181BCancellation, revocation or expiry of licence

181B Cancellation, revocation or expiry of licence (1) As soon as practicable after a Pearl Oyster Culture Industry licence is cancelled, revoked or expires, the Director is to grant a restricted licence to the person who held the licence immediately before it was cancelled or revoked or it expired. (2) So as to enable the licensee to harvest the remaining pearl production, the holder of a restricted licence may farm, hold and sell all live pearl oysters held at the licensee's holding areas, pearl oyster dump sites and an area of land to which a pearl farm lease relates. (3) A restricted licence remains in force until: (a) all the pearl oysters are sold; or (b) the expiry of 6 months after the cancellation, revocation or expiry of his or her Pearl Oyster Culture Industry licence; whichever occurs first. (4) The holder of a restricted licence must, as soon as practicable after the expiry of a licence under subregulation (3), provide to the Director details of sales under subregulation (2). (5) Where a person who held a restricted licence under this regulation has not, before the expiry of the licence, sold all pearl oysters under the licence, he or she must surrender all remaining oysters to the Director for disposal. (6) Where pearl oysters surrendered to the Director under subregulation (5) are disposed of by the Director by sale for money or other valuable consideration, the Director must: (a) retain from the proceeds of the sale an amount sufficient to cover the cost of disposal of the pearl oysters; and (b) deliver the remainder of the proceeds of sale, if any, to the licensee. (7) For this regulation, a Pearl Oyster Culture Industry licence is to be taken to expire at the beginning of the 6 month period mentioned in section 16(4) of the Act. Fisheries Regulations 1992 155