(a) The owner or lessee of an eligible vessel may replace such vessel with another vessel at any time for any reason, provided that the vessel being replaced becomes ineligible for use in the fishery, unless such replaced vessel is used to replace another eligible vessel.

(b) Unless used in place of another eligible vessel, an eligible vessel shall become ineligible for use in the fishery upon sale or transfer by the owner or lessee of the eligible vessel. However, an eligible vessel that is owned by an individual may be transferred to a corporation of which the individual is a majority stockholder and does not become ineligible for continued use in the fishery.

(c) An owner or lessee of an eligible vessel shall notify the department in writing at least 10 days prior to the sale, transfer or replacement of an eligible vessel. Such notice shall identify the action to be taken and the effective date of such action, and shall include the identity of the vessel or vessels involved. Such notice shall be signed by the owner or lessee and shall include a form notice stating that false statements made therein are punishable pursuant to section 210.45 of the Penal Law.

(d) No vessel in the Atlantic Ocean surfclam fishery which has been subject to and identified in the sale, transfer or replacement of an eligible vessel by the vessel owner or lessee under this section shall take more than one individual fishing quota (IFQ) or take more than the cumulative equivalent of one IFQ in any calendar year when identified on one or more Atlantic Ocean surfclam owner/lessee permit(s).