Commonwealth Numbered Acts

PETROLEUM (SUBMERGED LANDS) AMENDMENT ACT 1985 No. 80, 1985 - SECT 18

18. (1) Section 78 of the Principal Act is repealed and the following section
is substituted: Approval and registration of transfers

"78. (1) A transfer of a title is of no force until it has been approved by
the Joint Authority and an instrument of transfer is registered as provided by
this section.

"(2) Where it is desired that a title be transferred, one of the parties to
the proposed transfer may make an application in writing to the Designated
Authority for approval by the Joint Authority of the transfer.

"(3) An application for approval of a transfer of a title shall be accompanied
by -

   (a)  an instrument of transfer in the prescribed form executed by the
registered holder or, if there are 2 or more registered holders, by each
registered holder and by the transferee or, if there are 2 or more
transferees, by each transferee;

   (b)  in a case where the transferee or one or more of the transferees is
        not a
registered holder or are not registered holders of the title, an
instrument setting out -

        (i)    the technical qualifications of that transferee or those
transferees;

        (ii)   details of the technical advice that is or will be available to
               that
transferee or those transferees; and

        (iii)  details of the financial resources that are or will be
               available to
that transferee or those transferees; and

   (c)  2 copies of the application and of the instruments referred to in
paragraphs (a) and (b).

"(4) The Joint Authority shall not approve the transfer of a title unless the
application was lodged with the Designated Authority within 3 months after the
day on which the party who last executed the instrument of transfer so
executed the instrument of transfer or within such longer period as the Joint
Authority, in special circumstances, allows.

"(5) Where an application for approval of a transfer is made in accordance
with this section, the Designated Authority shall enter a memorandum in the
Register of the date on which the application was lodged and may make such
other notation in the Register as the Designated Authority considers
appropriate.

"(6) The Joint Authority shall -

   (a)  consider each application for approval of the transfer of a title and
determine whether to approve the transfer; and

   (b)  in the case of a transfer of a permit, lease, licence or pipeline
        licence,
determine whether approval of the transfer should be made subject to
a security being lodged by the transferee or transferees for compliance
with the provisions of this Act, of the regulations and of any conditions
to which the permit, lease, licence or pipeline licence may, from time to
time, be subject.

"(7) Where an application for approval of the transfer of a title is made in
accordance with this section, the Designated Authority shall, by notice in
writing served on the person who made the application, inform the person of
the decision of the Joint Authority and shall set out in the notice details of
any security required to be lodged by the transferee or transferees.

"(8) Where -

   (a)  the Designated Authority has served a notice on a person under
sub-section (7) stating that the Joint Authority will approve a transfer
of a permit, lease, licence or pipeline licence subject to a security being
lodged; and

   (b)  that security is lodged with the Designated Authority, the Joint
        Authority shall be deemed to have approved the transfer.

"(9) Where the Joint Authority approves the transfer of a title, the
Designated Authority shall forthwith endorse on the instrument of transfer and
on one copy of the instrument a memorandum of approval and shall, on payment
of the fee provided by the Registration Fees Act, enter in the Register a
memorandum of the transfer and the name of the transferee or of each
transferee.

"(10) Upon the entry in the Register of a memorandum of the transfer of a
title and of the name of the transferee or each transferee in accordance with
sub-section (9) -

   (a)  the transfer shall be deemed to be registered; and

   (b)  the transferee becomes the registered holder, or the transferees
become the registered holders, of the title.

"(11) Where the Joint Authority refuses to approve the transfer of a title,
the Designated Authority shall make a notation of the refusal in the Register.

"(12) Where a transfer is registered -

   (a)  the copy of the instrument of transfer endorsed with the memorandum
of approval shall be retained by the Designated Authority and made
available for inspection in accordance with this Division; and

   (b)  the instrument of transfer endorsed with the memorandum of
approval shall be returned to the person who lodged the application for
approval of the transfer.

"(13) The mere execution of an instrument of transfer of a title creates no
interest in the title.".

(2) Section 78 of the Principal Act as amended by this Act applies in relation
to applications for approval of transfers of permits, licences,
pipeline licences or access authorities lodged after the commencement of this
section.

(3) Notwithstanding the repeal of section 78 of the Principal Act effected by
sub-section (1) of this section, that section continues to apply in relation
to applications for approval of transfers of permits, licences,
pipeline licences or access authorities lodged before the commencement of this
section.

(4) A transfer approved and registered under section 78 of the Principal Act
shall be deemed to have been approved and registered under section 78 of the
Principal Act as amended by this Act.