(1) Subject. to this section, a fishing licence issued or renewed under this Act is valid, unless earlier cancelled or suspended in accordance with this Act or the Regulations, for a period not exceeding one year, or a lesser period specified in the licence, and shall not in the case of a charter or access agreement, extend beyond the period of validity of the applicable charter agreement or access arrangement.

(2) Fishing licences shall be issued or renewed annually or quarterly or within the period recommended by the Commission, and shall expire,

(a) in respect of an annual licence, on 31st December in the year in which it is issued, or

(b) in respect of a quarterly licence, on 31st March, 30th June, 30th September or 31st December in the year in which it is issued.

(3) A licence issued or renewed is only valid for the species of fish and the type of fishing gear or method of fishing, or any other activity in accordance with this Act specified in the licence.

(4) Where a vessel, licensed as a local industrial fishing vessel, becomes a foreign fishing vessel the licence shall automatically terminate.