(a) When authorized.--A shad license to operate any nets permitted under this chapter may be transferred whenever the owner of the nets, boats, gear and other equipment sells or conveys them by bill of sale for a bona fide consideration to any person who is eligible under the provisions of this chapter.
(b) Application, fee and issuance.--The transfer shall be made only upon surrender of the outstanding shad license and the execution of an application by the new owner or owners as in the case of an original application and the payment of the sum of $2.50 as a transfer fee, whereupon the commission shall issue a new shad license for the remainder of the license season.