New South Wales Consolidated Acts

FISHERIES MANAGEMENT ACT 1994 - SECT 41A

41A Categories of share management fishery

There are 2 categories of share management fishery, as follows:

(a) category 1 share management fisheries,

(b) category 2 share management fisheries.

The principal differences between category 1 and category 2 share management fisheries are as follows:

(a) Shares in a category 1 share management fishery are issued for a 10-year period and are automatically renewed. If the share management fishery is terminated, all the shares in the fishery are cancelled and compensation is payable to the shareholders. Shareholders in the fishery are liable to pay a community contribution for their right of access to the fishery.

(b) Shares in a category 2 share management fishery are issued for a 15-year period and are renewable. If the share management fishery is terminated by the Minister, the shares expire at the end of the 15-year period for which they were issued or renewed. Compensation is payable for the termination of the fishery (by its omission from Schedule 1) before the expiry of the current term of the shares, but is not payable for a termination by the Minister after that expiry. Shareholders in the fishery are not liable for a community contribution, but must pay a rental charge for their right of access to the fishery.