OFFSHORE MINERALS ACT 1994 - SECT 400 Application of security

OFFSHORE MINERALS ACT 1994 - SECT 400

  (1)   If:

  (a)   a person is a licence holder; and

  (b)   the person has lodged a security with the Designated Authority;

the Joint Authority may use the security to discharge the person's obligations arising from a failure to comply with:

  (c)   this Act; or

  (d)   the licence conditions; or

  (e)   a compliance direction.

  (2)   Without limiting subsection   ( 1), the holder's financial obligations include the obligation to pay a penalty imposed under the licence conditions.

  (3)   Subject to subsection   ( 1), the Joint Authority is to deal with a security in accordance with the regulations.