New South Wales Repealed Regulations

This legislation has been repealed.

FISHERIES MANAGEMENT (GENERAL) REGULATION 1995 - REG 132

132 Transfers and other dealings in shares-general

(1) For the purposes of section 71 (5) of the Act, before the commencement of the management plan for a fishery, section 71 of the Act applies to allow the transfer, assignment or transmittance of the shares of a person ( "the shareholder") in the fishery only if:

(a) all the shares of the shareholder in all fisheries are transferred, assigned or transmitted to one person ( "the transferee"), and

(b) the transferee acquires the whole of the shareholder’s fishing business (that is, licensed fishing boats, associated fishing gear and associated catch history) that the Director determines to be associated with the taking of fish in those fisheries and to be a separate and identifiable business.

(1A) In addition, in the case of shares in the abalone share management fishery:

(a) the transferee must be a person who satisfies the Director that:

(i) he or she does not already hold shares in the fishery, and

(ii) he or she does not have any interest in any body corporate or trust that holds shares in the fishery, such as by being a shareholder in, or director of, the body corporate or a beneficiary of the trust, and

(b) the transferee must acquire the whole of the shareholder’s restricted fishery fishing business (ie the fishing business that is determined by the Director to be associated with the taking of sea urchin or turban shell (or both) for sale by the shareholder).

(2) A reference in this clause to a shareholder’s catch history includes, in the case of a shareholder who is not a natural person, the catch history associated with the commercial fishing operations of that shareholder.

(3) Nothing in this clause authorises the mortgaging of shares in a share management fishery before the commencement of the management plan for the fishery.

Note: Under section 54 (3) of the Act, a holder of shares in a limited access fishery is not entitled to have his or her licence endorsed to take fish in the limited access fishery (or to nominate another person to do so) if all the shares held by the person were acquired by dealings after the initial issue of shares in the fishery. This does not apply to acquisitions in the fisheries referred to in clause 130.