99Persons prohibited from holding shares

#### 99 Persons prohibited from holding shares 99 Persons prohibited from holding shares > > (1) For the purposes of section 49 (2) of the Act, the following persons and bodies are prohibited from holding shares in a share management fishery— > > > > > (a) a foreign person or a foreign-owned body, > > > > > (b) a subsidiary (within the meaning of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth) of a foreign person or of a foreign-owned body. > > > (2) In addition, a person is prohibited from holding shares in a share management fishery if the Minister is satisfied that the person is holding the shares on behalf of, or for the benefit of, a person who is prohibited by this clause from holding shares in a share management fishery. > > > (3) Shares in a share management fishery may not be issued by the Minister to a person who is prohibited by this clause from holding shares or be recorded in the Share Register. > > > (4) The Minister is to cancel any shares held by a person prohibited by this clause from holding shares. However, the Minister may allow the person to dispose of the shares in accordance with Part 3 of the Act. > > > (5) In this clause— > > > > foreign person means a person other than— > > > > > (a) an individual ordinarily resident in Australia (within the meaning of the [Foreign Acquisitions and Takeovers Act 1975](http://www.legislation.gov.au/) of the Commonwealth), or > > > > > (b) a company or an exempt body (within the meaning of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth). > > > > foreign-owned body means a body corporate that has a substantial foreign ownership. > > > (6) For the purposes of this clause, a body corporate has a substantial foreign ownership if the Minister is satisfied that more than 20% of its total paid-up share capital is held by foreign persons or (if it does not have a share capital) that foreign persons are in a position to control more than 20% of the voting power in the body. > > > (7) For the purposes of this clause, the Minister may have regard to any relevant provisions of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth for the purposes of determining whether a person has an interest in shares or voting power in a body corporate.