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(a) Except for a temporary substitution of a vessel under 20 AAC 05.1410(a), a vessel permit can only be held by the vessel owner. If there is a change in the ownership of a vessel for which a vessel permit has been issued, the vessel permit is invalid unless it is transferred to the new vessel owner. A change in the ownership of a vessel occurs on the date the vessel ownership passes to a different person or entity. In the case of joint ownership, a change in ownership occurs on the date that any of the joint owner's interest passes to a different person or entity or there is a change in the percentage of any joint owner's interest. The new vessel owner shall notify the commission in writing within 30 days of the change in ownership.
(b) Unless the ownership interest existed at initial issuance, a person or an entity may not hold any degree of ownership interest in more than two vessels in the Bering Sea hair crab fishery. For purposes of this subsection, an ownership interest in a vessel includes an ownership interest in any entity having an ownership interest in the vessel, either directly or indirectly through one or more intermediate entities. Ownership interests include partnerships and ownership of shares. A request for transfer of a vessel permit will be denied if the commission determines that the transfer would result in a transferee holding an ownership interest in more than two vessels in the Bering Sea hair crab fishery.
(c) The commission may request information necessary to determine whether a transfer of a vessel entry permit would result in a transferee holding an ownership interest in more than two vessels in the Bering Sea hair crab fishery. The commission will deny the request for a transfer if the requested information is not supplied.
(d) It is unlawful for a person or an entity to operate a vessel in the Bering Sea hair crab fishery unless a vessel entry permit or vessel interim-use permit
(1) has been issued for the vessel under 20 AAC 05.1408; and
(2) is displayed in a prominent location on the vessel and available for inspection at all times.
History: Eff. 9/21/2003, Register 167
Authority: AS 16.43.100
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Last modified 7/05/2006