44   Omission of share management fishery

(1)  This section has effect if the description of a share management fishery is omitted from Schedule 1, including an omission for the purpose of redefining an existing share management fishery.

(2)  When the description of the fishery is omitted, all shares in the fishery are cancelled.

(3)  If the description of the fishery is omitted after the commencement of the management plan for the fishery, the holders of the cancelled shares are entitled to compensation from the State for the market value before the cancellation of the shares they held.

(4)  The amount of compensation payable is to be determined by agreement between the Minister and the person entitled to compensation. If the amount of compensation is not agreed, it is to be determined by the Valuer-General.

(5)  A person entitled to compensation may agree to accept instead shares in another share management fishery which replaces the omitted fishery wholly or partly.

(6)  A person who is dissatisfied with the amount of compensation offered to the person under this section or with any delay in the payment of compensation may appeal to the Land and Environment Court.

(7)  The regulations may make provision for or with respect to the payment of compensation in accordance with this section.

(8)  This section does not apply:

(a)  if a description of a fishery is omitted from Part 2 of Schedule 1 after the fishery is terminated in accordance with Division 2A, or

(b)  if a description of a fishery is omitted from Part 2 of Schedule 1 and inserted in Part 1 of Schedule 1 (that is, the fishery is converted in accordance with Division 2A).