Document ID: chunk:federal_register_of_legislation:F2024C00948:reg:29
Version: federal_register_of_legislation:F2024C00948
Segment Type: reg
Provision Reference: reg 29
Character Range: 42018–44284

29  Procedures if tenderer can acquire less than all available rights
 (1) For the purposes of paragraph 27(i), the precedence list must also set out the number of fishing rights to which each tenderer is entitled, determined as set out in subsections (3), (4), (5), (6) and (7) of this section.
 (2) Subsection (1) applies whether or not the conditions of tender also allow a tenderer to specify, at the amount tendered per fishing right:
 (a) the maximum number of fishing rights that the tenderer is prepared to acquire; or
 (b) the minimum number of fishing rights that the tenderer will accept.
 (3) For each tender, if a person ranked above another tenderer has tendered for less than all the available fishing rights, the next‑highest‑ranked tenderer is entitled to the lesser of:
 (a) the remaining number of fishing rights; and
 (b) the number of fishing rights that the other tenderer has tendered for.
 (4) If:
 (a) a tenderer nominates a minimum number of fishing rights that the tenderer will accept for an amount bid; and
 (b) that number is greater than the number of fishing rights remaining after deducting the entitlements of all higher‑ranked tenderers from the total number of fishing rights offered;
the tenderer is not entitled to those fishing rights, even if the amount bid per fishing right is higher than that of the next‑highest‑ranked tenderer.
 (5) If a tenderer does not nominate a minimum number of fishing rights that the tenderer will accept for an amount bid, the tenderer is taken to have nominated, as the minimum number at that amount:
 (a) one fishing right; or
 (b) if AFMA has set a minimum number of fishing rights that a person may accept—that number.
 (6) If 2 or more tenderers are equally ranked, their respective entitlements to fishing rights are to be proportional to the maximum number of fishing rights that each is prepared to accept at the amount bid.
 (7) However, a tender is to be disregarded if the granting of entitlements in accordance with subsection (6) would lead to the tenderer being granted less than any minimum number of fishing rights that:
 (a) the tenderer would accept; or
 (b) the conditions of tender specify as the minimum that a tenderer may acquire.

Part 6—Prescribed period for payment