Fisheries Management Act 1991

The holder of a statutory fishing rights option may, subject to this section, deal with the option, in respect of all or any of the statutory fishing rights to which the option relates, as absolute owner and give good discharges for any consideration for any such dealing.

A dealing mentioned in subsection (1) is subject to:

any rights appearing in the Register to be vested in another person, other than any such rights that are PPSA security interests; and

any rights or interests in the statutory fishing rights option that are PPSA security interests, to the extent provided by the Personal Property Securities Act 2009.

Subsection (1) only protects a person who deals with a holder of a statutory fishing rights option as a purchaser in good faith for value and without notice of any fraud on the part of the holder.

Equities in relation to a statutory fishing rights option may be enforced against the holder of the option except to the prejudice of a person protected by subsection (2).