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Fisheries Act 1996

Repeals, amendments, validations, savings, and transitional provisions - Savings and transitional provisions

347: Provisions relating to registration of leases

You could also call this:

"Rules for Registering Fishing Leases"

Illustration for Fisheries Act 1996

When a lease is recorded, the chief executive will tell the Registrar to move some annual catch entitlement from the lessor to the lessee. This happens on the start date of the lease or on 1 October, depending on when the lease started. The amount moved is equal to the quota in the lease. If the lessor does not own enough annual catch entitlement, the chief executive will cancel the lease registration. The lessor must own at least as much annual catch entitlement as the quota in the lease. If not, the registration is cancelled. If a lease expires, the lessor will not get back any annual catch entitlement that was transferred to the lessee. Transfers of annual catch entitlement must be done in a certain order, as set out in regulations made under section 297(1)(sa). You can find more information about this in the regulations.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM400456.

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347A: Provisions relating to transfer of annual catch entitlement under leases in first fishing year, or

"Rules for transferring fishing limits in the first year"

Part 17Repeals, amendments, validations, savings, and transitional provisions
Savings and transitional provisions

347Provisions relating to registration of leases

  1. If any lease recorded in the Transitional Register of Leases and Forward Transfers of Quota under this Act has a commencement date that is on or after the commencement of Part 8, the chief executive shall direct the Registrar of Annual Catch Entitlement to transfer from the lessor to the lessee under that lease,—

  2. on the commencement date of the lease, an amount of annual catch entitlement equivalent to the amount of the individual transferable quota for the stock that is subject to the lease as recorded in the Transitional Register; and
    1. if the lease is still in force, on the first day of the fishing year following the fishing year in which the lease commenced, and on the first day of every subsequent fishing year while the lease remains in force, an amount of annual catch entitlement equivalent to the amount of the individual transferable quota for the stock that is subject to the lease as recorded in the Transitional Register.

      1. If any lease recorded in the Transitional Register under this Act—

      2. has a commencement date that is before 1 October in the year in which Part 8 comes into force; and
        1. has a termination date that is on or after that 1 October,—
            1. the chief executive shall direct the Registrar of Annual Catch Entitlement to transfer, subject to section 67, from the lessor to the lessee under that lease,—
          1. on that 1 October, an amount of annual catch entitlement equivalent to the amount of the individual transferable quota that is subject to the lease (as recorded in the Transitional Register); and
            1. if the lease is still in force, on the first day of the fishing year following that 1 October, and on the first day of every subsequent fishing year while the lease remains in force, an amount of annual catch entitlement equivalent to the amount of the individual transferable quota that is subject to the lease (as recorded in the Transitional Register).

              1. The chief executive must cancel registration of the lease and any sublease and not transfer any annual catch entitlement if—

              2. the lessor does not own an amount of annual catch entitlement equal to, or in excess of, the amount of quota that is subject to the lease or sublease (as recorded in the Transitional Register); or
                1. a caveat is registered over an amount of the lessor's annual catch entitlement preventing the transfer of an amount of annual catch entitlement equal to, or in excess of, the amount of quota that is subject to the lease or sublease (as recorded in the Transitional Register).

                  1. If a lease registered on the Transitional Register under section 345 expires or otherwise ceases to have effect, the lessor is not entitled to receive a transfer back of any annual catch entitlement transferred to the lessee under subsection (1) or subsection (2).

                  2. A transfer of annual catch entitlement under this section must be actioned in the order specified in regulations made under section 297(1)(sa).

                  3. Repealed
                  Notes
                  • Section 347(3): substituted, on , by section 35(1) of the Fisheries (Remedial Issues) Amendment Act 2001 (2001 No 33).
                  • Section 347(4): amended, on , by section 35(2) of the Fisheries (Remedial Issues) Amendment Act 2001 (2001 No 33).
                  • Section 347(5): substituted, on , by section 35(3) of the Fisheries (Remedial Issues) Amendment Act 2001 (2001 No 33).
                  • Section 347(6): repealed, on , by section 35(3) of the Fisheries (Remedial Issues) Amendment Act 2001 (2001 No 33).