Fisheries Management Act 1994
55FPower to implement redefinition proposal that has majority support
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55F Power to implement redefinition proposal that has majority support
55F Power to implement redefinition proposal that has majority support
(1) If a redefinition proposal has majority support, the Minister may implement the redefinition proposal, including by cancelling shares and issuing or re-issuing shares as contemplated by the redefinition arrangements for the redefinition proposal.
(2) The regulations may make further provision for the implementation of redefinition proposals.
(3) Section 45 does not apply to the redefinition of an existing share management fishery under a redefinition proposal that has majority support.
(4) No compensation (including damages or any other form of compensation) is payable because of the cancellation of shares under this section or anything else that is done to implement a redefinition proposal that has majority support.
(5) Subsection (4) does not apply to compensation (if any) that is expressly offered to shareholders under a redefinition proposal.
pt 3, div 4A (ss 55A–55G): Ins 2015 No 59, Sch 1 [25].