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Part 3
Allocation and transfer of settlement assets

129 Outline of this Part

(1) The provisions of this Part govern the allocation and transfer of settlement assets (including settlement money and any surplus funds) and set out the bases for allocation of—

(a) inshore quota; and

(b) deepwater quota; and

(c) harbour quota; and

(d) freshwater quota; and

(e) settlement quota within Specified Fisheries Management Areas; and

(f) Chatham Island allocations; and

(g) specified cash allocations.

(2) It also makes provision for—

(a) the transfer of settlement assets; and

(b) the sale of annual catch entitlement; and

(c) requirements relating to assets held in trust; and

(d) the status of settlement assets under the Inland Revenue Acts.

Subpart 1—Allocation and transfer of settlement assets

Duty

130 Duty to allocate and transfer settlement assets

(1) As soon as is reasonably practicable after Te Ohu Kai Moana Trustee Limited is satisfied that an iwi has met the criteria specified in subsection (3), it must—

(a) allocate settlement assets to that iwi in accordance with this Part; and

(b) transfer the allocated cash assets to the mandated iwi organisation of the iwi; and

(c) transfer the settlement quota and income shares to 1 or more of the asset-holding companies of the mandated iwi organisation, so long as the asset-holding companies comply with section 17(1).

(2) A transfer of settlement quota under subsection (1) is subject to section 151.

(3) An iwi must meet the following criteria before settlement assets may be transferred to it:

(a) Te Ohu Kai Moana Trustee Limited has recognised a mandated iwi organisation for the iwi under section 13(1); and

(b) the mandated iwi organisation holds, for all relevant quota management stocks, registered coastline entitlements as provided for by section 11, including separate entitlements for any relevant harbour quota.

131 Interpretation

In sections 132 to 134,—

affected iwi has the meaning it is given in clause 2 of Schedule 6

named iwi means an iwi identified in a request made under section 132(2).

132 Application of sections 133 and 134

(1) Sections 133 and 134 apply if an iwi—

(a) has a mandated iwi organisation recognised by Te Ohu Kai Moana Trustee Limited; but

(b) cannot finalise all its coastline claims under clause 3 of Schedule 6 solely because 1 or more named iwi do not have a mandated iwi organisation.

(2) A mandated iwi organisation may, by written notice,—

(a) request Te Ohu Kai Moana Trustee Limited to exercise its powers under section 133; and

(b) identify any affected iwi that does not have a mandated iwi organisation.

(3) Before making a request under subsection (2), a mandated iwi organisation must, in relation to any affected iwi that has a mandated iwi organisation,—

(a) resolve any dispute and conclude all necessary agreements relevant to its coastline claims in accordance with clauses 6 and 7 of Schedule 6; and

(b) request Te Ohu Kai Moana Trustee Limited to register the agreements under clause 8 of Schedule 6.

(4) A request made under subsection (2) must be accompanied by coastline claims for all quota management stocks and harbour quota relevant to the iwi of the mandated iwi organisation making the request, except to the extent that any coastline entitlements have already been determined for that iwi.

133 Procedure if request made under section 132(2)

(1) When Te Ohu Kai Moana Trustee Limited receives a request from a mandated iwi organisation under section 132(2), it must, in accordance with the process set out in clause 10 of Schedule 6, complete the verification of the data and agreements for the coastline claims as they relate to affected iwi (other than the named iwi).

(2) If Te Ohu Kai Moana Trustee Limited is satisfied that the mandated iwi organisation is unable to finalise its coastline claims solely because 1 or more of the named iwi do not have a mandated iwi organisation, Te Ohu Kai Moana Trustee Limited must—

(a) give written notice to the recognised iwi organisation of each relevant named iwi—

(i) that coastline claims have been made by the mandated iwi organisation; and

(ii) of the details of the coastline claims that affect the named iwi; and

(iii) that the provisions of section 134 may be invoked for the benefit of the mandated iwi organisation that made the request under section 132(2) on the specified date (which must be 3 years after the date of the notice), if any of the named iwi do not have a mandated iwi organisation on or before that date; and

(b) record in the iwi register—

(i) its determination that the finalisation of coastline claims of that mandated iwi organisation is delayed; and

(ii) the identity of the relevant named iwi; and

(iii) a copy of any notice given under paragraph (a).

134 Allocation and transfer after request under section 132(2)

(1) If, before the date specified in the notice issued to a named iwi under section 133(2)(a)(iii), Te Ohu Kai Moana Trustee Limited recognises a mandated iwi organisation for that iwi, the mandated iwi organisation that made the request under section 132(2) must—

(a) complete the necessary agreements in accordance with clauses 6 and 7 of Schedule 6; and

(b) request Te Ohu Kai Moana Trustee Limited to register those agreements under clause 8 of Schedule 6.

(2) If, after the date specified in the notice issued to a named iwi under section 133(2)(a)(iii), any agreements required under subsection (1) have been completed, but 1 or more named iwi do not have a mandated iwi organisation, Te Ohu Kai Moana Trustee Limited must proceed to determine coastline entitlements for the mandated iwi organisation that made the request under section 132(2).

(3) Coastline entitlements determined under subsection (2) must be made in accordance with—

(a) section 11 and Schedule 6; and

(b) the coastline claims made by the mandated iwi organisation, as supported or modified by any agreements registered under clause 8 of Schedule 6.

(4) To avoid doubt, the specified points in the coastline claims that would otherwise require the agreement of the named iwi that does not have a mandated iwi organisation must be treated as if they were subject to such an agreement.

Discretionary power

135 Discretion to allocate and transfer

(1) If a mandated iwi organisation does not, 2 years or more after the date when it was recognised by Te Ohu Kai Moana Trustee Limited, hold the registered coastline entitlements required by section 130(3)(b), Te Ohu Kai Moana Trustee Limited may allocate and transfer, in accordance with sections 130(1) and 151, any or all of the following settlement assets to that mandated iwi organisation:

(a) non-quota settlement assets:

(b) settlement quota for which the mandated iwi organisation holds a registered coastline entitlement:

(c) settlement quota for which the mandated iwi organisation does not hold a registered coastline entitlement.

(2) However, if a transfer is made under subsection (1)(c),—

(a) settlement quota that is to be allocated on the basis of coastline may only be transferred in proportion to the length of coastline of the relevant iwi that Te Ohu Kai Moana Trustee Limited is satisfied is unlikely to be disputed; and

(b) in the case of deepwater quota for which a registered coastline entitlement is required, settlement quota that is to be allocated on the basis of population must not be transferred unless a transfer of that quota management stock is made under subsection (2)(a).

(3) Assets transferred under subsection (1)(a) or (b) must have been allocated to the iwi in accordance with sections 137 and 139 to 141.

136 Limitations applying if mandated iwi organisation receives settlement quota under section 135

(1) If settlement quota is transferred to a mandated iwi organisation under section 135(1)(c), the mandated iwi organisation must—

(a) not sell, exchange, or otherwise transfer that quota until it holds registered coastline entitlements for the relevant quota management stock; and

(b) where another mandated iwi organisation becomes entitled to any amount of that quota as a result of holding a registered coastline entitlement, transfer the relevant amount of that quota to that mandated iwi organisation without consideration or compensation before the start of the next fishing year.

(2) This section applies in addition to, and does not limit, the provisions of Part 4.

Settlement asset money

137 Transfer of money

(1) Te Ohu Kai Moana Trustee Limited must transfer settlement asset money it receives under section 194 as follows:

(a) $20 million, without the addition of earnings, to Te Putea Whakatupu Trustee Limited in accordance with section 90(1) and (2); and

(b) $10 million, without the addition of earnings, to Te Wai Māori Trustee Limited in accordance with section 103(1) and (2); and

(c) $5 million, with the addition of earnings, to Te Ohu Kai Moana Trustee Limited as capital of Te Ohu Kai Moana; and

(d) amounts of money to iwi, as set out in sections 149 and 150, without the addition of earnings or other adjustments; and

(e) $18 million, with the addition of earnings on that amount and on the amounts referred to in paragraphs (a), (b), and (d) until the payments are made under those paragraphs, may be applied by Te Ohu Kai Moana Trustee Limited to fund transitional arrangements, including—

(i) funding to enable Te Ohu Kai Moana Trustee Limited to perform its functions, including assisting iwi and recognised iwi organisations under section 34 to meet their obligations under this Act; and

(ii) up to $5 million to Te Putea Whakatupu Trustee Limited under section 90(3); and

(iii) up to $2 million to Te Wai Māori Trustee Limited, under section 103(4); and

(f) $20.7 million, plus earnings, under section 130 or section 135 to mandated iwi organisations in the percentage specified for each iwi in column 3 of Schedule 3.

(2) Te Ohu Kai Moana Trustee Limited must not make payments of money under section 90(5) or section 103(6) before any obligation under section 138 has been discharged, unless—

(a) it first submits to the mandated iwi organisation of each iwi listed in Schedule 3 a written proposal to make such a payment; and

(b) at least 75% of mandated iwi organisations representing at least 50% of the total notional iwi population specified in column 2 of Schedule 3 support the proposal in writing to Te Ohu Kai Moana Trustee Limited not later than 20 working days after the date when Te Ohu Kai Moana Trustee Limited submitted the proposal to mandated iwi organisations.

138 Allocation of surplus funds

(1) If the annual plan of Te Ohu Kai Moana Trustee Limited for the year that ends 5 years after the commencement of this Act forecasts an accumulated net positive cash balance, Te Ohu Kai Moana Trustee Limited must comply with subsection (2).

(2) The net positive cash balance (if any) that exists at the end of the relevant year must be allocated to mandated iwi organisations—

(a) in accordance with sections 130 and 135; and

(b) in the percentage specified for each iwi in column 3 of Schedule 3.

(3) However, Te Ohu Kai Moana Trustee Limited may retain all or part of any net positive cash balance to use for specified purposes or projects on behalf of all iwi, so long as it—

(a) submits a written proposal to do so to the mandated iwi organisation of each iwi listed in Schedule 3; and

(b) at least 75% of mandated iwi organisations, representing at least 50% of the total notional iwi population specified in column 3 of Schedule 3, support the proposal in writing to Te Ohu Kai Moana Trustee Limited not later than 20 working days after the date when Te Ohu Kai Moana Trustee Limited submitted the proposal to mandated iwi organisations.

(4) Despite subsections (2) and (3), Te Ohu Kai Moana Trustee Limited may set aside up to $10 million from the net positive cash balance referred to in subsection (2) against its liability to Te Wai Māori Trustee Limited under section 103(3).

(5) In this section the forecast net positive cash balance referred to in subsection (1) must be determined according to generally accepted accounting practice, after taking into account the amounts allocated under section 137(1)(a) to (d) and (f), but yet to be paid.

Income shares

139 Allocation of income shares

Te Ohu Kai Moana Trustee Limited must allocate the income shares in Aotearoa Fisheries Limited referred to in section 67(3)(b) to iwi—

(a) in the percentage specified for each iwi in column 3 of Schedule 3; and

(b) in accordance with the requirements of sections 130 and 135.

Subpart 2—Bases for allocation of settlement quota

Inshore quota

140 Allocation of inshore quota

(1) When allocating inshore quota, Te Ohu Kai Moana Trustee Limited must, after setting aside any harbour quota, allocate to each iwi the same proportion of the settlement quota for each quota management stock that the iwi coastline bears to the total coastline of the quota management area for that stock, as determined in accordance with section 11 and Schedule 6.

(2) This section applies unless, in the circumstances, sections 142 to 146 are relevant.

Deepwater quota

141 Allocation of deepwater quota

When allocating deepwater quota to iwi, Te Ohu Kai Moana Trustee Limited must—

(a) divide the total settlement quota for each quota management stock into 2 parcels, comprising 25% and 75% of the total amount respectively; and

(b) allocate to each iwi an amount from the 25% parcel on the same basis as the allocation of inshore quota; and

(c) allocate the 75% parcel to each iwi in accordance with the percentages specified in column 3 of Schedule 3.

Chatham zone

142 Chatham Island allocations

(1) In this section,—

Chatham iwi means the Moriori iwi and the Ngati Mutunga (Chathams) iwi

Chatham zone

(a) means the area within 200 nautical miles of the baseline of the territorial sea around the Chatham Islands, as determined under the Territorial Sea, Contiguous Zone, and Exclusive Economic Zone Act 1977; and

(b) includes a single and contiguous shared zone that lies—

(i) within the area described in paragraph (a); and

(ii) within the area that would be within 200 nautical miles of the baseline of the territorial sea around New Zealand if the Chatham Islands were not part of New Zealand; and

(iii) between 2 points at which the boundaries of the areas described in subparagraphs (i) and (ii) intersect, at approximately 40°20.7'S 177°58.2'W and 44°06.5'S 178°21.2'E.

(2) If a quota management area is partly within the Chatham zone, the settlement quota for that quota management stock must be divided for the purpose of allocation into 2 portions in accordance with subsection (3), with—

(a) 1 portion being attributed to the Chatham zone; and

(b) the other portion being attributed to the remaining part of the quota management area to be allocated under section 140 or section 141 or section 144, as if it were an allocation for a complete quota management area.

(3) If settlement quota for a stock is to be divided under subsection (2), the portion of the quota for the stock attributable to the Chatham zone is given by—

a ÷ b × c

where

a = ac - (as ÷ 2)

and

ac means the amount of stock taken in the Chatham zone

as means the amount of stock taken from the shared zone

ac and as are derived from—

(i) in the case of stocks introduced into the quota management system before 1 October 1999, the total of all commercial catches for the stock for the fishing years commencing on 1 October 1990 and ending on 30 September 2001 (inclusive):

(ii) in the case of stocks introduced into the quota management system after 1 October 1999, the total of all commercial catches of the stock for the most recent 5 fishing years of available data

b means the total of all commercial catches for the stock for the relevant period described in subparagraphs (i) and (ii)

c means the amount of settlement quota for the stock.

(4) If a quota management area is wholly within the Chatham zone, all the settlement quota for that stock is attributed to the Chatham zone.

(5) When allocating settlement quota attributed to the Chatham zone, Te Ohu Kai Moana Trustee Limited must allocate that quota as follows:

(a) for inshore quota, Te Ohu Kai Moana Trustee Limited must allocate, to each Chatham iwi, the proportion of the settlement quota for each stock, as established in a registered coastline entitlement, either—

(i) as agreed between the mandated iwi organisations of the Chatham iwi; or

(ii) in the proportion that the iwi coastline bears to the total coastline of the Chatham Islands for that stock as determined in accordance with section 11 and Schedule 6; and

(b) for deepwater quota, Te Ohu Kai Moana Trustee Limited must—

(i) divide the total settlement quota attributed to the Chatham zone for each stock into 2 equal parcels; and

(ii) allocate to each Chatham iwi an amount from 1 parcel on the same basis as inshore quota is allocated under paragraph (a); and

(iii) allocate to each iwi the percentage of the other parcel specified in column 3 of Schedule 3.

Harbour quota

143 Allocation of quota within harbours

(1) Te Ohu Kai Moana Trustee Limited must allocate harbour quota to iwi whose territory abuts a harbour specified in Part 1 of Schedule 2.

(2) If more than 1 iwi has its territory abutting a harbour specified in Part 1 of Schedule 2, the mandated iwi organisations of those iwi must take all reasonable steps—

(a) to consult with each other; and

(b) to agree on the proportion of the harbour quota for each relevant stock that must be—

(i) attributed to each iwi; and

(ii) used subsequently by the mandated iwi organisation of each iwi in submitting coastline claims for that harbour quota.

(3) If, after negotiating in good faith, mandated iwi organisations are unable to reach agreement under subsection (2)(b), they may enter into the dispute resolution process provided for in Part 5.

(4) Harbour quota must be deducted from the total settlement quota for each relevant stock before the general allocation of that stock is made under section 140.

(5) The classification of settlement quota as harbour quota under section 7 for each quota management stock lapses when all that quota has been allocated.

Allocations in specified Fishery Management Areas

144 Allocation of settlement quota in quota management areas same as Fishery Management Area 4

(1) This section applies if a quota management area for a quota management stock is exactly the same as Fishery Management Area 4.

(2) When allocating settlement quota for a stock referred to in subsection (1), Te Ohu Kai Moana Trustee Limited must allocate to each iwi that portion of the quota not attributed to the Chatham zone, in accordance with the percentages specified in column 3 of Schedule 3.

145 Allocation of settlement quota in quota management areas same as Fishery Management Area 6

(1) This section applies if a quota management area for a quota management stock is exactly the same as Fishery Management Area 6.

(2) When allocating settlement quota for a stock referred to in subsection (1), Te Ohu Kai Moana Trustee Limited must allocate that quota to each iwi in accordance with the percentages specified in column 3 of Schedule 3.

146 Allocation of settlement quota in quota management areas same as Fishery Management Area 10

(1) This section applies if a quota management area for a quota management stock is exactly the same as Fishery Management Area 10.

(2) Te Ohu Kai Moana Trustee Limited must not allocate the settlement quota described in Part 3 of Schedule 1 unless it is satisfied that there is a commercially viable total allowable commercial catch for the relevant quota management stock.

(3) When allocating settlement quota under subsection (2), Te Ohu Kai Moana Trustee Limited must allocate that quota to each iwi in accordance with the percentages specified in column 3 of Schedule 3.

Highly migratory species

147 Allocation of settlement quota for highly migratory species

(1) This section applies if a quota management stock is for a species listed in Schedule 4B of the Fisheries Act 1996.

(2) When allocating settlement quota for a stock to which this section applies, Te Ohu Kai Moana Trustee Limited must allocate that quota to each iwi in accordance with the percentages specified in column 3 of Schedule 3.

Freshwater quota

148 Allocation of freshwater quota

(1) When allocating freshwater quota, Te Ohu Kai Moana Trustee Limited must allocate that quota to each iwi whose territory falls wholly or partly within the quota management area for each quota management stock.

(2) If more than 1 iwi has its territory within a quota management area, an allocation of freshwater quota under subsection (1) may be made by Te Ohu Kai Moana Trustee Limited only—

(a) in accordance with an agreement entered into by the mandated iwi organisations of all the iwi whose territory is wholly or partly within the quota management area, that sets out how the settlement quota for the quota management area is to be divided among those iwi; or

(b) if there is no agreement between the mandated iwi organisations of the iwi whose territory is wholly or partly within the quota management area, as identified under subsection (1), in the proportion that the population of each iwi living within the quota management area bears to the combined population of those iwi living within the quota management area.

(3) For the purpose of subsection (2)(b), the population of an iwi living within a quota management area must be determined from the 2001 census.

Cash allocations

149 Additional cash in lieu of shortfall in settlement quota

(1) This section applies if there are fewer than 10 000 000 shares for a quota management stock listed in Part 1 of Schedule 1, but only if the value of these shares is greater than $100.

(2) When transferring settlement quota for stocks referred to in subsection (1), Te Ohu Kai Moana Trustee Limited must, at the time of transfer, pay to any mandated iwi organisations of iwi that receive an allocation of that quota the amount in cash specified for that stock in column 4 of Part 1 of Schedule 1 in the same proportion that the quota is distributed.

150 Specific cash transfers to certain iwi

(1) Te Ohu Kai Moana Trustee Limited must pay the stated sum of money to the mandated iwi organisation of each of the following iwi at the time when the iwi is entitled to have settlement assets transferred to it under section 130:

(a) Te Atiawa ki Whakarongotai, the sum of $398,039:

(b) Ngai Takoto, the sum of $556,184:

(c) Ngati Whare, the sum of $585,234:

(d) Ngati Maru, the sum of $463,348:

(e) Ngati Hauiti, the sum of $385,247:

(f) Ngati Pukenga, the sum of $264,544:

(g) Ngati Manawa, the sum of $72,841.

(2) The payments under subsection (1) are in addition to any other entitlements of the iwi under this Act.

Subpart 3—Transfer of settlement assets

151 Transfer of allocated settlement quota

(1) Te Ohu Kai Moana Trustee Limited must transfer settlement quota allocated under section 130 in accordance with this section.

(2) If the mandated iwi organisation of an iwi to which settlement quota has been allocated wishes and is eligible to receive ownership of that quota,—

(a) it must, not later than 6 months before the start of the next fishing year applicable to that quota management stock (or a lesser period that Te Ohu Kai Moana Trustee Limited agrees is practicable in the circumstances), make written request to Te Ohu Kai Moana Trustee Limited to transfer some or all of that allocated settlement quota; and

(b) Te Ohu Kai Moana Trustee Limited must transfer the quota requested by the mandated iwi organisation to an asset-holding company of that mandated iwi organisation before the start of the next fishing year that applies to each stock.

(3) In relation to settlement quota allocated to an iwi under section 130 but not transferred by Te Ohu Kai Moana Trustee Limited, the mandated iwi organisation must, not later than the end of the year which is 4 years after the commencement of this Act, notify Te Ohu Kai Moana Trustee Limited as to whether the members of that iwi wish the allocated settlement quota—

(a) to continue to be managed by Te Ohu Kai Moana Trustee Limited on behalf of the iwi; or

(b) to be transferred to an asset-holding company of the mandated iwi organisation; or

(c) to be consolidated with other quota for sale under section 172.

152 Offer of annual catch entitlement

(1) Te Ohu Kai Moana Trustee Limited must, unless 1 or more of the conditions in subsection (3) apply, offer the annual catch entitlement derived from settlement quota that has not been transferred under section 130 or section 135

(a) to mandated iwi organisations; and

(b) in a manner that reflects as closely as possible, based on the available information, the bases for allocation of settlement quota to iwi under subpart 2, including, in relation to settlement quota allocated on the basis of coastline entitlement, agreements between groups of mandated iwi organisations on the division of annual catch entitlements to be offered to them.

(2) Te Ohu Kai Moana Trustee Limited may, as it sees fit,—

(a) offer to sell the annual catch entitlement that would otherwise be offered to a mandated iwi organisation under subsection (1) to Aotearoa Fisheries Limited or its nominated subcompany at commercial rates; or

(b) sell that annual catch entitlement on the open market; or

(c) in the circumstances referred to in subsection (3)(c), determine the amount of annual catch entitlement to be offered to each affected mandated iwi organisation.

(3) Subsection (2) applies only if—

(a) there is no mandated iwi organisation or recognised iwi organisation for an iwi; or

(b) Te Ohu Kai Moana Trustee Limited considers that the recognised iwi organisation has not demonstrated reasonable progress in meeting the criteria set out in section 14; or

(c) in the case of a particular group of iwi,—

(i) there is sufficient information to satisfy subsection (1)(b) for the group as a whole, but not for 1 or more individual iwi of that group; and

(ii) the mandated iwi organisations of the group as a whole are unable to agree on a division of the annual catch entitlement to be offered to them.

(4) Te Ohu Kai Moana Trustee Limited must hold in trust the net proceeds of a sale under subsection (2)(a) or (b) (after deducting its reasonable costs and expenses) to be transferred to the relevant mandated iwi organisation when it is established or when the matters referred to in subsection (3)(b) or (c) are remedied or settled.

(5) Te Ohu Kai Moana Trustee Limited may prescribe the terms and conditions for offering annual catch entitlement under subsection (1) or subsection (2)(c)—

(a) by describing in its draft annual plan distributed in accordance with section 36(1)(c), or in a panui distributed to all mandated iwi organisations and recognised iwi organisations,—

(i) the proposed terms and conditions for offering annual catch entitlements; and

(ii) the reason for the charges (if any) to be levied for annual catch entitlements against mandated iwi organisations; and

(iii) how Te Ohu Kai Moana Trustee Limited proposes to use the expected net revenue (if any) from these charges; and

(b) after taking into account the response of mandated iwi organisations and recognised iwi organisations.

Subpart 4—Miscellaneous

Assets held in trust

153 When settlement assets must be held in trust

(1) Unless Te Ohu Kai Moana Trustee Limited exercises its discretion under section 135(1), it must hold in trust for each iwi that does not comply with section 130(3)

(a) the income shares that would otherwise be transferred to each mandated iwi organisation; and

(b) any dividends that relate to those shares.

(2) Te Ohu Kai Moana Trustee Limited is entitled to withhold from any dividends held in trust under subsection (1)(b) the reasonable costs incurred in administering the income shares and dividends.

Status of settlement assets for purposes of Inland Revenue Acts and other enactments

154 Status of settlement assets

(1) For the purposes of the Inland Revenue Acts, the value of the settlement assets transferred under this Part to a mandated iwi organisation or to an asset-holding company (including settlement quota and income shares) is included in the available subscribed capital of the company, trust, or other body to which the assets are transferred.

(2) Income tax, goods and services tax, gift duty, any tax duty levy, and any other charge imposed or provided for under the Inland Revenue Acts or any other enactment do not apply to allocations or transfers of settlement assets—

(a) by Te Ohu Kai Moana Trustee Limited to—

(i) mandated iwi organisations; or

(ii) asset-holding companies required by section 12(1)(d); or

(iii) Te Putea Whakatupu Trustee Limited; or

(iv) Te Wai Māori Trustee Limited; and

(b) by an asset-holding company to any of its subsidiaries established under section 16(3), so long as that allocation or transfer is completed within 12 months of the transfer of settlement assets by Te Ohu Kai Moana Trustee Limited to the relevant asset-holding company under section 151.