OFFSHORE MINERALS ACT 1994 - SECT 6 Shares in a licence

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.