The present Act constitutes the basic framework for fisheries management in Iceland. The Act sets up several important principles of fisheries management. Chapter 1 containing general provisions, stipulates that marine resources are the common property of Iceland (art. 1). The Act requires the Minister of Fisheries to determine a Total Allowable Catch for individual exploitable marine stocks in Icelandic waters for which it is deemed necessary to limit the catch. The Minister of Fisheries has th