The priority order for the licenses of a demarcated fishery (excluding the pearl aquaculture business and the demarcated fishery covered by a specific demarcated fishery right) shall conform to the following order.
A person who has acquired a fixed gear fishery right or a demarcated fishery right by inheritance or merger of juridical persons or demerger of a juridical person shall notify the Governor concerned to that effect within two months from the data of the acquisition.
(2) The establishment of a mortgage covering a fixed gear fishery right or a demarcated fishery right shall not be valid unless it is approved by the Governor concerned.
(2) The "fixed gear fishery right" refers to the right of operating a fixed gear fishery; the "demarcated fishery right," the right of operating a demarcated fishery; and the "common fishery right," the right of operating a common fishery.
(7) The provisions of the proviso of paragraph (2) and paragraph (3) through paragraph (5) shall apply mutatis mutandis to the license of the demarcated fishery of the preceding paragraph. In this case, "who ... and operate said fishery" in paragraph (3) shall be deemed to be replaced with "who ... and operate a shore fishery for 90 days or more per year," and "who ... and operated said fishery" in paragraph (4), with "who ... and operated said fishery for 90 days or more per year."
(3) The Governor concerned shall not make the approval pursuant to the preceding paragraph unless the Governor finds that the establishment of a mortgage covering a fixed gear fishery right or a demarcated fishery right is inevitable for the financing necessary for the management of said fishery.