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Fisheries Act 1996

Registration of transfers, mortgages, caveats, etc - Effect of decrease in or cancellation of quota

154: Effect of alteration of quota management area

You could also call this:

"What happens to your fishing quota when its area is changed"

Illustration for Fisheries Act 1996

If a quota management area is changed under section 25, you need to know what happens to your quota. If your quota is cancelled because of the change, any mortgage or caveat on it will no longer apply to the cancelled quota. Instead, it will apply to your new quota. The number of new quota shares that are mortgaged or caveated will be the same proportion as before the change. The chief executive will update the register to show the quota has been transferred according to section 26, and change any relevant mortgage or caveat. Changing a quota management area does not affect your rights under a caveat or mortgage of quota shares, except as stated above.

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"What happens to your quota shares and mortgage when your shares are decreased"

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Part 8Registration of transfers, mortgages, caveats, etc
Effect of decrease in or cancellation of quota

154Effect of alteration of quota management area

  1. If 1 or more quota management areas are altered under section 25,—

  2. any mortgage or caveat over any quota that is cancelled as a result of the alteration shall cease to apply to the cancelled quota and shall instead apply to the new quota allocated to the quota owner concerned as a result of that alteration; and
    1. the number of new quota shares to be charged or caveated shall bear the same proportion to the quota owner's total shareholding of those shares as the number of shares charged or caveated immediately before the alteration bore to the quota owner's total shareholding for the areas affected by the alteration.

      1. The chief executive shall make on the register any entry necessary to show that the quota has been transferred in accordance with section 26, and alter any relevant mortgage or caveat accordingly.

      2. Subject to subsections (1) and (2), an alteration of 1 or more quota management areas does not affect any rights under a caveat or mortgage of quota shares.

      Notes
      • Section 154(2): amended, on , pursuant to section 90(2) of the Fisheries Act 1996 Amendment Act 1999 (1999 No 101).