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The Māori Fisheries Amendment Act 2011 has amended the Māori Fisheries Act 2004. It enables the transfer of Mandated Iwi Organisation status and fisheries settlement assets from an existing Mandated Iwi Organisation to another separate entity of the same iwi, and exempts the asset transfer from the protective provisions of the Act that would require their sale.
The Māori Fisheries Act requires that fisheries settlement assets (being income shares in Aotearoa Fisheries Ltd and fisheries settlement quota) held by an iwi must be held by a Mandated Iwi Organisation.
Previously, if an iwi attempted to transfer the fisheries settlement assets to another separate entity of the same iwi, protective provisions of the Māori Fisheries Act required sale of the assets to the highest eligible bidder from other Mandated Iwi Organisations and Te Ohu Kai Moana Trustee Ltd.
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