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Fisheries Act 1996

Registration of transfers, mortgages, caveats, etc - Mortgages of quota

140A: Restriction on transfer by mortgagee

You could also call this:

"Mortgagees must follow special rules when selling settlement quota."

Illustration for Fisheries Act 1996

If you are a mortgagee and you sell settlement quota, you must transfer it in a certain way. You have to follow the rules in sections 161 and 163 of the Maori Fisheries Act 2004, as if you were a mandated iwi organisation. This means you transfer the quota in a specific way. When you transfer the quota, it does not remove the interest in the settlement quota. You still have to consider the rules in sections 139 and 140, but this rule is an exception. The transfer of quota is done in accordance with the Maori Fisheries Act 2004. You must follow these rules when transferring settlement quota. The rules are in place to ensure the quota is transferred correctly. The transfer is subject to certain conditions.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM397666.

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Business > Industry rulesMāori affairs > Māori land
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140: Restriction on exercise of power of sale, or

"Rules to protect you when someone sells your quota shares because you didn't pay them back"

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Part 8Registration of transfers, mortgages, caveats, etc
Mortgages of quota

140ARestriction on transfer by mortgagee

  1. Despite sections 139 and 140, if a mortgagee exercises a power of sale over settlement quota, the mortgagee must transfer the settlement quota in accordance with sections 161 (except subsection (2)) and 163 of the Maori Fisheries Act 2004 as if the mortgagee were a mandated iwi organisation.

  2. Despite section 145(1), the transfer of quota under subsection (1) does not remove the settlement quota interest.

Notes
  • Section 140A: inserted, on , by section 214 of the Maori Fisheries Act 2004 (2004 No 78).