Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Amendment Act 1990

Overview

The Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Amendment Act 1990, enacted by the Parliament of Australia, was introduced to address specific financial and operational adjustments within the Northern Prawn Fishery. This Act amended the Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985, primarily to expand the scope of eligible loan guarantees to include payments to individuals who voluntarily withdraw their boats from the fishery. This adjustment was aimed at providing financial support to those who reduce their fishing capacity, thereby addressing issues related to overfishing and ensuring the sustainability of the fishery. The policy objective was to facilitate the voluntary exit of boats from the fishery in a structured manner, supported by financial incentives, to manage the fishery resources more effectively.

Scope and Application

The Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Amendment Act 1990 amends the Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985, extending the scope of the scheme to include payments to individuals who hold or have held units of fishing capacity under the Act, particularly in relation to the voluntary withdrawal of fishing boats from the fishery. The amendment is geographically confined to the Northern Prawn Fishery, and its application is limited to the financial provisions within the scheme. The Act also increases the financial limit of the guarantee from $5,000,000 to $40,900,000, thereby expanding the potential scope of financial assistance available under the scheme. The Act applies to persons who are or have been holders of units of fishing capacity, and it extends to the Commonwealth jurisdiction where the fishery operates. The Act does not explicitly exclude or exempt any specific entities or conduct from its application, though its provisions are tailored specifically to the context of the Northern Prawn Fishery. Any further detail or extension of the application of this Act may be specified through subordinate instruments, though the primary text does not provide explicit instructions regarding such extensions.

Key Provisions

The Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Amendment Act 1990 amends the Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985 (Principal Act). The amendments primarily involve the guarantee of certain loans to assist in the voluntary withdrawal of boats from the fishery. Under section 3, the Act modifies the Principal Act by adding a new subparagraph (iia) to section 5(1)(a), which includes making payments to persons who hold or have held units of fishing capacity. These payments are for the voluntary withdrawal of boats from the fishery, which is an effort to manage and regulate the fishing activities in the Northern Prawn Fishery. The Act imposes specific obligations on the parties involved, particularly focusing on the financial support for fishermen who voluntarily withdraw their boats from the fishery. The guaranteed loans are intended to provide financial assistance to these individuals, ensuring they can manage the transition away from fishing activities. Additionally, the amendments adjust the maximum loan guarantee amount from $5,000,000 to $40,900,000, significantly increasing the financial support available under the scheme. The Act also outlines consequences for non-compliance with its provisions. Although the specific offences and penalties are not detailed within the provided text, it can be inferred that any breach of the amended Act could lead to legal repercussions. Typically, such breaches might result in civil or criminal penalties, depending on the nature and severity of the violation. The exact penalties would be determined by the relevant authorities, but they could include fines or other legal sanctions as prescribed by Australian law.