Page:United States Statutes at Large Volume 110 Part 5.djvu/503

 PUBLIC LAW 104-297—OCT. 11, 1996 110 STAT. 3577 "(A) shall be considered a permit for the purposes of sections 307, 308, and 309; "(B) may be revoked or limited at any time in accordance with this Act; "(C) shall not confer giny right of compensation to the holder of such individual fishing quota or other such limited access system authorization if it is revoked or limited; and "(D) shall not create, or be construed to create, any right, title, or interest in or to any fish before the fish is hgirvested. "(4)(A) A Council may submit, and the Secretary may approve and implement, a program which reserves up to 25 percent of any fees collected from a fishery under section 304(d)(2) to be used, pursuant to section 1104A(a)(7) of the Merchant Marine Act, 1936 (46 U.S.C. App. 1274(a)(7)), to issue obligations that aid in financing the— "(i) purchase of individual fishing quotas in that fishery by fishermen who fish ft-om small vessels; and "(ii) first-time purchase of individual fishing quotas in that fishery by entry level fishermen. "(B) A Council making a submission under subparagraph (A) shall recommend criteria, consistent with the provisions of this Act, that a fisherman must meet to qualify for guarantees under clauses (i) and (ii) of subparagraph (A) and the portion of funds to be allocated for guarantees under each clause. "(5) In submitting and approving any new individual fishing quota program on or afl:er October 1, 2000, the Councils and the Secretary shall consider the report of the National Academy of Sciences required under section 108(f) of the Sustainable Fisheries Act, and any recommendations contained in such report, and shall ensure that any such program— "(A) establishes procedures and requirements for the review and revision of the terms of any such program (including any revisions that may be necessary once a national policy with respect to individual fishing quota programs is implemented), and, if appropriate, for the renewal, reallocation, or reissuance of individual fishing quotas; "(B) provides for the effective enforcement and management of any such program, including adequate observer coverage, and for fees under section 304(d)(2) to recover actual costs directly related to such enforcement and management; and "(C) provides for a fair and equitable initial allocation of individual fishing quotas, prevents any person from acquiring an excessive share of the individual fishing quotas issued, and considers the allocation of a portion of the annual harvest in the fishery for entry-level fishermen, small vessel owners, and crew members who do not hold or qualify for individual fishing quotas.", (f) INDIVIDUAL FISHING QUOTA REPORT,—(1) Not later than leuscisss October 1, 1998, the National Academy of Sciences, in consultation note. with the Secretary of Commerce and the Regional Fishery Management Councils, shall submit to the Congress a comprehensive final report on individual fishing quotas, which shall include rec-

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