It has gradually replaced the 1983 Act of the same name.
The Act includes the following among its basic definitions:
"Individual transferable quota" means—
- (a) Individual transferable quota allocated under section 44 or section 47 or section 49 of this Act:
- (b) Quota that becomes individual transferable quota under section 49(3):
- (ba) Individual transferable quota allocated under Part 2A of the Fisheries Act 1983 that has been converted into quota shares under section 343:
- (c) Any quota that otherwise becomes individual transferable quota in accordance with this Act: