PETROLEUM ACT 1984 - SECT 104E Approval of change in control
PETROLEUM ACT 1984 - SECT 104E
Approval of change in control(1) This section applies in relation to a change in control of a corporation holding a permit or licence.
(2) An application for the approval of the Minister must be made before the change in control occurs.
(3) An application under this section must be made by an investor who is a person who is, or who is a member of a group of persons who are, to become able to exercise, or to control (directly or indirectly) the exercise of, a majority of the votes exercisable at meetings of the directors or shareholders of the corporation holding the permit or licence.
(4) An application for the approval of the Minister must:
(a) be in the approved form; and
(b) be accompanied by any information required by the Minister; and
(c) be accompanied by the prescribed fee; and
(d) comply with any other requirement determined by the Minister and published on the Agency's website.
(5) The Minister may, before determining an application under this section, request an investor to provide to the Minister further information to assist the Minister to determine the application.
(6) The Minister may determine not to deal with the application until the investor complies with a request under subsection (5).
(7) In determining an application under this section, the Minister must be satisfied that any investor, and any associated entity of any investor, who is, or forms part of a group of related persons who are, to become able to exercise, or to control (directly or indirectly) the exercise of, a majority of the votes exercisable at meetings of the directors or shareholders of the corporation holding a permit or licence are appropriate persons to hold the permit or licence.
(8) The Minister may cancel the permit or licence if:
(a) the Minister is unwilling to approve an application under this section; and
(b) the change in the control of the corporation proceeds in any event.