364Further provisions relating to allocation of quota

1. Any provisional individual transferable quota allocated under this Act while Part 2A of the Fisheries Act 1983 is in force has all the characteristics of, and is to be treated for all purposes of that Act as if it were, individual transferable quota except that it is not transferable.

2. The provisions of sections 28S, 28W, and 28Z of the Fisheries Act 1983 shall apply to quota allocated under section 47 of this Act in accordance with section 363 of this Act as if it were quota allocated under section 28O of the Fisheries Act 1983.

3. On and from 30 September 1999, the provisions of sections 28S and 28W of the Fisheries Act 1983 apply to quota variations made in accordance with sections 52 and 53 of this Act as if those variations were variations to which sections 28OD and 28OE of the Fisheries Act 1983 related.

4. Section 28V of the Fisheries Act 1983 shall not apply to any quota allocated under section 47 of this Act in accordance with section 363.

5. Despite subsection (3), section 28V of the Fisheries Act 1983 applies to any stock that becomes subject to the quota management system after the commencement of this subsection.

6. The reference to fishery management area in section 28B(3) of the Fisheries Act 1983 shall be read as a reference to a fishery management area set out in Schedule 1.

7. If the holder of any individual transferable quota that is subject to a reduction under section 52 has leased that quota to any person,—

8. the right to take fish conferred on that person by that quota is reduced proportionately to the reduction in the quota of the holder of the quota; and
9. any right to take fish conferred on any person under any sublease of the quota is reduced proportionately to the reduction in the quota of the person granting the sublease.

10. If the holder of any quota that is reduced under section 52 has entered into any lease or any other arrangement in relation to quota, and that lease or other arrangement provides that any other person is or may become entitled to acquire any amount of quota outright, the amount of quota to which that entitlement relates is reduced proportionately to the reduction in the quota of the holder of the quota.

11. The provisions of section 28OD(6), (7), and (8) of the Fisheries Act 1983 apply as if the quota reduction referred to in subsections (5) and (6) were a reduction of a total allowable commercial catch under section 28OB or section 28OC of that Act.