45Replacement of certificates if SFRs are transferred

45 Replacement of certificates if SFRs are transferred

If AFMA approves the transfer of an SFR, AFMA must:

(a) if the transferor does not transfer all the rights shown on the certificate showing the grant of the SFR — cancel the certificate and issue to the transferor a new certificate showing the rights owned by the transferor after the transfer; and

(b) either:

(i) if the transferee has lodged with AFMA a certificate showing the grant of a statutory fishing right — cancel the certificate and issue to the transferee a new certificate showing each right owned by the transferee after the transfer; or

(ii) in any other case — issue to the transferee a certificate showing that the transferee is the owner of the transferred right.

Note See section 46 of the Act about the requirement to register the transfer of an interest in a statutory fishing right.