PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 75

PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 75

75 .         Approval of dealings creating 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 cooperative arrangements for the recovery of petroleum or geothermal energy);

            (d)         the creation or assignment of —

                  (i)         an interest in relation to an existing permit, drilling reservation, 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 or geothermal energy produced from operations authorised by an existing permit, drilling reservation, 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 72 applies.

        (2)         A dealing to which this section applies is of no force in so far 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, in so far 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 by the Minister of the dealing; or

            (b)         in any other case, a separate application in writing for approval by the Minister 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)         shall 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 shall be accompanied by 2 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 75A(1), the Minister shall not approve the dealing unless —

            (a)         a provisional application for approval of the dealing was lodged in accordance with section 75A(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 of 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) in so far 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 Australian Securities and Investments Commission relating to the creation of that charge pursuant to section 263 of the Corporations Act 2001 of the Commonwealth.

        (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 in so far 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 fee provided by the Petroleum and Geothermal Energy Resources (Registration Fees) Act 1967 , 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 58 of the Acts Amendment (Petroleum) Act 1990 , or the application for approval of the dealing was not accompanied by an instrument for the purpose of subsection (4)(b), one copy of the instrument evidencing the dealing endorsed with a memorandum of approval shall 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 purpose of subsection (4)(b), a copy of that instrument endorsed with a copy of the memorandum of approval of the dealing shall be retained by the Minister and made available for inspection in accordance with this Division but a copy of the instrument evidencing the dealing shall 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 purpose of subsection (4)(b) shall 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 the Corporations Act 2001 of the Commonwealth.

        [Section 75 inserted: No. 12 of 1990 s. 58; amended: No. 78 of 1990 s. 7; No. 28 of 1994 s. 37; No. 20 of 2003 s. 35; No. 35 of 2007 s. 60.]