40UMethod for transferring quota

40U Method for transferring quota

40U Method for transferring quota

(1) A transfer of quota authorised by or under this Division must be effected—

(a) by electronic transfer (that is, by using the online transfer system), or

(b) by manual transfer (that is, by giving the Secretary notice in writing of the transfer).

(2) The regulations may prescribe fees for the use of the online transfer system.

(3) For a manual transfer, the notice given to the Secretary must be in a form approved by the Secretary and must be accompanied by the prescribed fee (if any) for manual transfers of quota.

(4) A transfer of quota does not take effect until the transfer is confirmed.

(5) An electronic transfer is confirmed if the online transfer system generates a message to the effect that the transfer is confirmed.

(6) A manual transfer is confirmed if the Secretary gives notice in writing to the person lodging the transfer that the transfer has been approved.

(7) In this section—

online transfer system means a facility approved by the Secretary that enables the transfer of quota by electronic communication.

s 40U: Ins 2015 No 59, Sch 1 [21]. Am 2018 No 25, Sch 1.11 [1]