FISHERIES MANAGEMENT ACT 1991 - SECT 48 Power of holder of fishing right to deal with fishing right
FISHERIES MANAGEMENT ACT 1991 - SECT 48
Power of holder of fishing right to deal with fishing right(1) Except where a condition of a fishing right provides otherwise, a holder of a fishing right may, subject to this section, deal with the fishing right as its absolute owner and give good discharges for any consideration for any such dealing.
(1A) A dealing mentioned in subsection (1) is subject to:
(b) any rights appearing in the Register to be vested in another person, other than any such rights that are PPSA security interests; and
(c) any rights or interests in the fishing right that are PPSA security interests, to the extent provided by the Personal Property Securities Act 2009 .
(2) Subsection (1) only protects a person who deals with such a holder 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 fishing right may be enforced
against the holder of the fishing right except to the prejudice of a person
protected by subsection (2).