DUTIES ACT 2001 - SECT 84L
Notice requirement for farmee in particular circumstances
DUTIES ACT 2001 - SECT 84L
Notice requirement for farmee in particular circumstances
84L Notice requirement for farmee in particular circumstances
(1) This section applies if—
(a) an interest in an exploration authority is
transferred to the farmee under an upfront farm-in agreement; and
(b) the
farmee fails, under the agreement, to spend all or part of the exploration
amount for the interest on or before the expenditure completion date for the
amount.
(2) The farmee must, within 30 days after the expenditure completion
date—
(a) give notice to the commissioner, in the approved form, of the
matter mentioned in subsection (1) (b) ; and
Failure to give the
notice mentioned in paragraph (a) is an offence under the Administration Act ,
section 120 . Also, the requirement under paragraph (b) is a lodgement
requirement under the Administration Act for which a failure to comply is an
offence under section 121 of that Act.
(3) If the
original expenditure completion date is varied under the farm-in agreement,
the farmee must comply with subsection (2) in relation to a failure to spend
an exploration amount on or before each of the following—
(c) each
variation to the date mentioned in paragraph (b) made under the agreement.
(4) In this section—
"original expenditure completion date" , for an exploration amount for an
interest in an exploration authority under an upfront farm-in agreement, means
the day stated in the agreement on or before which the exploration amount must
be spent.