Fisheries Act 1996

58 Interest in fishing quota that is overseas investment in fishing quota to be forfeit

• (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.

  (2) The chief executive—

  • (a) may direct that a caveat be registered in the appropriate register under Part 8 over that interest in fishing quota; and

  • (b) must give A a written notice of forfeiture that complies with subsection (3).

  (3) A notice of forfeiture must—

  • (a) state that the interest in fishing quota that has been obtained without consent under the overseas investment fishing provisions will be forfeited to the Crown without compensation unless A applies to the High Court for a declaration as to whether A is an overseas person; and

  • (b) state the period, which must not be less than 60 clear days after the notice is given, for A to make the application.

  (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).