Notwithstanding any other provision in this Act, any Fishing Vessel Ownership Account depositor may withdraw the balance of the Account and close the Account if after the 18th day of June 1987 he or she either makes no further deposits in that Account or makes deposits in that Account which, in the opinion of the Corporation, were made without knowledge of this section.

Where the depositor exercises his or her rights under subsection (1) of this section, the Corporation shall in respect of an Ordinary Fishing Vessel Ownership Account, on the application of a depositor, pay to the depositor a purchase grant pursuant to section 7 or the principal Act in respect of the amount of the depositor’s eligible savings on the close of the 18th day of June 1987, notwithstanding that the depositor has not complied with the provisions of Part I of this Act:

“Provided that the purchase grant shall be calculated from the qualifying date until the close of the 18th day of June 1987, and all Ordinary Fishing Vessel Ownership Accounts of under 3 years’ duration shall attract a purchase grant of 25 percent of the depositor’s eligible savings.

Where the depositor exercises his or her rights under subsection (1) of this section, the Corporation shall, in respect of a Special Fishing Vessel Ownership Account, issue to the depositor a withdrawal certificate pursuant to section 20 of this Act for the balance of the Account as at the close of the 18th day of June 1987, notwithstanding that the depositor has not complied with the provisions of Part II of this Act.

Notwithstanding the foregoing provisions of this section, no person shall be entitled to receive a purchase grant or a withdrawal certificate pursuant to this section where the Fishing Vessel Ownership Account was formerly a Home Ownership Account which was transferred to a Fishing Vessel Ownership Account pursuant to section 12(1) or section 17(1) of this Act after the 18th day of June 1987.”