PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 108
PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 108
(1) The Minister and a
person who may request, or has requested, that a permit under section 26
or a licence under section 49 be granted to him may enter into an
agreement in writing for or in relation to the payment, by instalments, of the
amount to be paid in respect of the grant of the permit or licence, together
with interest at the rate that is the specified rate from time to time on so
much of that amount as from time to time remains unpaid.
(2) For the purposes
of subsection (1), the specified rate is ten per centum per annum or, if
a lower rate is prescribed, that lower rate.
(3) The period
specified in an agreement under this section as the period within which an
amount payable by instalments is to be paid shall not be greater than 21
years.
(4) Where a person
enters into an agreement under this section for or in relation to the payment
of an amount in respect of the grant of a permit or licence, any instalment or
interest that is due under the agreement and has not been paid is payable by
the registered holder of the permit or licence, as the case may be.