OFFSHORE MINERALS ACT 1994 - SECT 399 Determination of requirement to lodge security

OFFSHORE MINERALS ACT 1994 - SECT 399

  (1)   The Joint Authority may determine that a person who has been provisionally granted a licence must lodge a security with the Designated Authority.

Note 1:   The provisional holder will be given notice of the determination under section   66 or 83 (exploration licence), 147 (retention licence), 210 or 227 (mining licence) or 279 (works licence).

Note 2:   If the provisional holder does not lodge the security within a particular time provided for in this Act, the provisional grant will lapse (see section   72 or 86 (exploration licence), 153 (retention licence), 216 or 230 (mining licence) or 285 (works licence)).

  (2)   If the Joint Authority provisionally renews a licence, the Joint Authority may determine that the licence holder must lodge a security with the Designated Authority.

Note 1:   The licence holder will be given notice of the determination under section   110 (exploration licence), 169 (retention licence), 246 (mining licence) or 296 (works licence).

Note 2:   If the holder does not lodge the security within a particular time provided for in this Act, the provisional renewal will lapse (see section   116 (exploration licence), 175 (retention licence), 252 (mining licence) or 302 (works licence)).

  (3)   A determination under subsection   ( 1) or (2) must specify:

  (a)   the amount of the security required; and

  (b)   the kind of security required; and

  (c)   the manner and form in which the security is to be lodged.

  (4)   Without limiting subsections   ( 1) and (2), a determination may require the lodgment of a security in the form of a guarantee and if a guarantee is required the determination may specify:

  (a)   the kind of person who is to give the guarantee; and

  (b)   the terms of the guarantee.

  (5)   The determination is to be in writing.

  (6)   If the person is provisionally granted a licence over a tender block, the amount determined as a security under subsection   ( 1) is to be the amount of security referred to in the tender block licence notice.