31FRegistration of dealings in statutory fishing rights options

#### 31F Registration of dealings in statutory fishing rights options Scope (1) This section applies to a dealing that would, apart from subsection (2), have the effect of creating, assigning, transmitting or extinguishing an interest in a statutory fishing rights option, other than an interest that is a PPSA security interest. Registration of dealings (2) The dealing has no effect of a kind mentioned in subsection (1) until it is registered under this section. (3) A party to the dealing may lodge with AFMA: (a) an application, in the form approved by AFMA, for registration of the dealing; and (b) the instrument evidencing the dealing; and (c) an instrument setting out such particulars (if any) as are prescribed for the purposes of an application for registration of the dealing; and (d) one copy each of the application and of the instruments mentioned in paragraphs (b) and (c). (4) A party to the dealing may, instead of lodging the instrument evidencing the dealing, lodge with AFMA a summary of that instrument containing the particulars required by AFMA for the purposes of this subsection. (5) Subject to subsections (6) and (7), if an application for registration of the dealing, either the instrument evidencing the dealing or a summary of that instrument that complies with subsection (4), and the other documents referred to in paragraphs (3)(c) and (d), are lodged with AFMA, AFMA must: (a) register the dealing by entering in the Register the following particulars: (i) the name and address of the person acquiring the interest in the option; (ii) the number and class of statutory fishing rights to which the dealing relates; and (b) endorse on the instrument evidencing the dealing and the copy of that instrument the fact of the entry having been made together with the date and time of the making of the entry. Partial assignment of statutory fishing rights options (6) For the purposes of this Division, if a statutory fishing rights option is assigned to a person in respect of some only of the statutory fishing rights to which the option relates: (a) the assignee is taken to hold a new statutory fishing rights option in respect of the statutory fishing rights assigned to the assignee; and (b) the assignor continues to hold the first‑mentioned option in respect of such of the statutory fishing rights as have not been assigned. Refusal to register dealings (7) AFMA may only refuse to register a dealing if the registration of the dealing would be contrary to the requirements of the new plan or a condition of statutory fishing rights in respect of which the option is held. Documentation of registration of dealings (8) If a dealing is registered: (a) the copies referred to in paragraph (3)(d) and the summary (if any) lodged under subsection (4) are to be kept by AFMA; and (b) if a summary is not lodged under subsection (4), the copy of the instrument evidencing the dealing is to be made available for inspection in accordance with this Division; and (c) if a summary is lodged under subsection (4), the summary is to be made available for inspection in accordance with this Division; and (d) the original instrument is to be returned to the person who made the application for registration. (10) AFMA is not concerned with the effect in law of any instrument lodged under this section.