(1) The Chief Fisheries Officer shall prepare and keep under review a plan for the management and development of fisheries in the fishery waters.
(2) The fisheries plan shall—
(a) identify each fishery and assess the present state of its exploitation;
(b) specify the objectives to be achieved in the management of each fishery;
(c) specify the management and development measures to be taken; and
(d) specify the licensing programmes to be followed for each fishery, the limitations, if any, to be applied to local fishing operations and the amount of fishing, if any, to be allocated to foreign fishing vessels.
(3) In the preparation and review of the fisheries plan the Chief Fisheries Officer shall consult with the local fishermen, local authorities, other persons affected by the fishery plan and with any Fishery Advisory Committee appointed under section 5.
(4) The fishery plan and each review thereof shall be submitted to the Minister for approval.