PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 920
Monetary securities
PETROLEUM AND GAS (PRODUCTION AND SAFETY) ACT 2004 - SECT 920
Monetary securities
920 Monetary securities
(1) This section applies to security (the
"existing security" ) held as money in relation to a converted petroleum
authority immediately before 31 December 2004.
(2) The department must, as
soon as practicable, after 31 December 2004, transfer the following part of
the existing security (the
"environmental component" ) to the administering authority under the
Environmental Protection Act—
(a) if the converted petroleum authority is an
authority to prospect—the amount of the existing security, less $4,000;
(b)
if the converted petroleum authority is a petroleum lease—the amount of the
existing security, less $10,000.
(3) On the transfer, the rest of the
existing security is taken to be security given under this Act for the
converted petroleum authority.
(4) Until the transfer happens, the existing
security may continue to be used for any purpose for which it was given.
