59Registration of financial interests

59 Registration of financial interests (1) This section applies if a person who is not the holder of a particular access licence has a financial interest in that licence. S. 59(2) amended by No. 68/2016 s. 73(1). (2) The person, and the holder of the licence, may register details of the financial interest with the Victorian Fisheries Authority in the form approved by the Victorian Fisheries Authority. S. 59(3) substituted by No. 80/2000 s. 7(1), amended by No. 68/2016 s. 73(2). (3) The Victorian Fisheries Authority must notify each holder of a registered financial interest of an application— (a) to transfer the licence; or (b) to transfer individual quota units from the licence permanently— within 21 days after receiving the application. S. 59(4) amended by No. 68/2016 s. 73(3). (4) Each holder of a registered financial interest who receives the notice must, within 21 days of receiving the notice, advise the Victorian Fisheries Authority in writing of his or her approval or disapproval of the proposed transfer. S. 59(5) amended by Nos 80/2000 s. 7(2), 68/2016 s. 73(3). (5) If all the holders of registered financial interests in the licence notified under subsection (3) do not approve the proposed transfer, the Victorian Fisheries Authority must not transfer the licence or permanently transfer individual quota units, as the case may be. (6) If the holder of a registered financial interest notified under subsection (3) does not comply with subsection (4), the holder is deemed to have approved of the proposed transfer. S. 59A inserted by No. 58/2005 s. 5.