46Registration of dealings in fishing rights

#### 46 Registration of dealings in fishing rights Scope (1) This section applies to a dealing that would, but for subsection (2), have the effect of creating, assigning, transferring, transmitting or extinguishing an interest in a fishing right, other than an interest that is a PPSA security interest. Registration of dealing (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; and (d) one copy each of the application and of the instruments mentioned in paragraphs (b) and (c). (3A) 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. (4) Subject to subsections (4C) and (4D), if an application for registration of the dealing, either the instrument evidencing the dealing or a summary of that instrument that complies with subsection (3A), 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 of the person acquiring the interest in the fishing right; (ii) a description of the dealing; 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. (4A) If a person lodges with AFMA a notice, in the form approved by AFMA: (a) stating that a dealing of a kind referred to in subsection (1) that is described in the statement has taken place; and (b) claiming that, if the dealing were registered, the person would have an interest in a fishing right; and (c) setting out particulars of the interest; and (d) requesting AFMA to register the claim; AFMA must register the claim by entering in the register the person’s name and particulars of the interest claimed. (4B) If, after the registration of a claim to an interest in a fishing right, the claimant, by notice lodged with AFMA in the form approved by AFMA, withdraws the claim, AFMA must cancel the registration by omitting from the register the entry relating to the claim. (4C) If: (a) a claim to an interest in a fishing right is registered; and (b) an application is made to AFMA for registration of a dealing in respect of the fishing right; AFMA must not register the dealing unless: (c) AFMA has given written notice of the application to the person whose name appears in the register in relation to the claim; and (d) either: (i) the person has withdrawn the claim under subsection (4B); or (ii) 21 days have elapsed since the notice was given to the person. (4D) AFMA must register a lease, or transfer of ownership, of a fishing right unless: (a) the fishing right is suspended under section 38; or (b) the holder of the fishing right: (i) is being investigated for a fisheries offence; or (ii) has been convicted of a fisheries offence; or (c) a levy on the fishing right that is due has not been paid; or (d) other circumstances that are prescribed under the regulations exist. (4E) Subsection (4D) applies despite the fact that any requirement in a plan of management relating to the lease, or transfer, has not been satisfied. Documentation of registration of dealings (5) If a dealing is registered: (a) the copies referred to in paragraph (3)(d) and the summary (if any) lodged under subsection (3A) are to be kept by AFMA; and (b) if a summary is not lodged under subsection (3A), the copy of the instrument evidencing the dealing is to be made available for inspection in accordance with this Part; and (c) if a summary is lodged under subsection (3A), the summary is to be made available for inspection in accordance with this Part; and (d) the original instrument is to be returned to the person who made the application for registration.