FISH RESOURCES MANAGEMENT ACT 1994 - SECT 131

FISH RESOURCES MANAGEMENT ACT 1994 - SECT 131

131 .         Removing or varying notation of security interest

        (1)         If the register contains a notation that a person has a security interest in an authorisation or aquaculture lease, the holder of the authorisation or aquaculture lease may apply to the Registrar in a form approved by the Registrar to —

            (a)         remove the notation from the register; or

            (b)         vary any details relating to the security interest.

        (2)         If application is made under subsection (1), the Registrar is to give notice of the application to the security holder.

        (3)         The Registrar must not remove the notation of the security interest from the register or vary the details in the register (as the case requires) before the expiration of 21 days from the day on which notice is given under subsection (2).

        (4)         The Registrar may remove the notation of the security interest from the register or vary the details in the register before the period referred to in subsection (3) if the Registrar has the written consent of the holder of the authorisation or aquaculture lease and the security holder to do so.

        (5)         The Registrar is not to be concerned with the reasons for the application.

        [Section 131 amended: No. 2 of 2002 s. 16.]