PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 879
Relinquishment condition if authority does not include a reduction requirement
PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 879
Relinquishment condition if authority does not include a reduction requirement
879 Relinquishment condition if authority does not include a reduction
requirement
(1) If the authority does not include a requirement mentioned in
section 878(1), the
"relinquishment condition" for the authority is the relinquishment condition
under section 65, with the following changes—
(a) the required percentage is
5% instead of 8.33%;
(b) the reference in section 66(2) to the authority
originally taking effect is a reference to the start of its current term.
(2)
Chapter 2, part 1, division 4, subdivision 2 applies to the authority, subject
to the changes under subsection (1).
