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OFFSHORE MINERALS ACT 1994 - SECT 348 Duration of caveat

OFFSHORE MINERALS ACT 1994 - SECT 348

Duration of caveat

  (1)   A caveat on a licence has effect from the time at which it is lodged with the Designated Authority.

  (2)   A caveat on a licence ceases to have effect if:

  (a)   a court of competent jurisdiction makes an order for the removal of the caveat under section   351; or

  (b)   the caveat is withdrawn under section   346; or

  (c)   the caveat holder is given notice under subsection   349(1), (2) or (3) and 30 days have passed since the caveat holder was given the notice.

  (3)   Paragraph   ( 2)(c) does not apply if, before the end of the 30 days, the caveat holder consents to the registration of the dealing or to the registration under section   340.

  (4)   Paragraph   ( 2)(c) does not apply if, before the end of the 30 days:

  (a)   the caveat holder applies to a court of competent jurisdiction for an order under section   351 that the caveat be extended beyond the period; and

  (b)   the court makes an order extending the period.

  (5)   If a court makes an order under paragraph   351(1)(c), the caveat ceases to have effect at the end of the extended period.

  (6)   Subsection   ( 5) does not apply if, before the end of the extended period, the caveat holder consents to the registration of the dealing under section   350 or to the registration under section   340.