102Transfers and other dealings in shares

#### 102 Transfers and other dealings in shares 102 Transfers and other dealings in shares > > (1) For the purposes of section 71 (5) of the Act, before the commencement of the share management plan for a fishery, section 71 of the Act applies to allow the transfer, assignment or transmission of the shares of a person (the shareholder) in the fishery only if— > > > > > (a) all of the shares of the shareholder that are components of the same fishing business (whether or not those shares are shares in the same fishery) are transferred, assigned or transmitted to 1 person (the transferee), and > > > > > (b) the transferee becomes the owner of that fishing business (and all its components). > > > (2) For the purposes of section 54 (3) of the Act, an acquisition of shares by a dealing that is allowed under subclause (1) is declared to be an authorised acquisition. > > > (3) Nothing in this clause authorises the mortgaging of shares in a share management fishery before the commencement of the share management plan for the fishery. > > Note. > > Under section 54 (3) of the Act, a holder of shares in a limited access fishery is not entitled to have the licence endorsed to take fish in the limited access fishery (or to nominate another person to do so) if all the shares held by the person were acquired by dealings after the initial issue of shares in the fishery, unless the acquisition is declared by the regulations to be an authorised acquisition.