FISHERIES ACT 1995 - SECT 167 Reduced catch entitlements—eligible rock lobster access licence holders

FISHERIES ACT 1995 - SECT 167

    (1)     If, in a compensable year—

        (a)     an eligible rock lobster access licence holder has failed to take the whole or any part of the licence quota of that licence as at the end of 31 March in that compensable year (in this subsection called the "licence quota not taken"); and

        (b)     the whole or a part of the licence quota not taken can reasonably be attributed to the fishing prohibition applying to any one or more relevant parks—

the licence holder is entitled to be paid an amount determined in accordance with the following formula—

where—

    W     is the whole or the part of the licence quota not taken that can reasonably be attributed to the fishing prohibition so applying; and

    X     is the estimated averaged beach price obtained by the licence holder for rock lobster taken under the licence for the compensable year; and

    Y     is the operating costs (not including depreciation) incurred by the licence holder in taking or attempting to take fish under the licence in the financial year ending on the 30 June immediately after the compensable year, other than that part (if any) of the operating costs (not including depreciation) that can reasonably be attributed to the fishing prohibition so applying; and

    Z     is the gross revenue received by the licence holder in respect of the fish taken under the licence in that financial year.

    (2)     In this section—

"licence quota" means the weight of rock lobster that is permitted to be taken under an access licence by virtue of the number of individual quota units that the licence holder holds under this Act in respect of the licence.

S. 168 inserted by No. 40/2002 s. 27.