MINING ACT 1978 - SECT 70F

MINING ACT 1978 - SECT 70F

70F .         Security relating to retention licence

        (1)         The applicant for a retention licence shall lodge, in the prescribed manner and within the prescribed period, a security for compliance with —

            (a)         the conditions to which the retention licence, if granted, will from time to time be subject; and

            (b)         the provisions of this Part and the regulations.

        (2)         The Minister may require the holder of a retention licence to lodge, in the prescribed manner and within such period as the Minister specifies in writing, an additional security for compliance with conditions imposed in relation to the licence under section 70I.

        (3)         A security referred to in subsection (1) or (2) shall be in accordance with and subject to section 126.

        (4)         A retention licence shall not be granted unless a security has been lodged by the applicant for the retention licence in accordance with subsection (1).

        (5)         Notwithstanding section 154(1), an applicant for a retention licence who fails to comply with subsection (1) does not commit an offence against this Act.

        [Section 70F inserted: No. 39 of 2004 s. 36(1); amended: No. 12 of 2010 s. 29.]