Fisheries Management Act 1994

The management plan for a share management fishery may fix a minimum shareholding required to take fish in the fishery.

A person who holds shares in the fishery is not entitled to take fish in the fishery or to nominate another person to do so on his or her behalf unless the person has the minimum shareholding required to take fish in the fishery.

A separate minimum shareholding may be fixed in respect of a person who acquires shares after the initial issue of shares or a different minimum shareholding may be fixed for any such shareholding. Different minimum shareholdings may also be set for different classes of shares.

Minimum shareholdings may be fixed so that the minimum is increased during subsequent periods.

A management plan may provide that the requirement for a minimum shareholding may be satisfied by taking into account the shareholder’s shares in other share management fisheries or shareholder’s entitlements or catch history in other fisheries.