Commonwealth Numbered Regulations

1992 No. 20 FISHERIES MANAGEMENT REGULATIONS - REG 6

6. (1) For the purposes of subsection 28 (1) of the Act, if a grant of a
fishing right is to be made by auction, the Managing Director may set a
reserve price for the grant before the day on which the auction is to be held.

(2) If the person who made the highest bid at the auction is unable to pay the
charge applicable in relation to the grant, the Managing Director must offer
the grant to the person who made the second-highest bid.

(3) If the person who made the second-highest bid at the auction is unable to
pay the charge applicable in relation to the grant, the Managing Director must
offer the grant at a new auction.