(1) This section applies if the chief executive believes on reasonable grounds that a person (A) has been registered as the owner of an interest in fishing quota without obtaining consent when required under the overseas investment fishing provisions.
(3) A notice of forfeiture must—
(4) A caveat that is directed to be registered under subsection (2)(a) must remain on the register until removed by direction of the chief executive or order of the court pursuant to an application by A for a declaration under subsection (3)(a).
(5) If A fails to apply for a declaration within the time stipulated in the notice, the relevant interest in fishing quota is forfeit to the Crown without compensation at the end of that period.
Section 58: substituted, on 25 August 2005, by section 73 of the Overseas Investment Act 2005 (2005 No 82).