PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 80
PETROLEUM (SUBMERGED LANDS) ACT 1982 - SECT 80
80—Approval of dealings creating etc interests etc in existing titles
(1) This section
applies to a dealing that would, but for subsection (2), have one or more
of the following effects:
(a) the
creation or assignment of an interest in an existing title;
(b) the
creation or assignment of a right (conditional or otherwise) to the assignment
of an interest in an existing title;
(c) the
determining of the manner in which persons may exercise the rights conferred
by, or comply with the obligations imposed by or the conditions of, an
existing title (including the exercise of those rights or the compliance with
those obligations or conditions under co-operative arrangements for the
recovery of petroleum);
(d) the
creation or assignment of—
(i)
an interest in relation to an existing permit, lease or
licence, being an interest known as an overriding royalty interest, a
production payment, a net profits interest or a carried interest; or
(ii)
any other interest that is similar to an interest
referred to in subparagraph (i), being an interest relating to petroleum
produced from operations authorised by an existing permit, lease or licence or
relating to revenue derived as a result of the carrying out of operations of
that kind;
(e) the
creation or assignment of an option (conditional or otherwise) to enter into a
dealing, being a dealing that has one or more of the effects referred to in
paragraphs (a), (b), (c) and (d);
(f) the
creation or assignment of a right (conditional or otherwise) to enter into a
dealing, being a dealing that has one or more of the effects referred to in
paragraphs (a), (b), (c) and (d);
(g) the
alteration or termination of a dealing, being a dealing that has one or more
of the effects referred to in paragraphs (a), (b), (c), (d), (e) and (f),
but this section does not apply to a transfer to which section 77
applies.
(2) A dealing to which
this section applies is of no force insofar as the dealing would, but for this
subsection, have an effect of a kind referred to in subsection (1) in
relation to a particular title until—
(a) the
dealing, insofar as it relates to that title, has been approved by the
Minister; and
(b) an
entry has been made in the register in relation to the dealing by the Minister
in accordance with subsection (12).
(3) A party to a
dealing to which this section applies may lodge with the Minister—
(a) in a
case where the dealing relates to only one title, an application in writing
for approval of the dealing; or
(b) in
any other case, a separate application in writing for approval of the dealing
in relation to each title to which the dealing relates.
(4) An application
under subsection (3) for approval of a dealing—
(a) must
be accompanied by the instrument evidencing the dealing or, if that instrument
has already been lodged with the Minister for the purposes of another
application, a copy of that instrument; and
(b) may
be accompanied by an instrument setting out such particulars (if any) as are
prescribed for the purposes of an application for approval of a dealing of
that kind.
(4a) An application
under subsection (3) for approval of a dealing must be accompanied by two
copies of—
(a) the
application; and
(b) the
instrument referred to in subsection (4)(a); and
(c) any
instrument lodged for the purposes of subsection (4)(b).
(5) Subject to
subsection (6), the Minister shall not approve a dealing unless the
application for approval of the dealing is lodged with the Minister within 3
months after the day on which the party who last executed the instrument
evidencing the dealing so executed the instrument or such longer period as the
Minister, in special circumstances, allows.
(6) Where a dealing
relating to a title was, immediately before the title came into existence, a
dealing referred to in section 80A(1), the Minister shall not approve the
dealing unless—
(a) a
provisional application for approval of the dealing was lodged in accordance
with section 80A(1); or
(b) an
application for approval of the dealing is lodged with the Minister in
accordance with this section within 3 months after the day on which the title
came into existence or such longer period as the Minister, in special
circumstances, allows.
(7) Where a dealing to
which this section applies forms a part of the issue of a series of
debentures, all the dealings constituting the issue of that series of
debentures shall, for the purposes of this section, be taken to be one
dealing.
(8) Where a dealing to
which this section applies (including a dealing referred to in
subsection (7)) creates a charge over some or all of the assets of a body
corporate, the person lodging the application for approval of the dealing
shall be deemed to have complied with subsection (4)(a), and with
subsection (4a) insofar as that subsection requires 2 copies of the
document referred to in subsection (4)(a) to accompany the application,
if the person lodges with the application 3 copies of each document required
to be lodged with the National Companies and Securities Commission relating to
the creation of that charge pursuant to section 201 of the Companies (South
Australia) Code or pursuant to the corresponding provision of a law of a State
or Territory.
(9) On receipt of an
application made under this section, the Minister shall enter a memorandum in
the register of the date on which the application was lodged and may make such
other notation in the register as the Minister considers appropriate.
(10) The Minister may
approve or refuse to approve a dealing to which this section applies insofar
as the dealing relates to a particular title.
(11) The Minister
shall, by notice in writing served on the person who made an application for
approval of a dealing, inform the person of the decision of the Minister.
(12) If the Minister
approves a dealing, the Minister shall endorse on the original instrument
evidencing the dealing and on one copy of that instrument or, if the original
instrument was not lodged with the application, on 2 of the copies of that
instrument a memorandum of approval and, on payment of the prescribed fee make
an entry of the approval of the dealing in the register on the memorial
relating to, or on the copy of, the title in respect of which the approval is
sought.
(13) Where an entry is
made in the register in relation to a dealing in accordance with
subsection (12)—
(a) if
the dealing was approved before the commencement of section 44 of the
Petroleum (Submerged Lands) (Miscellaneous) Amendment Act 1994 or the
application for approval of the dealing was not accompanied by an instrument
for the purposes of subsection (4)(b), one copy of the instrument
evidencing the dealing endorsed with a memorandum of approval must be retained
by the Minister and made available for inspection in accordance with this
Division; and
(b) if
the application for approval of the dealing was accompanied by an instrument
for the purposes of subsection (4)(b), a copy of that instrument endorsed
with a copy of the memorandum of approval of the dealing must be retained by
the Minister and made available for inspection in accordance with this
Division but a copy of the instrument evidencing the dealing must not be so
made available; and
(c) the
original instrument evidencing the dealing, or a copy of the original
instrument, as the case requires, endorsed with a memorandum of approval and
the instrument (if any) lodged for the purposes of subsection (4)(b) must
be returned to the person who made the application for approval.
(13a) The approval of
a dealing or the making of an entry in the register in relation to a dealing
is not rendered ineffective by any failure to comply, in relation to the
application for approval of the dealing, with the requirements of this
section.
(14) Where the
Minister refuses to approve a dealing, the Minister shall make a notation of
the refusal in the register.
(15) In this
section—
"charge" and "debenture" have the same respective meanings as they have for
the purposes of section 201 of the Companies (South Australia) Code .