Surrender of shares
74 Surrender of shares
The holder of shares in a share management fishery may surrender those shares to the Minister.
The Minister may retain, cancel, reissue or sell shares that are surrendered.
If the Minister cancels the shares, new shares are not to be issued in their place.
If the Minister sells surrendered shares, the Minister may pay up to 85% of the purchase price to the holder of the shares. The balance of the purchase price, after deduction of sale expenses and shareholder dues, is to be credited to the Consolidated Fund.
During any period in which surrendered shares are retained by the Minister, the Minister is not liable for any fisheries management charge in respect of those shares.
In this section—
sale expenses means expenses reasonably incurred in connection with a sale of shares.
shareholder dues means any amount owed by a shareholder in connection with shares that would, on payment, be paid into the Commercial Fishing Trust Fund.
This Act’s bill:Explanatory memorandum
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