59 Aggregation limits

(1)

Notwithstanding the provisions of this Act relating to the transfer of quota, no person shall be entitled to own—

(a)

a number of quota shares for any one species the total quota weight equivalent of which is more than 45% of the combined total allowable commercial catches for every stock of that species (which species shall be a species named in Schedule 5):

(b)

more than 10 000 000 quota shares (10% of the total allowable commercial catch) for spiny rock lobster in any one quota management area:

(c)

more than 20 000 000 quota shares (20% of the total allowable commercial catch) for paua in any one quota management area:

(d)

in the case of bluenose (Hyperoglyphe antarctica), a number of quota shares for that species the quota weight equivalent of which is more than 20% of the combined total allowable commercial catches for every stock of that species:

(e)

in any other case, a number of quota shares for any one species the total quota weight equivalent of which is more than 35% of the combined total allowable commercial catches for every stock of that species.

(2)

Subject to subsection (5), nothing in subsection (1) prevents any person being allocated more than the permitted number of quota shares; but, except as may be permitted by any consent granted under section 60, no such person may acquire any more such quota.

(3)

Nothing in subsection (1) prevents any person, after an alteration of a quota management area under section 25, being allocated more than the permitted number of quota shares; but, except as may be permitted by any consent granted under section 60, no such person may acquire any more such quota.

(4)

Nothing in subsection (1) prevents any person who has quota shares transferred to that person under section 22 or section 23 or section 52 from holding those shares; but, except as may be permitted by any consent granted under section 60, no such person may acquire any more such quota.

(5)

If any person acquires any provisional catch history other than by allocation for any stock, the person is not entitled to be allocated any quota in respect of that provisional catch history to the extent that the allocation of such quota would result in the person being in breach of this section, and such provisional catch history shall be cancelled.

(6)

[Repealed]

(6A)

For the purposes of subsection (1)(e) and section 60(1)(c), in determining the aggregate percentage ownership of any person in relation to both Foveaux Strait dredge oysters and any other dredge oyster stock,—

(a)

980 Foveaux Strait dredge oysters (or such other number as may be fixed by the Minister under section 188(5) of this Act or section 3A(6) of the Fisheries Act 1983) are to be treated as equivalent to 100 kilogrammes; and

(b)

the total allowable commercial catch for Foveaux Strait dredge oysters and the quota weight equivalent of quota shares held by any person for Foveaux Strait dredge oysters are to be calculated in kilogrammes accordingly before being aggregated with the relevant weight-related figures in respect of the other dredge oyster stock.

(7)

The Governor-General may, by Order in Council made on the recommendation of the Minister, following consultation with such persons or organisations who are representative of those classes of persons the Minister considers have an interest in this section, add the name of any new species to, or delete the name of any existing species from, Schedule 5.

(8)

Subsection (1) does not apply to the Chatham Islands Enterprise Trust, Te Ohu Kai Moana Trustee Limited, or to the Crown.

(8A)

Subsection (1) does not prevent a person from owning the following quota, in addition to quota owned by that person immediately before the commencement of the Maori Fisheries Act 2004:

(a)

settlement quota, whether it was acquired by allocation under the Maori Fisheries Act 2004 or by purchase, exchange, or otherwise; or

(b)

quota purchased under a right of first refusal under any enactment; or

(c)

in the case of Aotearoa Fisheries Limited or its subcompanies—

(i)

quota transferred to it under section 75 of the Maori Fisheries Act 2004 by the Commission or by Te Ohu Kai Moana Trustee Limited:

(ii)

quota purchased after the commencement of the Maori Fisheries Act 2004; or

(d)

in the case of an asset-holding company of a mandated iwi organisation or a subsidiary of an asset-holding company, quota purchased after the commencement of the Maori Fisheries Act 2004 under an exemption consented to under—

(i)

section 28W(3) of the Fisheries Act 1983; or

(ii)

section 60 of the Fisheries Act 1996.

(9)

[Repealed]

(10)

For the purposes of this section and sections 60(4) and 61, the term person, in relation to a particular person, includes—

(a)

any person who is in partnership with the person:

(b)

any person who is a director or employee of any company of which the person is a director or employee:

(c)

any person who is a relative of the person as defined in paragraph (c) of the definition of that term, as it was before the enactment of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 in section YA 1 of the Income Tax Act 2007:

(d)

any person who would be an associated person under subpart YB of the Income Tax Act 2007 as it was before the enactment of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009, to the extent to which those rules apply for the whole of that Act excluding the 1973, 1988, and 1990 version provisions, with the exception that paragraph (e) of the definition of market value circumstance in section YA 1 of that Act does not apply.

(e)

any beneficiary or trustee of any trust of which the person is a trustee or beneficiary.

(10A)

For the purposes of subsection (10)(b) and (e), a person is not a person referred to in that subsection solely because the person is—

(a)

in the case of subsection (10)(b), a director of Te Ohu Kai Moana Trustee Limited, Te Putea Whakatupu Trustee Limited, or Te Wai Maori Trustee Limited; or

(b)

in the case of subsection (10)(e), a beneficiary, director, trustee, or officeholder, as the case may be, of—

(i)

Te Ohu Kai Moana, Te Putea Whakatupu Trust, or Te Wai Maori Trust; or

(ii)

a mandated iwi organisation or an asset-holding company; or

(iii)

any trust of which the settlor is Aotearoa Fisheries Limited or a subcompany.

(11)

Despite subsection (10),—

(a)

Te Ohu Kai Moana Trustee Limited is not to be regarded as being included with any other person; and

(b)

no person is to be regarded as being included with any other person merely because either or both of those persons would be included with Te Ohu Kai Moana Trustee Limited but for paragraph (a); and

(c)

no bank registered under the Reserve Bank of New Zealand Act 1989 is to be regarded as being included with any other person merely because the bank has, in the ordinary course of its business as a financier, been granted any interest in quota owned by the person; and

(d)

no person is to be regarded as included with any other person solely because they are both beneficiaries of the same trust.

Section 59(6): repealed (without coming into force), on 1 October 2001, by section 9(1) of the Fisheries Amendment Act 2001 (2001 No 65).

Section 59(6A): inserted, on 1 April 1998, by section 4 of the Fisheries (Fouveaux Strait Dredge Oyster Fishery) Amendment Act 1998 (1998 No 6).

Section 59(8): amended, on 29 November 2004, by section 214 of the Maori Fisheries Act 2004 (2004 No 78).

Section 59(8A): inserted, on 29 November 2004, by section 214 of the Maori Fisheries Act 2004 (2004 No 78).

Section 59(9): repealed (without coming into force), on 1 October 2001, by section 9(1) of the Fisheries Amendment Act 2001 (2001 No 65).

Section 59(10): added, on 1 October 2001, by section 9(2) of the Fisheries Amendment Act 2001 (2001 No 65).

Section 59(10)(c): amended, on 1 April 2010, by section 861 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section 59(10)(c): amended, on 1 April 2008 (effective for 2008–09 income year and later), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).

Section 59(10)(d): substituted, on 1 April 2010, by section 861 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section 59(10A): inserted, on 29 November 2004, by section 214 of the Maori Fisheries Act 2004 (2004 No 78).

Section 59(11): added, on 1 October 2001, by section 9(2) of the Fisheries Amendment Act 2001 (2001 No 65).

Section 59(11)(a): amended, on 29 November 2004, by section 214 of the Maori Fisheries Act 2004 (2004 No 78).

Section 59(11)(b): amended, on 29 November 2004, by section 214 of the Maori Fisheries Act 2004 (2004 No 78).