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Fisheries Act 1996

Registration of transfers, mortgages, caveats, etc - Transfers of quota or annual catch entitlement

132: Transfers of individual transferable quota

You could also call this:

"Transferring fishing quotas: rules to follow"

Illustration for Fisheries Act 1996

When you want to transfer individual transferable quota, it must meet some rules. You can only transfer quota if you own it and it is not subject to any caveats or mortgages. If the quota is subject to a settlement quota interest registered under section 152A, Te Ohu Kai Moana Trustee Limited must authorise the transfer under section 158 of the Maori Fisheries Act 2004. You cannot transfer part of an individual transferable quota share. The chief executive will not accept a transfer that is to take effect on a date after it is presented for registration. Provisional individual transferable quota can only be transferred by operation of law. You must also check if you are an overseas person and if you need consent to acquire quota.

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Part 8Registration of transfers, mortgages, caveats, etc
Transfers of quota or annual catch entitlement

132Transfers of individual transferable quota

  1. No transfer of individual transferable quota for any stock shall be registered under this Act unless, at the time the transfer is to be registered,—

  2. the transferor owns the individual transferable quota shares to be transferred; and
    1. the quota shares to be transferred are not subject to any caveat or mortgage registered under this Act; and
      1. in the case of quota shares subject to a settlement quota interest registered under section 152A, the transfer is authorised by Te Ohu Kai Moana Trustee Limited under section 158 of the Maori Fisheries Act 2004; and
        1. the person is not an overseas person or, if an overseas person, either has obtained consent under the overseas investment fishing provisions to acquire quota or is exempt from the requirement for that consent.

          1. A part of an individual transferable quota share is not transferable.

          2. The chief executive shall not accept for registration a transfer that is expressed to take effect on a date after the date on which it is presented for registration.

          3. Provisional individual transferable quota is not transferable except by operation of law.

          Notes
          • Section 132(1)(b): amended, on , by section 214 of the Maori Fisheries Act 2004 (2004 No 78).
          • Section 132(1)(c): added, on , by section 214 of the Maori Fisheries Act 2004 (2004 No 78).
          • Section 132(1)(c): amended, on , by section 75 of the Overseas Investment Act 2005 (2005 No 82).
          • Section 132(1)(d): added, on , by section 75 of the Overseas Investment Act 2005 (2005 No 82).
          • Section 132(3): amended, on , pursuant to section 90(2) of the Fisheries Act 1996 Amendment Act 1999 (1999 No 101).
          • Section 132(4): added, on , by section 14 of the Fisheries (Remedial Issues) Amendment Act 2001 (2001 No 33).