(1) All forward transfers of quota recorded on the Transitional Register of Leases and Forward Transfers of Quota shall, for the purposes of section 132, be regarded as having been presented for registration on the day on which they are intended to take effect, and, for the purposes of section 158, shall be actioned in the order in which they were notified to the Ministry under section 28Q of the Fisheries Act 1983 and, except as otherwise provided in subsection (2) of this section, the chief executive shall action those transactions before any other quota transactions presented for registration on the day the forward transfer is intended to take effect.
(2) If the forward transfer of quota is intended to take effect at the beginning of a fishing year, the chief executive shall, for the purposes of section 64, action the transaction after any variations of the total allowable commercial catch are actioned but before the generation of annual catch entitlements is actioned.
(3) If insufficient unsecured quota for the relevant stock is available to cover the forward transfer, or the application fails to comply with section 132, the application shall be regarded as a defective application and shall have no effect under this Act.
(4) For the purposes of this section, the number of quota shares to be transferred under this section shall be calculated in accordance with the following formula:
(a ÷ b) × 100 000 000 = c
- is the amount of individual transferable quota (expressed in kilogrammes) for the stock subject to the transfer (as shown in the Transitional Register); and
- is the total allowable commercial catch for the stock (expressed in kilogrammes); and
- is the number of quota shares for the stock that are the subject of the transfer.
Section 348(1): amended, on 9 September 1999, pursuant to section 90(2) of the Fisheries Act 1996 Amendment Act 1999 (1999 No 101).
Section 348(2): amended, on 9 September 1999, pursuant to section 90(2) of the Fisheries Act 1996 Amendment Act 1999 (1999 No 101).