New South Wales Consolidated Acts

PETROLEUM (ONSHORE) ACT 1991 - SECT 16A

16A Forfeiture of security

(1) All or such part of any security in relation to a petroleum title as the Minister may determine is to be forfeited to the Crown if the holder of the title fails to fulfil the obligations imposed under or arising out of this Act in relation to the title.

(2) Forfeiture is effected by the service of a written notice on the holder of the relevant petroleum title.

(3) Money realised from the forfeiture of any such security is to be applied for the purpose of fulfilling the obligations arising under this Act in relation to the petroleum title.