182Transfer of quota and shares

182 Transfer of quota and shares

182 Transfer of quota and shares

(1) This clause applies in respect of the transfer of shares in all share management fisheries if the shares are a component of a fishing business to which quota is attached.

(2) Quota is attached to a fishing business if it has been allocated to or acquired by a person as a holder of shares and the shares are a component of the fishing business.

(3) A share that is a component of a fishing business to which quota of a particular type is attached may be transferred by the owner of the fishing business (the transferor) to another person (the transferee) in accordance with this Division only if—

(a) after the share transfer, the fishing business retains as a component 1 or more shares in the fishery that entitle the holder of those shares to be allocated or acquire that type of quota, or

(b) all unused quota of that type that is attached to the transferor’s fishing business is transferred to another person (whether or not the transferee).

Note.

If the transferor owns another fishing business, the unused quota may be transferred so that it is attached to that other fishing business.

(4) Subclause (3) does not authorise a transfer of quota otherwise than in accordance with Part 2A of the Supporting Plan.