This Order sets regulations on subsidy grant to be invested with the aim of modernization of fishing vessels and their fishing gear and equipment. The aim of this regulation is to promote environmentally and economically sustainable fishery. Application for subsidy shall be submitted to the Danish Agri-Fish Agency, responsible for monitoring compliance with this Order, and as of 1 February with the condition of reaching the Danish Agri-Fish Agency no later than 1 April on the same year. In 2012 applications for subsidy may be submitted from 17 October with the condition that they reach the Agency no later than 15 November. Subsidy for costs related to the replacement of motor/engines shall be of a maximum of 20%; for costs related to general equipment, subsidy shall be of a maximum of 40%, whilst a 30% subsidy shall be granted for all other costs.
The Order consists of 13 Chapters: Objectives and contents (1); Definitions (2); Administration (3); Eligible projects (4); Conditions for the award of grants (5); Change of project and entry into agreement (6); Eligible project costs (7); Calculation of grants (8); Grants (9); Obligation to notify (10); Cancellation of agreements and repayment of grants (11); Force majeure (12); Entry into force (13).