The IPHC Convention was signed on 2 March 1923 (by both Contracting Parties), ratified by the US Senate on 31 May 1924, then by the President on 4 June 1924, and finally by Great Britain on 21 July 1924. Ratifications were exchanged on 21 October 1924 and proclaimed on 22 October 1924. The convention came into force on the date of exchange, 21 October 1924. The Convention has been revised several times since, to extend the Commission’s authority and meet new conditions in the fishery. The most recent change occurred in 1979 and involved an amendment to the 1953 Halibut Convention. The amendment, termed a “protocol”, was precipitated in 1976 by Canada and the United States of America extending their jurisdiction over fisheries resources to 200 miles. The 1979 Protocol along with the U.S. legislation that gave effect to the Protocol (Northern Pacific Halibut Act of 1982) has affected the way the fishery is conducted and redefined the role of IPHC in the management of the fishery during the 1980s. Canada does not require specific enabling legislation to implement the protocol.
To develop the stocks of Pacific halibut in the Convention waters to those levels which will permit the optimum yield from the fishery and to maintain the stocks at those levels.