Transfer of Assets to Iwi Aquaculture Organisations
As happened with the fisheries settlement of 1992, regional aquaculture water-space and financial settlements will be initially passed to Takutai Trust, who will then allocate these to the region’s iwi in accordance with the Settlement Act.
Iwi Aquaculture Organisations (IAO) are the vehicle in which iwi receive assets equivalent to 20% of water space created in coastal waters since 21 September 1992. An IAO must be a Mandated Iwi Organisation (MIO) for the purpose of receiving fisheries settlement assets under the Maori Fisheries Act. There are some additional matters that a MIO must reflect in its constitution in order to be recognized as an IAO under the Maori Commercial Aquaculture Claims Settlement Act.
Takutai Trust is responsible for facilitating and guiding iwi through this process. See the IAOs map for all the IAOs in your region.
Iwi within a region must reach written agreement over how their region’s aquaculture settlement assets will be shared.
If iwi within a region are unable to agree within this timeframe, the Trustee will determine what proportion of the settlement each iwi will receive, based on iwi claims to coastline length (or harbour agreements).
Once decisions on proportionate share have been made, IAOs then have to agree on how the settlement assets themselves will be allocated. Takutai Trust is responsible for drafting an allocation agreement that outlines how and the proportion of, the settlement assets that each iwi have agreed will be distributed.
Takutai Trust will then transfer the assets to the IAO involved.