FISHERIES ACT 1995 - SECT 66R Forfeiture of individual abalone quota unit

FISHERIES ACT 1995 - SECT 66R

    (1)     This section applies to an individual abalone quota unit that is forfeited by a court under this Division.

S. 66R(2) amended by No. 68/2016 s. 90.

    (2)     The Victorian Fisheries Authority must notify each holder of a registered financial interest in the individual abalone quota unit of the forfeiture.

    (3)     For the purposes of this section, the forfeiture of the individual abalone quota unit is stayed and the individual abalone quota unit is deemed to have been suspended until whichever of the following first occurs—

        (a)     an appeal against the forfeiture of the individual abalone quota unit is granted; or

        (b)     if there is no appeal against the forfeiture of the individual abalone quota unit or the appeal is dismissed—

              (i)     the holder of the individual abalone quota unit or the registered financial interest transfers the individual abalone quota unit to an eligible person in accordance with this Division; or

              (ii)     the expiry of the period of 6 months after the date on which an appeal should have been lodged or was dismissed (as the case may be).

    (4)     If subsection (3)(b) applies and the holder of the individual abalone quota unit fails to transfer the individual abalone quota unit in accordance with that subsection, the individual abalone quota unit is cancelled as from the expiry of the period of 6 months specified in that subsection.

    (5)     If subsection (3)(b) applies but subsection (4) does not apply, the forfeiture of the individual abalone quota unit by the court is revoked on the transfer of the individual abalone quota unit to the eligible person.

Division 4—Fishing closures and restrictions

S. 67 substituted by No. 5/1997

s. 9.