Operations of Freshwater Fisheries Associations

Freshwater Fisheries Association shall maintain a register stating each part of the fishing or profits from fishing to be taken into consideration for each property, legal entity or individual that owns the right to fish in the respective watershed in accordance with article 41. of the laws on Salmon and Trout fishing.

When preparing a dividend register, the following factors shall be taken into consideration, among other things:

• facilities for net fishing and angling

• length of shoreline of respective fishing river or lake, water volume and the area of waterbed.

• Spawning and rearing conditions for fish.

Important considerations for drawing up a dividend register for a Freshwater Fisheries Associations:

• It must be ensured that a general meeting is legally convened and that the meeting invitation to members states that the dividend register will be discussed.

• A vote of 2/3 of all members with the right to vote shall be required for the register of dividends to be considered for approval.

• If the attendance is insufficient, a new meeting shall be convened and then decision is reached by majority voting.

• If a dividend register is not approved, the board of the Freshwater Fisheries Association must request an assessment in accordance with chapter VII of the Salmon and Trout Act.

• Any member has the right to demand an assessment if the request is made within two months of a meeting at which a dividend register has been approved.

• A Freshwater Fisheries Association can revise the dividend register eight years after its establishment if decided by a general meeting, board of directors or individual members.

If formal requirements have been met, the register of dividends shall be confirmed by the Directorate of Fisheries and published in Section B of the Official Journal of Iceland, once the appeal period has passed. The dividend register shall take effect two months after such publication.