107Caveats

107 Caveats

(1) This section is made for the purposes of paragraphs 32A(4)(d) and 46(4D)(d) of the Act and prescribes circumstances that relate to the following fishing concessions: (a) a fishing permit; (b) a fishing right. (2) A transfer of a fishing concession (or ownership of a fishing concession) must not be registered if: (a) AFMA has received a notification in the approved form for the purposes of this section; and (b) the notification was made by the concession holder, other than a lessee of the fishing concession; and (c) the notification is expressed as having the effect of placing a caveat on a transfer of the fishing concession for the benefit of another person; and (d) either: (i) the caveat has not been withdrawn by the person for whose benefit the caveat exists by further notification given to AFMA in the approved form; or (ii) the transfer is not being made with the consent of that person given to AFMA in the approved form; and (e) subsection (3) does not apply. (3) This subsection applies if AFMA is satisfied, on the application of the concession holder who made the notification, that the transfer should be registered on account of an order made by a court.

Note: Sections 54 and 57K of the Act provide for applications to be made to a prescribed court for an order for the rectification of a register that is relevant to the operation of this section.

(4) Nothing in this section requires AFMA to be satisfied as to the accuracy or validity of any information or matter that is notified under this section.