PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 493
Security not affected by change in authority holder
PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 493
Security not affected by change in authority holder
493 Security not affected by change in authority holder
(1) This section
applies if security for a petroleum authority is given under this part for an
authority that is still in force and there is a subsequent change in the
authority holder.
(2) Despite the subsequent change, the security, and any
interest that accrues on it, continues for the benefit of the State and may be
used under section 491.
(3) If the security is in the form of money, until
the security is replaced or refunded it continues for the holder from time to
time of the authority.
