sch.2C-sec.5Process for deciding number of C1-ITQ units to be issued

sch.2C-sec.5 Process for deciding number of C1-ITQ units to be issued

The chief executive must decide the number of C1-ITQ units to be issued to an eligible person as follows— the chief executive must decide, under section 6 , the eligible person’s eligible reported catch for the units; the chief executive must give the eligible person an opportunity to apply for an amendment or substitution of the chief executive’s decision under section 6 , as provided under sections 7 to 9 ; the chief executive must work out the total reported catch for the units under section 10 ; the chief executive must apply the formula and process in section 11 to decide the number of C1-ITQ units to be issued to the eligible person.

• (a) the chief executive must decide, under section 6 , the eligible person’s eligible reported catch for the units;
• (b) the chief executive must give the eligible person an opportunity to apply for an amendment or substitution of the chief executive’s decision under section 6 , as provided under sections 7 to 9 ;
• (c) the chief executive must work out the total reported catch for the units under section 10 ;
• (d) the chief executive must apply the formula and process in section 11 to decide the number of C1-ITQ units to be issued to the eligible person.