31BRights of option holder where the new plan of management is the same or substantially the same as the former plan of management

#### 31B Rights of option holder where the new plan of management is the same or substantially the same as the former plan of management (1) This section applies to the new plan if: (a) the new plan applies to a geographical area that consists of or includes the whole or a part of the geographical area to which the former plan applied; and (b) the description (other than the description of the geographical area) of the fishery to which the new plan applies is, in AFMA’s opinion, the same, or substantially the same, as the description of the fishery to which the former plan applied; and (c) the new plan provides for the granting of classes of statutory fishing rights that are the same, or substantially the same, as the classes of statutory fishing rights provided for in the former plan; and (d) under the new plan the only persons who are entitled to be granted statutory fishing rights are persons who hold statutory fishing rights options in respect of statutory fishing rights under the new plan. (2) If a person holds a statutory fishing rights option in respect of statutory fishing rights under the new plan, the option entitles the person, subject to subsections (3) and (4), to be granted under the new plan, to the extent to which the person exercises the option in accordance with subsection 31D(1), the number of statutory fishing rights of the relevant class worked out in accordance with the formula:  where: > person’s previous rights means the number of statutory fishing rights of the relevant class held by: (a) if the person was a former holder of fishing rights—the person; or (b) otherwise—the former holder of fishing rights from whose statutory fishing rights under the former plan the person directly or indirectly became entitled to the option; under the former plan immediately before it was revoked. > total previous rights means the total number of statutory fishing rights of the relevant class held by all persons under the former plan immediately before it was revoked. > total new rights means the total number of statutory fishing rights of the relevant class that are available to be granted under the new plan. (3) If the number of statutory fishing rights worked out under subsection (2) includes a fraction, the number is to be rounded off to the next highest or lowest whole number, as AFMA determines to be reasonable in the circumstances. (4) In making a determination under subsection (3), AFMA may have regard to any matters that it considers appropriate, including the total number of statutory fishing rights of the relevant class that are available to be granted under the new plan.