(1) The Minister may require that, prior to the issue of a fishing licence to a foreign fishing vessel, the applicant or its authorised agent posts a performance bond which may be applied for the payment of a fine, penalty or any other determination for an offence under this Act committed by or in respect of that vessel or for a liability in relation to the vessel arising under this Act.

(2) The Minister may further require that the posting of a performance bond during the period of validity of the licence shall be a condition for the licence.