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(1) A fishing licence issued under this Act shall not be transferred unless

(a) the Director has been notified in writing of the transfer prior to the transfer by both the transferor and the transferee,

(b) the Council approves the transfer on the conditions determined by it,

(c) the written permission of the Minister for the transfer is endorsed on the licence, and

(d) in the case of a local industrial or semi-industrial fishing vessel the transferee qualifies to hold a local fishing licence as provided under section 47.

(2) Without limiting the scope of subsection (1), the Minister may in order to give effect to a scheme for the restriction of effort in respect of a fish under a fishery management and development plan approved under this Act, in writing, do any or all of the following:

(a) direct that a licence to engage in that fishery activity may not be transferable from one vessel to another vessel, or that the surrender of licences may not give rise to certain rights to new licences, and

(b) set any other conditions under which permission may be given in respect of transfer of licences.

(3) A person, being the previous owner or new owner of a licensed fishing vessel licensed under this Act who does not notify the Director in writing as provided under subsection (1) (a) commits an offence and is liable on summary conviction to a fine of not  less than

(a) $5,000 and not more than $10,000 in the case of a vessel of less than 50 gross registered tonns,

(b) $25,000 and not more than $100,000 in the case of a vessel of 50 GRT but less than 100 gross registered tonns,

(c) $150,000 and not more than $500,000 in the case of a vessel of 100 GRT but less than 250 gross registered tonns, or

(d) $1 million in the case of a fishing vessel of 250 gross registered tonns, or above.