New Zealand Legislation: Acts

29 Purchase of coastal permits to occupy space for aquaculture activities, including purchase of improvements

• (1) If the Crown purchases a coastal permit to occupy space for aquaculture activities and the purchase includes improvements in the space, the Crown—

  • (a) is not required to allocate the improvements to the trustee; but

  • (b) may provide to the trustee a right of first refusal to purchase the improvements.

  (2) If the Crown does provide to the trustee a right of first refusal to purchase the improvements, the trustee may do so only if it has the agreement of the iwi aquaculture organisations concerned.

  (3) The trustee must not transfer the improvements to an iwi aquaculture organisation except in accordance with sections 48 and 49.

  (4) A right of first refusal to purchase the improvements expires—

  • (a) on a date specified in the right of first refusal for that purpose; or

  • (b) if no date is specified, then 30 days after the right of first refusal is given to the trustee.