164   Transfer of quota

(1)  A quota for a period (or any part of it) is transferable within that period, but only with the approval of the Director-General.

(2)  An application for the Director-General’s approval:

(a)  is to be made to the Director-General, in a form approved by the Director-General, and

(b)  is to specify the amount of quota to be transferred, and

(c)  is to be accompanied by the fee specified in Schedule 8.

(3)  The Director-General may transfer the quota or refuse to transfer the quota.

(4)  Without limiting subclause (3), the Director-General may refuse to transfer the quota (or any part of the quota) of an entitlement holder whose endorsement is suspended or cancelled.

(5)  A transfer of quota takes effect when the Director-General gives notice in writing of his or her approval of the transfer to the entitlement holders whose quotas are affected.

(6)  An entitlement holder who is notified by the Director-General of an approval of a transfer under subclause (5) must ensure that any nominated fisher of the entitlement holder is notified of that approval as soon as reasonably practicable.

Maximum penalty: 10 penalty units.

(7)  The conditions of a commercial fishing licence that is endorsed are taken to be amended in accordance with a transfer of quota approved under this clause, with effect on and from the date notice of the approved transfer is served on the licensee.