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Fisheries Act 1996

Quota management system - Overseas investment in and aggregation of quota

58: Interest in fishing quota that is overseas investment in fishing quota to be forfeit

You could also call this:

"Losing fishing rights if you're a foreign investor without permission"

Illustration for Fisheries Act 1996

You have an interest in fishing quota. The chief executive thinks you got this interest without getting the required consent. The chief executive can tell the register to put a caveat on your interest. They must also give you a written notice that says your interest will be taken by the Crown if you do not apply to the High Court. You will get a notice that says your interest in fishing quota will be taken by the Crown. This notice will tell you to apply to the High Court to say if you are an overseas person. You have at least 60 clear days to make this application. If you do not apply to the High Court in time, your interest in fishing quota will be taken by the Crown. You will not get any compensation for this. A caveat will be put on your interest and will stay until the chief executive or the court tells the register to remove it.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM396325.

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Part 4Quota management system
Overseas investment in and aggregation of quota

58Interest in fishing quota that is overseas investment in fishing quota to be forfeit

  1. This section applies if the chief executive believes on reasonable grounds that a person (A) has been registered as the owner of an interest in fishing quota without obtaining consent when required under the overseas investment fishing provisions.

  2. The chief executive—

  3. may direct that a caveat be registered in the appropriate register under Part 8 over that interest in fishing quota; and
    1. must give A a written notice of forfeiture that complies with subsection (3).

      1. A notice of forfeiture must—

      2. state that the interest in fishing quota that has been obtained without consent under the overseas investment fishing provisions will be forfeited to the Crown without compensation unless A applies to the High Court for a declaration as to whether A is an overseas person; and
        1. state the period, which must not be less than 60 clear days after the notice is given, for A to make the application.

          1. A caveat that is directed to be registered under subsection (2)(a) must remain on the register until removed by direction of the chief executive or order of the court pursuant to an application by A for a declaration under subsection (3)(a).

          2. If A fails to apply for a declaration within the time stipulated in the notice, the relevant interest in fishing quota is forfeit to the Crown without compensation at the end of that period.

          Notes
          • Section 58: substituted, on , by section 73 of the Overseas Investment Act 2005 (2005 No 82).