Fishery units generally
78B Fishery units generally
(1) A fishery unit is a unit that entitles the holder of the CLF licence to which the unit is attached to be allocated a share of the total allowable catch for the CLF species to which the unit relates.
Note for subregulation (1)
The share is calculated under regulation 78F.
A fishery unit does not expire.
A fishery unit may be transferred under Subdivision 5.
(4) A fishery unit attached to a CLF licence that is cancelled is taken to be transferred to the Territory on the day of the cancellation.
(5) A fishery unit attached to a CLF licence that expires and is not renewed within the period permitted under section 12(2) of the Act is taken to be transferred to the Territory on the day after the period ends.
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