Commonwealth Consolidated Acts

FISHERIES MANAGEMENT ACT 1991 - SECT 31J

             (1)  The holder of a statutory fishing rights option may, subject only to any rights appearing in the Register to be vested in another person, deal with the option, in respect of all or any of the statutory fishing rights to which the option relates, as absolute owner and give good discharges for any consideration for any such dealing.

             (2)  Subsection (1) only protects a person who deals with a holder of a statutory fishing rights option as a purchaser in good faith for value and without notice of any fraud on the part of the holder.

             (3)  Equities in relation to a statutory fishing rights option may be enforced against the holder of the option except to the prejudice of a person protected by subsection (2).