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Fisheries Act 1996

Registration of transfers, mortgages, caveats, etc - Settlement quota interests

152B: Effect of registering settlement quota interest against quota shares

You could also call this:

"What happens when you register a settlement quota interest against quota shares"

Illustration for Fisheries Act 1996

You have a settlement quota interest against some quota shares. Between a certain day and when this interest is registered, you cannot deal with these shares except to transfer them to Te Ohu Kai Moana Trustee Limited. You can find the shares in Schedule 1 of the Maori Fisheries Act 2004. You cannot transfer quota with a settlement quota interest unless Te Ohu Kai Moana Trustee Limited and the owner agree under section 160 of the Maori Fisheries Act 2004, or a court orders it. The settlement quota interest can also be forfeit to the Crown under section 61 or sections 255 to 255E. If you transfer settlement quota, the settlement quota interest stays in force unless it is removed under section 160 of the Maori Fisheries Act 2004. Having a settlement quota interest does not stop the quota from being mortgaged or caveated. This rule overrides section 145(1).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM397692.

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152A: Registration, or

"Registering a settlement quota interest with the chief executive"

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Part 8Registration of transfers, mortgages, caveats, etc
Settlement quota interests

152BEffect of registering settlement quota interest against quota shares

  1. Between the appointed day and the time when a settlement quota interest is registered against the quota specified by Te Ohu Kai Moana Trustee Limited, there must be no dealings with the quota shares listed in Schedule 1 of the Maori Fisheries Act 2004, except for their transfer to Te Ohu Kai Moana Trustee Limited.

  2. While there is a settlement quota interest registered against quota, no transfer of that quota may be registered unless—

  3. the transfer is—
    1. authorised by Te Ohu Kai Moana Trustee Limited and the owner under section 160 of the Maori Fisheries Act 2004; or
      1. ordered by the court; or
      2. the settlement quota is forfeit to the Crown under section 61 or sections 255 to 255E.

        1. To avoid doubt, a settlement quota interest remains in force if settlement quota is transferred, unless the settlement quota interest is removed in accordance with section 160 of the Maori Fisheries Act 2004.

        2. However, the fact that a settlement quota interest is registered against the quota does not exclude the quota from being subject to a mortgage or caveat under this Act.

        3. Subsection (2) overrides section 145(1).

        Notes
        • Section 152B: inserted, on , by section 214 of the Maori Fisheries Act 2004 (2004 No 78).