Victorian Consolidated Legislation

Fisheries Act 1995 - SECT 59A

Registration of financial interests

59A. Registration of financial interests



(1) This section applies if a person who is not the holder of a particular
individual abalone quota unit has a financial interest in that individual
abalone quota unit.

(2) If immediately before the commencement of section 5 of the Fisheries
(Abalone) Act 2005 a person is the holder of a registered financial interest
in an Abalone Fishery Access Licence, the person is deemed to have a
registered financial interest under this section in-

   (a)  the individual blacklip abalone quota units; and

   (b)  any individual greenlip abalone quota unit-

initially allocated to the holder of that Abalone Fishery Access Licence by
the initial quota order.

(3) The person to whom this section applies, and the holder of the individual
blacklip abalone quota units or the holder of the individual greenlip abalone
quota units, may register details of the financial interest with the Secretary
in the form approved by the Secretary.

(4) The Secretary must notify each holder of a registered financial interest
of an application to transfer the individual blacklip abalone quota units or
the individual greenlip abalone quota units within 21 days after receiving the
application.

(5) 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.



(6) If all the holders of registered financial interests in the individual
blacklip abalone quota units or the individual greenlip abalone quota units
notified under subsection (4) do not approve the proposed transfer, the
Secretary must not transfer the individual blacklip abalone quota units or the
individual greenlip abalone quota units.

(7) If the holder of a registered financial interest notified under subsection
(4) does not comply with subsection (5), the holder is deemed to have approved
of the proposed transfer.