25AAlteration of quota management areas with agreement of quota owners

1. The Minister may not recommend the alteration of any quota management area under section 25(1) in response to a request referred to in section 25(2)(a) unless the Minister is satisfied that—

2. the purpose of this Act would be achieved better by altering the quota management area or areas; and
3. the alteration would not unduly prejudice any quota owner who—
   1. owns quota shares for the stock or stocks in the quota management area or areas concerned; and
   2. is opposed to the alteration; and
4. an agreement that, in the Minister's opinion, satisfactorily addresses the matters set out in subsection (2) has been executed (either as an original or in counterparts) by the quota owners who hold in the aggregate not fewer than 75 000 000 quota shares for each of the stock or stocks for the area or areas being altered; and
5. the quota owners have publicly notified their intention to seek an alteration of the quota management area or areas; and
6. the quota owners have also notified their intention to seek an alteration to—
   1. persons who are noted on the Quota Register as having an interest in the quota to which the proposed alteration relates; and
   2. parties to leases or transfers registered on the Transitional Register in respect of quota to which the proposed alteration relates.

7. The agreement must provide for all of the following matters:

8. the boundaries of the proposed quota management area or quota management areas:
9. the species that comprise the stock or stocks after the proposed alteration:
10. the manner in which quota shares are to be apportioned after the alteration:
11. the interests of aggrieved—
    1. quota owners who hold quota shares to which the proposed alteration relates; and
    2. parties to leases or transfers registered on the Transitional Register in respect of quota to which the proposed alteration relates:
12. in the case of any alteration to a quota management area or quota management areas for squid, whether any method restriction applying to squid quota should be removed:
13. any other matter required by the Minister to be addressed.

14. The agreement must include provisions to resolve any grievance of a quota owner who holds quota shares in any area affected by the proposed alteration only if required by the Minister.