7AMinimum shareholding—general ocean hauling and purse seine net shares

#### 7A Minimum shareholding—general ocean hauling and purse seine net shares 7A Minimum shareholding—general ocean hauling and purse seine net shares > > (1) For the purpose of section 67 (1) of the Act, the minimum shareholding in relation to the following classes of shares (relevant shares) is, subject to subclause (2)— > > > > > (a) for ocean hauling—general ocean hauling shares (Region 1, 2, 3, 4, 5, 6 or 7)—40 shares, > > > > > (b) for ocean hauling—purse seine net shares—40 shares. > > > (2) The minimum shareholding in relation to the relevant shares is 1 share, if the shareholder is an original entitlement holder. > > > (3) Subclause (2) ceases to apply if the shareholder transfers, assigns, forfeits or surrenders any of the relevant shares or if any of the relevant shares are cancelled after 5 February 2007 (in which case subclause (1) applies to the shareholder). > > > (4) For the purposes of this clause, an original entitlement holder is a person who— > > > > > (a) held relevant shares immediately before 5 February 2007, and > > > > > (b) was, immediately before 5 February 2007, eligible for an endorsement in the fishery (or to nominate a person to be given an endorsement in the fishery) on the basis of that shareholding. > > > (5) A person who was issued with relevant shares as a consequence of a decision of the Share Appeal Panel on an appeal in relation to the issue of shares in the fishery and who would have been entitled to an endorsement in the fishery, or to nominate a person to be given an endorsement, if those shares had been issued before 5 February 2007, is taken to be an original entitlement holder for the purposes of this clause. > > > (6) The shares relied on to meet the minimum shareholding requirement must all be a component of the same ocean hauling fishing business.