95Cancellation or forfeiture of shares to be noted in Share Register

95 Cancellation or forfeiture of shares to be noted in Share Register

95 Cancellation or forfeiture of shares to be noted in Share Register

(1) If a share in a share management fishery is cancelled or forfeited, the Secretary must make an entry in the Share Register to that effect.

(2) If, because of a decision made by the Minister or a court, an entry made by the Secretary under subsection (1) is no longer correct, the Secretary must rectify the Share Register.

(3) If—

(a) the Secretary makes an entry in the Share Register under subsection (1), or rectifies the Share Register under subsection (2), concerning a share, and

(b) a person other than the holder of the share has an interest in the share, and

(c) the interest is one in relation to which a transaction has been registered under section 91 (Registration of dealings in shares),

the Secretary must give the person written notice of the entry or rectification.

s 95: Am 2009 No 114, Sch 1 [55]; 2022 No 59, Sch 1.14[5].