New Zealand Legislation: Acts

16 When authorisations allocated to trustee lapse

• (1) Section 165N of the Resource Management Act 1991 does not apply to settlement assets.

  (2) However, a settlement asset that is an authorisation does lapse if the space that is subject to the authorisation ceases to be part of an aquaculture management area.

  (3) If an authorisation that is a settlement asset is transferred and (as a result of the transfer) it ceases to be a settlement asset, the authorisation lapses 2 years after the date on which the holder gives a notice of transfer of the authorisation to the regional council under section 165M of the Resource Management Act 1991.