OFFSHORE MINERALS ACT 1994 - SECT 173 Acceptance of renewal of retention licence

OFFSHORE MINERALS ACT 1994 - SECT 173

  (1)   The provisional renewal of a retention licence is properly accepted by the licence holder if, before the end of the primary payment period, the holder:

  (a)   gives the Designated Authority a written acceptance of the renewal; and

  (b)   lodges any security required by the Joint Authority under section   399; and

  (c)   pays the fees that must be under the Retention Licence Fees Act.

Note:   Under section   155, the renewal of the licence cannot be effective before it is registered (see section   334 for registration).

  (2)   The provisional renewal of a retention licence is properly accepted by the licence holder if the holder:

  (a)   has been granted an extension of the primary payment period under section   172; and

  (b)   before the end of the secondary payment period:

  (i)   gives the Designated Authority a written acceptance of the renewal; and

  (ii)   lodges any security required by the Joint Authority under section   399; and

  (iii)   pays the fees that must be paid under the Retention Licence Fees Act.

Note:   Under section   155, the renewal of the licence cannot be effective before it is registered (see section   334 for registration).