Fisheries Management Act 1994

The Minister may retain, cancel, reissue or sell shares that are forfeited.

Any forfeited shares that are sold by the Minister are to be sold by public tender.

The purchase price for forfeited shares that are sold is to be paid to the credit of the Consolidated Fund, subject to this section.

If any amount is due under this Part in respect of the forfeited shares that would, on payment, be paid into the Commercial Fishing Trust Fund, that amount is to be deducted from the purchase price and paid to the credit of the Commercial Fishing Trust Fund and the balance after payment is to be paid to the credit of the Consolidated Fund.

If shares forfeited for a failure by the shareholder to pay a community contribution or other amount due under this Part are sold, the following provisions apply—

any community contribution due under this Part is to be deducted from the purchase price and paid to the credit of the Consolidated Fund,

any other amount due under this Part that would, on payment, be paid into the Commercial Fishing Trust Fund is to be deducted from the purchase price and paid to the credit of the Commercial Fishing Trust Fund,

any reasonable costs incurred by or on behalf of the Minister in connection with the sale of the shares are to be deducted from the purchase price and paid to the credit of the Consolidated Fund,

the balance (if any) remaining after payment of the amounts referred to in paragraphs (a)–(c) is to be paid to the shareholder.

The regulations may authorise or require the payment of any part of the purchase price to a person (other than the shareholder) who had an interest in the shares. Any such payment may be made only after payment of the amounts referred to in subsection (5)(a)–(c).

The Minister may recover from a person, as a debt in any court of competent jurisdiction, any reasonable costs incurred by or on behalf of the Minister in selling shares forfeited by the person, being costs not otherwise recovered as provided by this section.

If shares forfeited for a failure by the shareholder to pay a community contribution or other amount due under this Part are not sold, the Minister is to deduct the sale value of the shares from the amount owed by the shareholder.

The sale value of shares is the purchase price that the Minister considers would be obtained if the shares were sold by public tender, minus the reasonable costs that would be incurred in connection with the sale.

During any period in which forfeited shares are retained by the Minister, the Minister is not liable for any fisheries management charge in respect of those shares.