10AManagement charge—special provisions

10A Management charge—special provisions

10A Management charge—special provisions

(1) The management charge payable under section 76 of the Act by holders of shares in a relevant share management fishery is to be calculated by applying the following principles—

(a) a separate management charge is payable in respect of each fishing business the components of which include shares in one or more relevant share management fisheries (accordingly, if the shares of a shareholder are components of separate fishing businesses, separate management charges are payable in respect of those shareholdings), and

(b) a single management charge is payable in respect of each fishing business, even if the fishing business is comprised of, or includes, shares in more than one relevant share management fishery.

(2) If a fishing business holds one or more classes of shares, in one or more relevant share management fisheries, the management charge payable in relation to the fishing business is not to exceed the total of the following—

(a) $1,000,

(b) the amount for all the shares held by the fishing business calculated according to the following formula—

where—

A is the amount identified in Column 2 in Schedule 1 for the class of share identified in Column 1.

B is the number of shares in the class held by the fishing business.

(3) If a fishing business holds ocean hauling—purse seine net shares, the amount for those shares for the purposes of subclause (2)(b) is $2,582.17.

(3A), (3B) (Repealed)

(3C) For the purposes of this clause, a class of shares is held by a fishing business if the shares are a component of that fishing business.

(4) This clause does not affect any requirement that a shareholder pay a separate or additional management charge in respect of shares in a share management fishery that is not a relevant share management fishery, even if those shares are a component of a fishing business that includes shares in a relevant share management fishery.

(5) In this clause—

class of share means a class of share in a relevant share management fishery, as listed in—