A place other than Archives New Zealand, approved by the Minister under s26 of the Act, authorised to hold public archives. Not the same as ordinary storage or a shared drive.
An approved repository is a formally sanctioned home for public archives outside Archives New Zealand, not an ordinary store, shared drive, or cloud tenancy. Whether your organisation uses one is a question for your IM/RM team.
IAR turns terms like this into working practice: assets classified against your disposal authority, stewarded by position, and ready to evidence.