26Effect on quota if quota management area altered

1. This section applies if an order is made under section 25.

2. Subject to sections 43 and 52, the chief executive must allocate quota—

3. in accordance with the agreement referred to in section 25A, or with the plan referred to in section 25B, as the case may be; and
4. in the form in which the quota was held immediately before the alteration takes effect.

5. The chief executive must, as soon as practicable after the order is made, cause every quota owner affected by the alteration—

6. to be notified of the number of quota shares (if any) allocated to that person for each new stock and of any other relevant matters; and
7. to be given a schedule setting out the allocation of quota shares to all other quota owners for each new stock.

8. On the close of the last day of the fishing year before the fishing year in which the alteration takes effect, all existing quota affected by an alteration under section 25 is cancelled, but all rights, obligations, and liabilities (including liability to forfeiture) relating to the cancelled quota apply to the new quota.

9. All preferential allocation rights held under section 23 must be apportioned in the same manner as quota is allocated under subsection (2).

10. This section does not confer on Te Ohu Kai Moana Trustee Limited any entitlement to any further allocation of quota under section 44 or under any other enactment.