The Maori Commercial Aquaculture Claims Settlement Act 2004 (“the Settlement Act”) came into effect on 1 January, 2005, and provides full and final settlement of Maori commercial aquaculture interests since 21 September 1992.
The Settlement Act established the Maori Commercial Aquaculture Settlement Trust. This trust operates under the name of the Takutai Trust, which is responsible for receiving and allocating aquaculture settlements to iwi, subject to a number of requirements.
Under the new aquaculture legislation, iwi of a region will receive via the Takutai Trust:
- 20 percent of all aquaculture space newly created after 1 January 2005
- The equivalent of 20 percent of existing aquaculture space (“pre-commencement space”) that was created between 21 September 1992 and 31 December 2004 under the ‘old’ aquaculture legislation
*Source: Te Puni Kōkiri
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