PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 140

PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 140

140 .         Penalty for late payment of fees

                Where the liability of a permittee, holder of a drilling reservation, lessee or licensee to pay a fee referred to in section 137, 137A or 138 is not discharged at or before the time when the fee is payable, there is payable to the Minister by the permittee, holder of the drilling reservation, lessee or licensee an additional amount calculated at the rate of one third of one per centum per day upon the amount of the fee from time to time remaining unpaid, to be computed from the time when the fee became payable until it is paid.

        [Section 140 amended: No. 12 of 1990 s. 107; No. 28 of 1994 s. 58.]