Fisheries Regulations 1992

(a) one or more eligible quota units attached to a DF licence expire at the end of a licensing year (the first year); and

(b) the licence is renewed the following licensing year (the second year).

(2) The Joint Authority must allocate to the DF licence the number of quota units for each species group that is equal to the lesser of:

(a) the number of eligible quota units for the relevant species group that expired at the end of the first year; or

(b) the number of quota units for the relevant species group (the relevant number) calculated in accordance with the following formula:

A = (AQ + BQ - TQ) x 0.2

where:

A is the relevant number.

AQ is the number of eligible quota units for the relevant species group that were allocated to the licence during the first year.

BQ is the number of eligible quota units for the relevant species group that were transferred to the holder of the licence during the first year.

TQ is the number of eligible quota units for the relevant species group that were transferred from the licence during the first year.

(3) However, if the number of quota units to be allocated is not a multiple of 1, the number must be:

(b) if the number is a multiple of 0.5 – rounded up to the nearest whole unit.

(a) immediately after an allocation to the DF licence is made under regulation 107C; or

(b) if the information required to make the allocation is not available at that time – as soon as practicable after the information becomes available.

(5) However, if under subregulation (4)(b) the Joint Authority is required to allocate quota units to a DF licence in relation to which any fees are due then, despite subregulation (4)(b), the Joint Authority must not allocate the quota units to the licence until the fees are paid.

eligible quota units means:

(a) quota units allocated to the DF licence under regulation 107C or 227; or

(b) quota units allocated to another DF licence under regulation 107C or 227 and subsequently transferred to the holder of the DF licence.