. "A Relevant Sections of the Magnuson-Stevens Fishery Conservation and Management Act." Sharing the Fish: Toward a National Policy on Individual Fishing Quotas. Washington, DC: The National Academies Press, 1999.
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SEC. 303 (16 U.S.C. 1853)
(d) INDIVIDUAL FISHING QUOTAS.—
A Council may not submit and the Secretary may not approve or implement before October 1, 2000, any fishery management plan, plan amendment, or regulation under this Act which creates a new individual fishing quota program.
Any fishery management plan, plan amendment, or regulation approved by the Secretary on or after January 4, 1995, which creates any new individual fishing quota program shall be repealed and immediately returned by the Secretary to the appropriate Council and shall not be resubmitted, reapproved, or implemented during the moratorium set forth in subparagraph (A).
No provision of law shall be construed to limit the authority of a Council to submit and the Secretary to approve the termination or limitation, without compensation to holders of any limited access system permits, of a fishery management plan, plan amendment, or regulation that provides for a limited access system, including an individual fishing quota program.
This subsection shall not be construed to prohibit a Council from submitting, or the Secretary from approving and implementing, amendments to the North Pacific halibut and sablefish, South Atlantic wreckfish, or Mid-Atlantic surf clam and ocean (including mahogany) quahog individual fishing quota programs.
An individual fishing quota or other limited access system authorization—
shall be considered a permit for the purposes of sections 307, 308, and 309;
may be revoked or limited at any time in accordance with this Act;
shall not confer any 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
shall not create, or be construed to create, any right, title, or interest in or to any fish before the fish is harvested.
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—
purchase of individual fishing quotas in that fishery by fishermen who fish from small vessels; and