New Zealand Legislation: Acts

5 Meaning of settlement assets

• (1) In this Act, unless the context otherwise requires, settlement assets—

  • (a) means authorisations relating to aquaculture activities, coastal permits to occupy space for aquaculture activities, or the financial equivalent of the authorisations or the permits, transferred or paid or to be transferred or paid to the trustee under this Act; and

  • (b) includes any authorisation held by the trustee, an iwi aquaculture organisation, or a company under the Companies Act 1993 wholly owned by 1 or more iwi aquaculture organisations in the same region if—

    • (i) the authorisation was transferred in exchange for an authorisation referred to in paragraph (a) or received under a previous transfer to which this paragraph applied; and

    • (ii) notice of both transfers was received by the regional council on the same day; and

    • (iii) the authorisations exchanged related to the same amount of space in the same region; and

    • (iv) the authorisation transferred to the trustee or an iwi aquaculture organisation related to the occupation of space for aquaculture activities; and

  • (c) includes any coastal permits held by the trustee, an iwi aquaculture organisation, or a company under the Companies Act 1993 wholly owned by 1 or more iwi aquaculture organisations, being coastal permits obtained from authorisations referred to in paragraph (a) or paragraph (b); and

  • (d) includes any coastal permit held by the trustee, an iwi aquaculture organisation, or a company under the Companies Act 1993 wholly owned by 1 or more iwi aquaculture organisations in the same region if—

    • (i) the coastal permit was transferred in exchange for a coastal permit specified in paragraph (a) or paragraph (c) or received under a previous transfer to which this paragraph applied; and

    • (ii) notice of both transfers was received by the regional council on the same day; and

    • (iii) the coastal permits exchanged related to the same amount of space in the same region; and

    • (iv) the coastal permits transferred related to the occupation of space for aquaculture activities.

  (2) However, an authorisation or coastal permit ceases to be a settlement asset if the authorisation or coastal permit is transferred to another person unless the authorisation or coastal permit is transferred—

  • (a) from the trustee to an iwi aquaculture organisation or a company under the Companies Act 1993 wholly owned by 1 or more iwi aquaculture organisations in the same region; or

  • (b) from an iwi aquaculture organisation or a company under the Companies Act 1993 wholly owned by 1 or more iwi aquaculture organisations in the same region to another iwi aquaculture organisation or company under the Companies Act 1993 wholly owned by 1 or more iwi aquaculture organisations in the same region.