Commonwealth Consolidated Acts

OFFSHORE MINERALS ACT 1994 - SECT 6

             (1)  A person has a share in a licence if the person is the holder, or one of the holders, of the licence.

             (2)  If a holder is entitled to a particular percentage of the value of the rights conferred by a licence, that percentage is the holder's share in the licence.

Note:          A sole holder has a 100% share in the licence.

             (3)  If:

                     (a)  a person is a registered holder of a licence; and

                     (b)  the person is shown in an offshore mining register as being entitled to a specified percentage of the value of the rights conferred by the licence;

the person's share in the licence is taken to be the percentage specified in the register.