Commonwealth Consolidated Acts

FISHERIES MANAGEMENT ACT 1991 - SECT 48

             (1)  Except where a condition of a fishing right provides otherwise, a holder of a fishing right may, subject to this section, deal with the fishing right as its absolute owner and give good discharges for any consideration for any such dealing.

          (1A)  A dealing mentioned in subsection (1) is subject to:

                     (a)  section 49; and

                     (b)  any rights appearing in the Register to be vested in another person, other than any such rights that are PPSA security interests; and

                     (c)  any rights or interests in the fishing right that are PPSA security interests, to the extent provided by the Personal Property Securities Act 2009 .

             (2)  Subsection (1) only protects a person who deals with such a holder as a purchaser in good faith for value and without notice of any fraud on the part of the holder.

             (3)  Equities in relation to a fishing right may be enforced against the holder of the fishing right except to the prejudice of a person protected by subsection (2).