New Zealand Legislation: Acts

27 Purchase of coastal permits by the Crown

• (1) The Crown may purchase coastal permits for the purpose of complying with section 22.

  (2) The Crown must use its best endeavours to ensure that on 31 December 2014 the average value of all coastal permits for a region or harbour listed in Schedule 2 purchased by it and transferred to the trustee during the period beginning on 1 January 2008 and ending on the close of 31 December 2014 is not less than the average value of all coastal permits authorising the occupation of coastal space for aquaculture in the region or harbour.

  (3) Before purchasing a coastal permit under subsection (1), the Minister of Fisheries must establish processes and methods for determining the appropriate value of the coastal permit.

  (4) Without limiting subsection (3), the processes and methods must—

  • (a) avoid increasing demand for coastal permits which would increase the value of the space; and

  • (b) reduce the risk of collusion among sellers of coastal permits; and

  • (c) be cost effective for the Crown; and

  • (d) assess the average current value of space in the part of the coastal marine area concerned.