Victorian Consolidated Legislation

Fisheries Act 1995 - SECT 59

Registration of financial interests

59. Registration of financial interests



(1) This section applies if a person who is not the holder of a particular
access licence has a financial interest in that licence.

(2) The person, and the holder of the licence, may register details of the
financial interest with the Secretary in the form approved by the Secretary.

(3) The Secretary must notify each holder of a registered financial interest
of an application-

   (a)  to transfer the licence; or

   (b)  to transfer individual quota units from the licence permanently-

within 21 days after receiving the application.

(4) Each holder of a registered financial interest who receives the notice
must, within 21 days of receiving the notice, advise the Secretary in writing
of his or her approval or disapproval of the proposed transfer.

(5) If all the holders of registered financial interests in the licence
notified under subsection (3) do not approve the proposed transfer, the
Secretary must not transfer the licence or permanently transfer individual
quota units, as the case may be.

(6) If the holder of a registered financial interest notified under subsection
(3) does not comply with subsection (4), the holder is deemed to have approved
of the proposed transfer.