179Transfer to owners in the same fishery

179 Transfer to owners in the same fishery

179 Transfer to owners in the same fishery

(1) This clause applies in respect of the transfer of shares in a relevant share management fishery only.

(2) A share that is a component of a fishing business may be transferred by the owner of the fishing business (the transferor) to another person (the transferee) if the transferee is, immediately before the transfer, an owner of a fishing business the components of which include a share or shares in the same fishery as the share being transferred.

(3) If the share being transferred is an ocean share, the share may be transferred to the transferee only if—

(a) the transferee holds a share or shares of that class immediately before the transfer, or

(b) all shares of that class held by the transferor, that are a component of the transferor’s fishing business, are transferred to the transferee.

(4) If the share being transferred is an ocean share in the ocean trawl fishery, the share may also be transferred if the transferee is, immediately before the transfer, the owner of a fishing business the components of which include a southern fish trawl endorsement and all ocean shares of the class proposed to be transferred, that are a component of the transferor’s fishing business, are transferred to the transferee.

(5) In this clause, ocean share means a share (other than a quota share) in the ocean hauling fishery or the ocean trawl fishery or an ocean trap and line—spanner crab northern zone share.