49Unallocated total allowable commercial catch to be held by Crown

1. Immediately after quota is allocated under section 44 or section 47, all of the remaining quota shares in a stock that have not been allocated under those sections shall be automatically allocated to the Crown—

2. in the form of provisional individual transferable quota; or
3. if no appeals under section 51 have been lodged in respect of that stock, in the form of individual transferable quota.

4. After the allocation of quota under subsection (1), the chief executive shall notify the Registrar of Quota of the amount of individual transferable quota, or provisional individual transferable quota, as the case may be, allocated to the Crown.

5. Quota allocated to the Crown under subsection (1)(a) shall be held as unencumbered provisional individual transferable quota until all disputes of a kind referred to in subsection (1)(b) and all appeals in respect of the allocation of provisional catch history or quota for that stock have been finally determined and those determinations have been given effect, and, at that time, such provisional individual transferable quota held by the Crown shall become individual transferable quota.

6. When any quota for a Chatham Islands quota management area, created in accordance with section 19, is allocated to the Crown under subsection (1) and becomes individual transferable quota, the Crown shall transfer that quota to the Chatham Islands Enterprise Trust.