Section 40. Purse seine menhaden bait sector; limited entry criteria; Individual Transferable Quota System

A. To qualify for limited entry to the purse seine menhaden bait sector, the applicant must:

1. Have held a purse seine license in 2011 and landed menhaden in Virginia in 2009, 2010, and 2011, while using purse seine gear to harvest menhaden in one of those three years; and

2. Provide the commission receipts and landings reports or other requested reports as proof of landings and gear usage to demonstrate that the criteria described in subdivision 1 of this subsection have been met.

B. The commission shall establish an individual transferable quota (ITQ) system for each purse seine menhaden bait licensee that meets the limited entry requirements in subsection A of this section. The quota for this sector will be allocated according to each qualified licensee's rounded percentage share of the average of the 2007 through 2011 menhaden landings.

C. Each licensee qualified under the ITQ system may transfer quota to another licensee's ITQ upon approval of the commissioner.

Historical Notes

Derived from Volume 29, Issue 17, eff. April 1, 2013.

Statutory Authority

§ 28.2-201 of the Code of Virginia.