74 Section 154 amended (Status of settlement assets. In section 154(1), replace “income shares” with “ordinary shares”.Amendments to Part 4— (Settlement quota interests, sales and exchanges of settlement quota, related restrictions, and option to purchase) 20 75Section 155 amended (Outline of this Part) (1)Repeal section 155(e).(2)In section 155(f), delete “sale or”.76Section 156 repealed (Interpretation) Repeal section 156.2577Sections 157 to 159 replaced Replace sections 157 to 159 with: 157Registration of settlement quota interests (1)Te Ohu Kai Moana Trustee Limited must, in accordance with section 152A of the Fisheries Act 1996, apply to the chief executive of the Ministry (as those terms are defined in section 2(1) of the Fisheries Act 1996) for registration of settlement quota interests— 30 (a) within 20 working days after the appointed day and before any transac‐ tions are made involving the specified shares, against— (i) quota shares listed in Schedule 1; and35 (ii) quota shares allocated, before the appointed day, under section 44 of the Fisheries Act 1996; and (b) against further quota shares allocated under section 44 of the Fisheries Act 1996 after the appointed day.(2)The quota shares referred to in subsection (1) become settlement quota when the settlement quota interest is registered under section 152A of the Fisheries5 Act 1996. 158General restriction on transfer of settlement quota (1)Settlement quota must not be transferred except— (a) by a transfer authorised by Te Ohu Kai Moana Trustee Limited undersection 18E(1)(b)(i) for the purposes of section 18B(5)(b); or10 (b) to an entity permitted by section 161(1) to acquire settlement quota; or (c) as ordered by the Court; or (d) through forfeiture to the Crown under the Fisheries Act 1996; or (e) in accordance with an approved exchange for non-settlement quota as15contemplated by section 173.(2) Every transfer of settlement quota must be notified—(a) by the transferor and transferee jointly; and(b) to the chief executive of the Ministry (as those terms are defined in sec‐ tion 2(1) of the Fisheries Act 1996); and(c) in the form, if any, approved for the purposes of this subsection by that chief executive.159 Quota may be treated as settlement quota(1) A mandated iwi organisation may declare any quota owned by the asset-hold‐ ing company of that mandated iwi organisation to be settlement quota.(2) A declaration must not be made under subsection (1) until the mandated iwi organisation has obtained the approval of any party that holds a mortgage ...
