Division 10Division 10 Share Management Fisheries Register
89 Establishment and keeping of Share Register
(1) The Director-General is required to establish and keep a Share Management Fisheries Register (the Share Register).(2) The Share Register may be kept wholly or partly by means of a computer.(3) If the Share Register is kept wholly or partly by means of a computer:(a) references in this Act to an entry in the Share Register are to be read as including references to a record of particulars kept by means of the computer and comprising the Share Register or part of the Share Register, and(b) references in this Act to particulars being registered, or entered in the Share Register, are to be read as including references to the keeping of a record of those particulars as part of the Share Register by means of the computer, and(c) references in this Act to the rectification of the Share Register are to be read as including references to the rectification of the record of particulars kept by means of the computer and comprising the Share Register or part of the Share Register.
(1) The Director-General must register any shares in a share management fishery issued by the Minister by entering in the Share Register the following particulars:(a) the name of the person to whom the shares are issued,(a1) if the shares are a component of a fishing business, the number allocated to the fishing business by the Director-General under this Act,(b) the number of shares issued,(c) the share management fishery for which the shares are issued,(d) the period for which the shares are issued,(e) such other particulars (if any) as are prescribed by the regulations.(2) The Director-General must register any renewal of shares in a share management fishery by entering in the Share Register the following particulars:(a) the fact that the shares have been renewed,(b) the period for which the shares are renewed,(c) such other particulars (if any) as are prescribed by the regulations.
91 Registration of dealings in shares
(1) A transaction that purports to have the effect of transferring, assigning, transmitting, mortgaging or otherwise creating an interest in a share in any share management fishery does not have that effect until it is registered in the Share Register.(2) A party to such a transaction may make an application to the Director-General for the transaction to be registered.(3) Such an application must be in a form approved by the Director-General and must be accompanied:(a) by the document that embodies the transaction, and(b) by a document setting out such particulars (if any) as are prescribed by the regulations for the purposes of this paragraph, and(c) by duplicates of the documents referred to in paragraphs (a) and (b), and(d) by such fee (if any) as is prescribed by the regulations.(4) If such an application is approved by the Director-General, the Director-General must:(a) register the transaction by entering in the Share Register particulars of the name of the person acquiring the interest and a description of the transaction, and(b) endorse on the document relating to the transaction and the duplicate of that document the fact of the entry having been made, together with the date and time of the making of the entry.(5) When those entries in the Share Register have been made:(a) the duplicate of the document relating to the transaction is to be retained by the Director-General and made available for inspection in accordance with this Division, and(b) the original document is to be returned to the person who made the application for registration.(6) The Director-General is not to register a dealing in a share in any share management fishery if the dealing would result in a shareholder acquiring more shares in the fishery than is permitted by this Act or if the dealing would otherwise contravene this Act.
(1) The Director-General is taken not to have notice of any kind of trust relating to shares in a share management fishery.(2) Notice of any such trust must not be registered by the Director-General.
93 Power of holder to deal with shares
(1) The holder of any share in a share management fishery may, subject to this Part, deal with the share as its absolute owner and give good discharges for any consideration for any such dealing.(2) Subsection (1):(a) is subject to any rights appearing in the Share Register to belong to another person, and(b) only protects a person who deals with the holder of the share as a purchaser in good faith for value and without notice of any fraud on the part of the holder.(3) Equities in relation to a share in a share management fishery may be enforced against the holder of the right except to the prejudice of a person protected by subsection (2).
94 Surrender of shares to be noted in Share Register
If a share in a share management fishery is surrendered, the Director-General must make an entry in the Share Register to that effect.
95 Cancellation or forfeiture of shares to be noted in Share Register
(1) If a share in a share management fishery is cancelled, forfeited or otherwise ceases to have effect, the Director-General must make an entry in the Share Register to that effect.(2) If, because of a decision made by the Minister or a court, an entry made by the Director-General under subsection (1) is no longer correct, the Director-General must rectify the Share Register.(3) If:(a) the Director-General makes an entry in the Share Register under subsection (1), or rectifies the Share Register under subsection (2), concerning a share, and(b) a person other than the holder of the share has an interest in the share, and(c) the interest is one in relation to which a transaction has been registered under section 91 (Registration of dealings in shares),the Director-General must give the person written notice of the entry or rectification.
96 Director-General not concerned as to the effect of documents lodged for registration
The Director-General is not concerned with the effect in law of any document lodged under section 91 (Registration of dealings in shares) and the registration of the transaction concerned does not give to the document any effect that it would not have if this Division had not been enacted.
97 Inspection of Share Register and registered documents
(1) On payment by a person of the prescribed fee (if any), the Director-General must, during the ordinary business hours of the Director-General’s office, make available for inspection the Share Register and all copies of registered documents retained by the Director-General in accordance with section 91 (Registration of dealings in shares).(2) If the Share Register is kept wholly or partly by means of a computer, this section is taken to be complied with by making the contents of the Share Register available for inspection on the website of the Department.
(1) The Share Register is evidence of any particulars registered in it.(2) If the Share Register is wholly or partly kept by means of a computer, a document issued by the Director-General producing in writing particulars included in the Share Register, or the part kept by means of a computer, is admissible in legal proceedings as evidence of those particulars.(3) A copy of the Share Register or an entry in the Share Register is, if purporting to be signed by the Director-General, admissible in evidence in legal proceedings as if the copy were the original.(4) A copy of a document, or part of a document, retained by the Director-General under section 91 (Registration of dealings in shares) is, if purporting to be signed by the Director-General, admissible in evidence in legal proceedings as if the copy were the original.(5) The Director-General must, on application made by a person in a form approved by the Director-General, provide the person with a document or copy that is admissible in legal proceedings because of this section.
99 Correction of Share Register
The Director-General may correct any error or mistake in the Share Register.
100 Exculpation for liability for anything done under this Division
The Minister, the Director-General and other persons employed in the administration of this Division are not liable in any civil proceedings for anything done or omitted to be done in good faith in the exercise or purported exercise of any function imposed or conferred by this Division.
101 Offences under the Division
A person must not:(a) make, or cause to be made or concur in making, an entry in the Share Register knowing it to be false or misleading in a material respect, or(b) produce or tender in legal proceedings a document knowing that it falsely purports to be an instrument (or copy of an instrument) lodged with the Director-General under this Division or a copy of the Share Register or of an entry in the Share Register.Maximum penalty: 50 penalty units.