New Zealand Legislation: Acts

32 Functions and powers of iwi aquaculture organisations

• (1) Under this Act, an iwi aquaculture organisation must—

  • (a) act for the benefit of all the members of the iwi, irrespective of where those members reside; and

  • (b) perform the functions and duties conferred on it by or under this Act.

  (2) An iwi aquaculture organisation may—

  • (a) directly receive and hold, on behalf of its iwi, settlement assets allocated to the iwi by the trustee under this Act:

  • (b) if relevant, enter into agreements with other iwi aquaculture organisations in relation to the allocation of settlement assets:

  • (c) establish companies to undertake aquaculture activities:

  • (d) perform other functions contemplated by or provided for by or under this Act.

  (3) An iwi aquaculture organisation must not undertake commercial aquaculture activities except through a separate enterprise that is responsible to the organisation.