A person holding an existing lease of oyster-planting ground may transfer or assign all or any part of the lease to another under the following conditions and provisions:
1. The transfer or assignment may be made only to a resident of the Commonwealth, or a firm or corporation authorized by Virginia laws to occupy and hold oyster-planting ground.
2. The application for transfer or assignment shall be in the form prescribed by the Commissioner and shall be filed with the Commission.
3. The Commissioner shall require a new survey if no survey exists of the exact parcel or parcels of grounds to be transferred or assigned.
4. The cost of any new surveys required under this section shall be borne by the person making the transfer, and the cost and fees shall be the same as for surveys made by the Commissioner.
5. The application shall be accompanied by the transfer fee of $300 for each lease less than five acres, $500 for each lease of five to 25 acres, and $1,000 for each lease greater than 25 acres.
6. The Commissioner shall record in his office the application for transfer or assignment with any correction or new plat he deems necessary only if the Commissioner believes that the transfer or assignment is in the public interest. No lease shall be transferred if the leaseholder has been denied renewal under § 28.2-613.
7. The transfer or assignment shall constitute a new lease of the tract or parcel assigned and any ground remaining under the old lease.