63Compensation arising from the cancellation of access licences under section 61

63 Compensation arising from the cancellation of access licences under section 61 (1) This section applies if an access licence is cancelled as a result of a direction under section 61. S. 63(2) substituted by No. 108/2003 s. 34(1). (2) The person who held the licence is entitled to the following, as specified by, and determined in accordance with, the regulations— (a) compensation for— (i) the assessed market value of the licence; and (ii) the assessed market value of the losses (if any) that would be incurred if the fishing boat and equipment used under the licence were to be sold; and (b) compensation for the loss of up to 3 years of net income (based on past net income); and (c) an amount by way of a solatium of up to 10% of the compensation assessed under paragraphs (a) and (b)— less any amounts paid to the holders of registered financial interests in the licence under subsection (2A). S. 63(2A) inserted by No. 108/2003 s. 34(1). (2A) A person who held a registered financial interest in the licence at the time it was cancelled is entitled to an amount of compensation determined in accordance with the regulations. S. 63(2B) inserted by No. 108/2003 s. 34(1). (2B) The regulations may require the deduction from any amount payable under subsection (2) or (2A) of an amount to recognise the present value of any of the compensation that relates to the future. (3) An application for compensation must be made to the Secretary in the form specified by the Secretary. (4) The Secretary must determine the amount of compensation payable in accordance with the regulations. (5) Compensation is to be paid in the manner permitted under the regulations. S. 63(6) substituted by No. 108/2003 s. 34(2). (6) Any dispute in relation to the payment of compensation under this section is to be determined in accordance with Part 11. S. 63(7) inserted by No. 108/2003 s. 34(2). (7) For the purposes of subsection (2)— (a) the regulations may provide for the method by which a market value is to be assessed; and (b) compensation may be paid up to the maximum amount permitted by subsection (2)(b) even if the licence was held by the person for less than the period in respect of which the compensation is being paid. S. 64 substituted by Nos 5/1997 s. 9, 80/2000 s. 9.