59ARegistration of financial interests

59A Registration of financial interests (1) This section applies if a person who is not the holder of a particular individual abalone quota unit has a financial interest in that individual abalone quota unit. (2) If immediately before the commencement of section 5 of the **Fisheries (Abalone) Act 2005** a person is the holder of a registered financial interest in an Abalone Fishery Access Licence, the person is deemed to have a registered financial interest under this section in— (a) the individual blacklip abalone quota units; and (b) any individual greenlip abalone quota unit— initially allocated to the holder of that Abalone Fishery Access Licence by the initial quota order. S. 59A(3) amended by No. 68/2016 s. 74(1). (3) The person to whom this section applies, and the holder of the individual blacklip abalone quota units or the holder of the individual greenlip abalone quota units, may register details of the financial interest with the Victorian Fisheries Authority in the form approved by the Victorian Fisheries Authority. S. 59A(4) amended by No. 68/2016 s. 74(2). (4) The Victorian Fisheries Authority must notify each holder of a registered financial interest of an application to transfer the individual blacklip abalone quota units or the individual greenlip abalone quota units within 21 days after receiving the application. S. 59A(5) amended by No. 68/2016 s. 74(3). (5) 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. 59A(6) amended by No. 68/2016 s. 74(3). (6) If all the holders of registered financial interests in the individual blacklip abalone quota units or the individual greenlip abalone quota units notified under subsection (4) do not approve the proposed transfer, the Victorian Fisheries Authority must not transfer the individual blacklip abalone quota units or the individual greenlip abalone quota units. (7) If the holder of a registered financial interest notified under subsection (4) does not comply with subsection (5), the holder is deemed to have approved of the proposed transfer. S. 60 (Heading) inserted by No. 35/2009 s. 64(1). S. 60 substituted by No. 5/1997