kai Moana Group, the offer of an option to purchase has been made as required by sections 163 to 166
2: If a mandated iwi organisation or an entity within Te Ohu Kai Moana Group proposes to sell settlement quota, it must provide documentation to Te Ohu Kai Moana Trustee Limited, supported by a statutory declaration if Te Ohu Kai Moana Trustee Limited so requires, to establish the matters relevant under subsection (1).
3: Te Ohu Kai Moana Trustee Limited—
a: must include in the iwi register a record of all transfers of settlement quota to or by asset-holding companies or their subsidiaries; and
b: may make or amend rules under section 176
170: Remedy for breach of requirements under this subpart
1: If a contract for the sale of settlement quota, including a transaction or series of transactions referred to in section 167(1) sections 161 to 168 section 176
a: to cancel the contract or transaction:
b: to vest in the vendor the settlement quota that was the subject of the contract or transaction:
c: to vest in the buyer the consideration for the contract or transaction:
d: consistent with section 161
e: that the costs of the applicant be met by the parties to the sale or transaction.
2: Orders made under subsection (1) may be made—
a: on the application of—
i: any party; or
ii: an adult member of an iwi whose mandated iwi organisation is a party; or
iii: a mandated iwi organisation; or
iv: an entity within Te Ohu Kai Moana Group; and
b: on the terms and conditions that the Court thinks fit, so long as the quota shares are not vested other than in a mandated iwi organisation or an entity within Te Ohu Kai Moana Group.
3: In the case of a breach of sections 161 to 168 section 176 subpart 5 Section 170(3) amended 1 September 2017 section 347 Contract and Commercial Law Act 2017
3: Exceptions to application of subpart 2
Quota sold to wholly-owned entities
171: Settlement quota sold to wholly-owned entities
Subpart 2
a: Te Ohu Kai Moana Group if the sales are to 1 or more of the entities within Te Ohu Kai Moana Group; or
b: transfers between or among asset-holding companies wholly owned by the same mandated iwi organisation or subsidiaries of those asset-holding companies. Small parcels of settlement quota
172: Rationalisation of small parcels of settlement quota
1: In this section, small parcel of settlement quota
a: an estimated value of less than $100 or a greater amount as set in a rule made under section 176
b: been allocated to an iwi but not yet transferred to it under section 130
2: A mandated iwi organisation may request Te Ohu Kai Moana Trustee Limited to retain a small parcel of settlement quota allocated to its iwi to be consolidated with other small parcels and subsequently offered for sale by tender.
3: A mandated iwi organisation must, before making a request under this section, comply with section 162 subpart 2
4: Te Ohu Kai Moana Trustee Limited must—
a: record in the iwi register—
i: the number of quota shares of each quota stock retained by it under this section; and
ii: the iwi to which the quota shares are allocated; and
b: before the end of the year that is 5 years after the commencement of this Act, offer for sale the consolidated settlement quota shares, in accordance with sections 163 to 166
c: pay the net proceeds of the quota shares sold under paragraph (b) to the mandated iwi organisation of the iwi to which the settlement quota was first allocated, in proportion to the number of quota shares so allocated. Quota exchange
173: Exception for quota exchanges
1: Subpart 2
2: A mandated iwi organisation or an entity within the Te Ohu Kai Moana Group, in offering settlement quota in an exchange referred to in subsection (1), may do so only in exchange for quota that is either—
a: entirely settlement quota; or
b: entirely quota other than settlement quota.
3: To avoid doubt, settlement quota may be used in exchanges with parties other than the entities within Te Ohu Kai Moana Group or mandated iwi organisations.
174: Procedure and criteria for exchange
1: Before a mandated iwi organisation may exchange settlement quota under section 173
a: advise Te Ohu Kai Moana Trustee Limited, for each quota management stock, of—
i: the number of settlement quota shares it proposes to offer for exchange; and
ii: an estimate of the fair market value of those shares, determined in accordance with any rules made under section 176(2)(g)
iii: the stock and the number of shares to be received by the mandated iwi organisation in exchange for the settlement quota referred to in subparagraph (i); and
iv: whether the quota to be received is settlement quota; and
v: an estimate of the fair market value of the quota shares to be received, determined in accordance with any rules made under section 176(2)(g)
b: obtain the consent of Te Ohu Kai Moana Trustee Limited to the exchange; and
c: ensure that the exchange complies with the policy on exchanges, as expressed in the annual plan of the mandated iwi organisation.
2: The mandated iwi organisation must provide to Te Ohu Kai Moana Trustee Limited documentation, supported by a statutory declaration if Te Ohu Kai Moana Trustee Limited so requires, to establish the matters referred to in subsection (1).
3: Te Ohu Kai Moana Trustee Limited must not allow an exchange involving settlement quota unless it is satisfied that—
a: the exchange is for quota or bundles of quota of an equivalent market value; and
b: each mandated iwi organisation involved in the exchange has complied with the policy of the mandated iwi organisation on exchanges, as notified in its annual plan.
4: If Te Ohu Kai Moana Trustee Limited is satisfied that the requirements of subsection (3) are met, and allows the proposed exchange, it must ensure that, after the exchange, settlement quota interests—
a: remain registered against any settlement quota received in the exchange:
b: are registered against any non-settlement quota received in the exchange.
5: If the quota received in an exchange was not previously settlement quota, Te Ohu Kai Moana Trustee Limited must ensure that the settlement quota interest is removed from the quota offered for exchange.
6: Te Ohu Kai Moana Trustee Limited may make or amend rules under section 176 Breach of restrictions applying to exchanges
175: Remedy for breach of restrictions
1: If settlement quota is exchanged in breach of section 173 section 174
a: to cancel the contract or transaction:
b: to return the assets and any consideration to the prior owner:
c: consistent with section 161
d: that the costs of the applicant be met by the parties to the sale or transaction.
2: Orders may be made under subsection (1) on the application of—
a: any party; or
b: an adult member of an iwi whose mandated iwi organisation is a party; or
c: a mandated iwi organisation; or
d: an entity within Te Ohu Kai Moana Group.
3: In the case of a breach of section 173 section 176 subpart 5 Section 175(3) amended 1 September 2017 section 347 Contract and Commercial Law Act 2017
4: Additional rules for quota sales and exchanges
176: Additional rules
1: Te Ohu Kai Moana Trustee Limited may make and amend, in accordance with section 54
2: The rules may include, but are not limited to, the following matters:
a: the notice required to be given to persons eligible to purchase settlement quota, and the form and content of the notice:
b: any methodology for the tender and sale processes, including notice periods and deadlines for responses to offers:
c: identification of the parties referred to in sections 163 to 166
d: express exceptions to the prohibition against mandated iwi organisations accepting any price other than the highest unconditional bid:
e: the sale of bundles of inshore settlement quota by a mandated iwi organisation or Te Ohu Kai Moana Trustee Limited in accordance with sections 163 to 166
f: the means for determining a purchaser, if more than 1 mandated iwi organisation or Te Ohu Kai Moana Trustee Limited bids the same price for the same settlement quota:
g: the means for determining fair market value for settlement quota that is exchanged, and the resolution of disputes as to that value:
h: the recovery of costs by Te Ohu Kai Moana Trustee Limited for the administrative processes required by sections 158 to 169 173 174
i: the means for determining the appropriate estimated value for the purpose of section 172(1)
j: the information that must be supplied to Te Ohu Kai Moana Trustee Limited to establish compliance with the requirements of this Part, the form of that information, and the time within which it must be supplied.
3: The matters that are provided for in the rules made under subsection (1) may apply to—
a: a named mandated iwi organisation, all mandated iwi organisations, or mandated iwi organisations of a category specified in the notice; and
b: specified settlement quota, all settlement quota, or settlement quota of a category specified in the notice.
5: Dispute resolution
177: Outline of this Part
This Part provides a process for the resolution of disputes over specified decisions, including—
a: a requirement that those decisions be notified to the parties involved; and
b: the application of an extended jurisdiction for the Maori Land Court.
178: Purpose of this Part
1: The purpose of this Part is—
a: to impose a general obligation on all persons making decisions specified in section 180(1) section 179
b: to provide for an independent and transparent process for the resolution of disputes arising in relation to the specified decisions; and
c: to provide for certain matters relevant to disputed decisions.
1: Procedure for resolution of disputes
179: Notification of specified decisions
1: A person who makes a decision specified in section 180(1)
a: the nature of the decision that has been made; and
b: if requested by a party, the principal reasons for the decision.
2: Subsection (1)(b) applies only to the extent that it is not inconsistent with any other enactment or rule of law.
3: Notification required by subsection (1) may be made by publication in the Gazette Application of Part
180: Application of this Part to specified decisions
1: This Part applies to disputes that arise between or among the specified parties over—
a: the classification of quota by Te Ohu Kai Moana Trustee Limited under section 7
b: a determination of a coastline entitlement by Te Ohu Kai Moana Trustee Limited under section 11
c: the division of disputed coastline that is the subject of a written agreement provided to Te Ohu Kai Moana Trustee Limited in support of an interim coastline claim made under clause 4
d: whether an organisation seeking recognition or claiming continued recognition as a mandated iwi organisation meets the criteria in section 14
e: which of 2 or more organisations claiming to be qualified as the mandated iwi organisation for an iwi is to be recognised by Te Ohu Kai Moana Trustee Limited under section 13(1)
f: a proposal by Te Ohu Kai Moana Trustee Limited to make or amend a rule under section 25
g: whether a recognised iwi organisation has failed to comply with section 28(2)
h: whether a mandated iwi organisation has remedied a breach of the conditions on which assistance was given to it by Te Ohu Kai Moana Trustee Limited under section 34(i) or (j)
i: compliance with the requirements for calling or conducting meetings under clause 1 clause 7
i: 1 or more mandated iwi organisations; or
ii: 1 or more representative Maori organisations; or
iii: any combination of those organisations; or
iv: a person who has been removed from Te Kawai Taumata and a mandated iwi organisation or a representative Maori organisation:
j: a decision by Te Ohu Kai Moana Trustee Limited under section 135(1) or (2)
k: harbour quota to be allocated to an iwi under section 143
i: mandated iwi organisations; or
ii: Te Ohu Kai Moana Trustee Limited and 1 or more mandated iwi organisations:
l: freshwater quota to be allocated to an iwi under section 148
i: mandated iwi organisations; or
ii: Te Ohu Kai Moana Trustee Limited and 1 or more mandated iwi organisations:
m: an allegation made by an adult member of an iwi that, in relation to a matter addressed in this Act, a decision, act, or omission of the mandated iwi organisation of that person’s iwi is contrary to—
i: this Act; or
ii: the constitutional documents or policies of the mandated iwi organisation.
2: In this section, relevant
181: Resolution of disputes
1: If a dispute arises in relation to a specified decision referred to in section 180(1)
a: endeavour to agree on a process for resolving the dispute, including (but not limited to) all or any of the following:
i: further negotiations:
ii: mediation:
iii: determination of the dispute by an independent expert; and
b: before proceeding to take any other action under this Part, engage in the process agreed under paragraph (a).
2: Unless Te Ohu Kai Moana Trustee Limited is a party to the dispute, a party may refer the dispute to Te Ohu Kai Moana Trustee Limited for determination if—
a: the parties cannot agree on a dispute resolution process under subsection (1)(a); or
b: the timetable for the dispute resolution process is not being complied with; or
c: the dispute resolution process does not resolve the dispute.
182: Reference to Maori Land Court
1: This section applies if—
a: Te Ohu Kai Moana Trustee Limited is one of the parties to a dispute referred to in section 180(1)
b: resolution is unable to be reached under section 181
2: A party to a dispute may, except in a dispute over a decision referred to in section 180(1)(g) section 26B
a: advice on an appropriate dispute resolution process for the purposes of section 181(1)
b: a non-binding ruling on a question of fact or law to assist in the conduct of the dispute resolution process.
3: The Maori Land Court may make a determination under section 26C section 181(1)
4: If Te Ohu Kai Moana Trustee Limited declines to determine a dispute under section 181(2) section 26C
5: A party to a dispute that has been referred to Te Ohu Kai Moana Trustee Limited under section 181(2) section 26C
a: the decision of Te Ohu Kai Moana Trustee Limited:
b: the dispute, if Te Ohu Kai Moana Trustee Limited does not make a determination within a reasonable time.
183: Effect of reference or application etc to Maori Land Court
1: This section applies to—
a: a dispute that may be referred to the Maori Land Court under section 182
b: an application by Te Ohu Kai Moana Trustee Limited under section 185(1)
c: an action taken by Te Ohu Kai Moana Trustee Limited in reliance on section 186
d: an application made under section 187
e: an order made by a Judge under section 26M
2: Until a matter referred to in subsection (1)(a) to (d) has been determined under section 26C
a: apply for review under the Judicial Review Procedure Act 2016
b: commence proceedings for a writ of, or in the nature of, mandamus, prohibition, or certiorari, or a declaration or injunction in relation to that decision.
3: Until all rights of appeal in relation to an order referred to in subsection (1)(e) have been exercised in full, a person who is a party to the matter which is the subject of the order must not—
a: apply for review under the Judicial Review Procedure Act 2016
b: commence proceedings for a writ of, or in the nature of, mandamus, prohibition, or certiorari, or a declaration or injunction in relation to that decision. Section 183(2)(a) amended 1 March 2017 section 24 Judicial Review Procedure Act 2016 Section 183(3)(a) amended 1 March 2017 section 24 Judicial Review Procedure Act 2016
2: Other matters relevant to disputed decisions
184: Implementation of decision
1: A specified decision referred to in section 180(1)
2: A decision may be fully enforced if no party has commenced the dispute resolution process within 30 working days after receiving notification of the decision under section 179
3: If, within that 30-working day period, all parties notified of a decision under section 180
185: Powers of Te Ohu Kai Moana Trustee Limited in relation to mandated iwi organisations
1: Whether or not the processes in sections 181 182 section 180(1)(d) or (e) section 26C
a: it fails to meet 1 or more of the criteria set out in section 14
b: it is not making reasonable efforts to meet the requirements to enable it to qualify to receive settlement assets under section 130
2: An application referred to in subsection (1) must explain fully why, in the opinion of Te Ohu Kai Moana Trustee Limited, the mandated iwi organisation has failed to meet 1 or more of the relevant criteria.
186: Other powers not limited
Despite sections 181 182 section 34(i) and (j)
187: Dispute resolution in relation to reorganisation of specified mandated iwi organisations
1: If a dispute arises in relation to the matters provided for by or under section 20 section 26C(d)
2: An application made to the Maori Land Court in reliance on this section must, at the same time, be notified to every affected party.
6: Transitional and miscellaneous provisions, repeal, and amendments
188: Outline of this Part
This Part sets out transitional provisions relating to—
a: the transfer of the existing undertaking of the Treaty of Waitangi Fisheries Commission to Te Ohu Kai Moana Trustee Limited; and
b: the saving of various existing agreements and exemptions; and
c: the payment of any taxation refunded in respect of the Treaty of Waitangi Fisheries Commission or any of its companies; and
d: the position of the employees and agents of the Treaty of Waitangi Fisheries Commission in the transfer; and
e: the application of the Inland Revenue Acts and other enactments and the protection of specified names; and
f: the repeal of the Maori Fisheries Act 1989
189: Interpretation
1: In this Part, unless the context otherwise requires,— existing undertaking
a: the Treaty of Waitangi Fisheries Commission; or
b: any company or other commercial entity, to the extent that it is owned or controlled by the Treaty of Waitangi Fisheries Commission liabilities
1: Transitional provisions
Powers, savings, and validations
190: Powers of Treaty of Waitangi Fisheries Commission
In the period between the commencement of this Act and the appointed day, the Treaty of Waitangi Fisheries Commission has the powers, functions, duties, rights, responsibilities, liabilities, and exemptions of Te Ohu Kai Moana Trustee Limited.
191: Agreements for sale of annual catch entitlements
1: If the Treaty of Waitangi Fisheries Commission has, before the commencement of this Act, entered into agreements with iwi for the sale of annual catch entitlements, those sales may be completed in accordance with the agreements, even if they do not comply with section 152(1), (2), (3), or (5)
2: However, the Treaty of Waitangi Fisheries Commission must comply with section 152(4)
192: Certain exemptions saved
A consent to an exemption granted to the Treaty of Waitangi Fisheries Commission under section 28W section 60
193: Validation of certain decisions, etc
1: A decision, action, recommendation, appointment, undertaking, or transaction made, taken, or entered into in good faith and with reasonable care by a person or body, and during the periods referred to in subsection (2), is as valid as if it had been made, taken, or entered into under this Act.
2: Subsection (1) applies to a decision, action, recommendation, appointment, undertaking, or transaction made, taken, or entered into—
a: by—
i: the Minister of Maori Affairs in appointing directors under section 45
ii: the Treaty of Waitangi Fisheries Commission or a member of that Commission:
iii: an employee or agent of that Commission:
b: between either—
i: 1 January 2003 and the commencement of this Act; or
ii: the commencement of this Act and the appointed day. Transfer from Treaty of Waitangi Fisheries Commission
194: Treaty of Waitangi Fisheries Commission dissolved and existing undertaking vested
1: On and from the appointed day,—
a: the Treaty of Waitangi Fisheries Commission is dissolved; and
b: the term of office of every member of that Commission expires; and
c: the existing undertaking of that Commission vests in Te Ohu Kai Moana Trustee Limited, except to the extent that it is already vested in Aotearoa Fisheries Limited or its subcompanies, as contemplated by section 75(2)
2: A member of the Treaty of Waitangi Fisheries Commission is not entitled to compensation as a result of the expiry under this section of his or her term of office.
195: Payment of taxation refunds (if any)
1: This section applies if, after the appointed day, the Commissioner of Inland Revenue grants a refund in respect of taxation paid at any time before the appointed day by the Treaty of Waitangi Fisheries Commission or any company or subsidiary of a company owned by that Commission.
2: The Commissioner of Inland Revenue must pay the full amount of the assessed refund (if any), together with any interest payable under Part 7
3: The monies (if any) paid to Te Ohu Kai Moana Trustee Limited under subsection (2)—
a: must not be reported in the audited financial statements of Aotearoa Fisheries Limited, or of any company or subsidiary referred to in subsection (1); and
b: to avoid doubt, do not form part of the consolidated group net profit after tax of the consolidated group for the purpose of section 76(2)
c: must be reported in the audited financial statements of Te Ohu Kai Moana Trustee Limited.
196: Classification of quota shares allocated to Treaty of Waitangi Fisheries Commission
1: Te Ohu Kai Moana Trustee Limited must, not later than 6 months after the appointed day,—
a: determine the appropriate classification, in accordance with sections 8 9 section 44
i: at any time before the commencement of this Act, and not included in Schedule 1
ii: between the commencement of this Act and the appointed day; and
b: publish by notice
i: the classification of the stock; and
ii: whether harbour quota applies to that stock; and
iii: the quantity, if any, of each harbour quota for the stock.
2: A notice under this section is secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication The maker must publish it in the Gazette LA19 ss 73 74(1)(a) cl 14 Presentation It is not required to be presented to the House of Representatives because a transitional exemption applies under Schedule 1 LA19 s 114 cl 32(1)(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 196(1)(b) amended 28 October 2021 section 3 Secondary Legislation Act 2021 Section 196(2) inserted 28 October 2021 section 3 Secondary Legislation Act 2021 Final report
197: Final report of Treaty of Waitangi Fisheries Commission
1: Not later than 6 months after the appointed day, Te Ohu Kai Moana Trustee Limited must prepare a statement of the financial position and other statements of accounts necessary to show fully the financial position of the Treaty of Waitangi Fisheries Commission and the financial results of its operations for the period beginning on 1 October 2003 and ending with the close of the day immediately before the appointed day.
2: As soon as is reasonably practicable after the completion of the obligation referred to in subsection (1), Te Ohu Kai Moana Trustee Limited must provide the final report to the Minister of Maori Affairs.
3: The Minister of Maori Affairs must present the final report to the House of Representatives as soon as is reasonably practicable after receiving it from Te Ohu Kai Moana Trustee Limited.
4: In this section, final report
a: the statement of financial position of the Treaty of Waitangi Fisheries Commission and other information referred to in subsection (1); and
b: an audit report prepared by the Auditor-General on the statement referred to in paragraph (a).
198: References in instruments
1: A reference (express or implied) to the Treaty of Waitangi Fisheries Commission in an enactment (other than in this Act), or in an instrument, register, record, notice, security, document, or communication made, given, passed, or executed before or on the appointed day, must be read as a reference to Te Ohu Kai Moana Trustee Limited.
2: A reference (express or implied) to an officer of the Treaty of Waitangi Fisheries Commission in an enactment, or in an instrument, register, record, notice, security, document, or communication made, given, passed, or executed before or on the appointed day, must be read as a reference to—
a: the corresponding employee of Te Ohu Kai Moana Trustee Limited or Aotearoa Fisheries Limited; or
b: if there is no corresponding employee, an employee of Te Ohu Kai Moana Trustee Limited or Aotearoa Fisheries Limited designated by Te Ohu Kai Moana Trustee Limited.
3: This section is subject to section 214
199: Status of contracts and other instruments
1: In subsection (2), contracts and other instruments Part 5A
2: Contracts and other instruments are binding on, and enforceable by, against, or in favour of, Te Ohu Kai Moana Trustee Limited and have effect for the purposes of the Inland Revenue Acts as if Te Ohu Kai Moana Trustee Limited and not the Treaty of Waitangi Fisheries Commission had been the person by whom they were entered into, with whom they were made, or to or by whom they were given or addressed.
200: Status of existing securities
1: A security held by the Treaty of Waitangi Fisheries Commission as security for a debt or other liability to that Commission incurred before the appointed day—
a: is available to Te Ohu Kai Moana Trustee Limited as security for the discharge of that debt or liability; and
b: if the security extends to future or prospective debts or liabilities, is available as security for the discharge of debts or liabilities to Te Ohu Kai Moana Trustee Limited incurred on or after the appointed day.
2: Te Ohu Kai Moana Trustee Limited is entitled to the same rights and priorities, and is subject to the same liabilities, in relation to the security as the Treaty of Waitangi Fisheries Commission would be if this Act had not been passed.
201: Continuation of proceedings
1: An action, arbitration, proceeding, or cause of action that was pending or existing by, against, or in favour of the Treaty of Waitangi Fisheries Commission, or to which that Commission was a party, before the appointed day may be continued and enforced by against, or in favour of Te Ohu Kai Moana Trustee Limited.
2: It is not necessary to amend a pleading, writ, or other document to continue the action, arbitration, proceeding, or other cause of action.
202: Matters not affected by transfer to Te Ohu Kai Moana Trustee Limited
Nothing effected or authorised by this Act—
a: places the Treaty of Waitangi Fisheries Commission, Te Ohu Kai Moana Trustee Limited, or any other person in breach of a contract or confidence, or breach of trust, or makes any of them guilty of a civil wrong; or
b: entitles a person to terminate, cancel, or amend a contract or arrangement, or to accelerate the performance of an obligation, or to impose a penalty or increased charge; or
c: places the Treaty of Waitangi Fisheries Commission, Te Ohu Kai Moana Trustee Limited, or any other person in breach of an enactment, a rule of law, or a provision of a contract that prohibits, restricts, or regulates the assignment or transfer of an asset, right, or liability or the disclosure of information; or
d: releases a surety in whole or in part from an obligation; or
e: invalidates or discharges a contract.
203: Books and documents to remain evidence
1: A document, matter, or thing that would have been admissible in evidence for or against the Treaty of Waitangi Fisheries Commission is, on and after the appointed day, admissible in evidence for or against Te Ohu Kai Moana Trustee Limited.
2: For the purpose of this section, document section 4 Section 203(2) amended 1 August 2007 section 216 Evidence Act 2006
204: Registers
1: The Registrar General of Land, Commercial Fisheries Services Limited, or any other person charged with keeping books or registers is not required to change the name of the Treaty of Waitangi Fisheries Commission to Te Ohu Kai Moana Trustee Limited in the books or registers, or in a document, solely because of the provisions of this Act.
2: If Te Ohu Kai Moana Trustee Limited presents an instrument referred to in subsection (3) to a registrar or other person, the presentation of that instrument is, in the absence of evidence to the contrary, sufficient proof that the property is vested in Te Ohu Kai Moana Trustee Limited on behalf of Te Ohu Kai Moana, as specified in the instrument.
3: For the purposes of this section, the instrument need not be an instrument of transfer, but must—
a: be executed or purport to be executed by Te Ohu Kai Moana Trustee Limited; and
b: relate to an existing undertaking held, managed, or controlled by the Treaty of Waitangi Fisheries Commission immediately before the appointed day; and
c: be accompanied by a certificate by Te Ohu Kai Moana Trustee Limited that the property was vested in Te Ohu Kai Moana Trustee Limited under this Act.
2: Employees and agents
205: Interpretation
In this subpart,— transferred employee Treaty of Waitangi Fisheries Commission section 12 of the Maori Fisheries Act 1989
206: Liability of employees and agents
1: A person who, at any time before the appointed day, held office as a member of the Treaty of Waitangi Fisheries Commission or who was an officer, employee, agent, or representative of that Commission, is not personally liable in respect of an act or thing done or omitted to be done by him or her before the appointed day in the exercise or bona fide purported exercise of an authority conferred by or under the Maori Fisheries Act 1989 Treaty of Waitangi (Fisheries Claims) Settlement Act 1992
2: This section applies only—
a: in the absence of actual fraud; and
b: if the act or omission does not amount to an offence under any enactment or rule of law.
207: Transfer of existing employees
On the appointed day, each employee of the Treaty of Waitangi Fisheries Commission becomes an employee of Te Ohu Kai Moana Trustee Limited or Aotearoa Fisheries Limited, as determined by the Treaty of Waitangi Fisheries Commission.
208: Terms and conditions of employment of transferred employees
1: The employment of a transferred employee must be on terms and conditions no less favourable to the transferred employee than those applying to the employee immediately before the appointed day.
2: Subsection (1)—
a: continues to apply to the terms and conditions of employment of a transferred employee until those terms and conditions are varied by agreement between the transferred employee and Te Ohu Kai Moana Trustee Limited or Aotearoa Fisheries Limited, as the case may be; and
b: does not apply to a transferred employee who receives a subsequent appointment with Te Ohu Kai Moana Trustee Limited or Aotearoa Fisheries Limited.
209: Continuity of employment
For the purposes of every enactment, law, determination, contract, and agreement relating to the employment of a transferred employee, the transfer of the employee from the Treaty of Waitangi Fisheries Commission to Te Ohu Kai Moana Trustee Limited or Aotearoa Fisheries Limited, as the case may be, does not, of itself, break the employment of that person, or the period of his or her employment by the Treaty of Waitangi Fisheries Commission as having been a period of service with Te Ohu Kai Moana Trustee Limited or Aotearoa Fisheries Limited, as the case may be.
210: No compensation for technical redundancy
A transferred employee is not entitled to receive any payment or any other benefit solely on the ground that—
a: the position held by the employee with the Treaty of Waitangi Fisheries Commission has ceased to exist; or
b: the employee has ceased, as a result of his or her transfer to Te Ohu Kai Moana Trustee Limited or Aotearoa Fisheries Limited, to be an employee of the Treaty of Waitangi Fisheries Commission.
3: Miscellaneous provisions
211: Application of Inland Revenue Acts and other enactments
1: For the purposes of the Inland Revenue Acts, binding rulings under those Acts and any other enactment that imposes or provides for the collection of a tax, duty, levy or other charge, the Treaty of Waitangi Fisheries Commission and Te Ohu Kai Moana Trustee Limited are the same person.
2: For the purposes of the Inland Revenue Acts, Te Ohu Kai Moana Trustee Limited must be treated as having held, at all times since the interests were acquired by the Treaty of Waitangi Fisheries Commission, the voting interests and market value interests that they receive from that Commission under this Act.
212: Protection of names
1: No person may be incorporated or registered under any enactment or in any other manner using any of the following names:
a: Te Ohu Kai Moana; or
b: Te Kawai Taumata; or
c: Te Putea Whakatupu Trust; or
d: Te Wai Maori Trust.
2: No person, other than the person to whom the name applies, either alone or with another person, may operate or carry on business or activities—
a: under a name specified in subsection (1); or
b: under any other name, knowing that the name so resembles a specified name as to be likely to mislead a person.
3: A person who contravenes subsection (2) commits an offence and is liable on
4: It is a defence in any prosecution for an offence against subsection (3) if the defendant proves that, either alone or with any other person or persons, the defendant has carried on business continuously under the name to which the prosecution relates from any date before the commencement of this Act. Section 212(3) amended 1 July 2013 section 413 Criminal Procedure Act 2011
4: Repeal and consequential amendments
213: Enactment repealed
The Maori Fisheries Act 1989 (1989 No 159)
214: Amendments to other enactments
On and from the appointed day, the enactments specified in Schedule 9