29B Allocation to Crown and Te Ohu Kai Moana Trustee Limited

(1)

After the Minister has declared a stock to be subject to the quota management system (other than a stock specified in section 29A(2)), the chief executive must—

(a)

allocate 80 000 000 quota shares to the Crown; and

(b)

in accordance with section 44, allocate 20 000 000 quota shares to the Te Ohu Kai Moana Trustee Limited.

(2)

The allocation takes effect on the first day of the fishing year in respect of which the stock becomes a quota management stock.

Section 29B: inserted, on 1 October 2004, by section 7 of the Fisheries Amendment Act (No 3) 2004 (2004 No 76).

Section 29B heading: amended, on 29 November 2004, by section 214 of the Maori Fisheries Act 2004 (2004 No 78).

Section 29B(1)(b): amended, on 29 November 2004, by section 214 of the Maori Fisheries Act 2004 (2004 No 78).