Petroleum and Minerals Authority Act 1973

Without limiting the generality of section 11, the Authority has power, for or in connexion with the performance of its functions—

to purchase land;

to take land on lease;

to take easements over land;

to sell, or otherwise dispose of, land vested in the Authority but not required for the purposes of the Authority;

to lease land vested in the Authority the use of which is not for the time being required by the Authority;

to release any easements over land;

to purchase or take on hire plant, machinery, equipment or other goods;

to dispose of plant, machinery, equipment or other goods owned by the Authority but not required by the Authority;

to provide transport, accommodation, provisions, medical treatment, hospital facilities and amenities for officers and employees of the Authority and their families;

subject to sub-section (2), to enter into an agreement, on such terms and conditions as the Authority deems fit, with any person or body for or in relation to the performance of work, the provision of services or the doing of any other thing—

by the Authority for, on behalf of or in association with the person or body; or

by the person or body for or on behalf of the Authority;

to form, or participate in the formation of, a company;

to subscribe for or otherwise acquire, and dispose of, shares in, or debentures or other securities of, a company;

to enter into an agreement, on such terms and conditions as the Authority deems fit, with any person or body for the use by the Authority of a patent, process or method of performing any work;

to authorize the use of any patent vested in the Authority;

to acquire, upon such terms as the Authority deems fit, an interest in—

a mining undertaking that is being or is to be carried on on the Australian continental land mass or elsewhere by another person or body; or

any undertaking other than a mining undertaking that is being or is to be carried on in Australia or elsewhere by another person or body and is an undertaking of a kind that the Authority is authorized by this Act to carry on;

to lend moneys, upon such terms and conditions as the Authority deems fit, to a person or body carrying on or intending to carry on—

a mining undertaking on the Australian continental land mass; or

any other undertaking in Australia of a kind that the Authority is authorized by this Act to carry on,

to underwrite issues of shares in, or debentures or other securities of, a company carrying on, or intending to carry on, an undertaking of a kind referred to in paragraph (p);

to enter into a partnership or arrangement for sharing the risks involved in carrying on operations by way of exploration for, or recovery of, petroleum or minerals, and for sharing the petroleum or minerals recovered in the course of carrying on the operations or the profits derived from carrying on the operations;

to give guarantees; and

to do anything incidental to any of its powers.

Sub-section (1) does not authorize the Authority to enter into an agreement for the Authority to explore for, or recover, a substance, being petroleum or a mineral, for, on behalf of or in association with another person body at any place on the Australian continental land mass unless that person or body is authorized to explore for, or recover, as the case requires, the substance at that place.

The Authority is not authorized by paragraph (1)(q) to under write issues of shares in, or debentures or other securities of, a company or companies the nominal values of which exceed at any time in the aggregate such sum as the Treasurer determines.

The power of the Authority to give guarantees in accordance with paragraph (1)(s) is subject to such limits as the Treasurer determines as to the total amount of moneys (other than interest) the pay­ment of which may at any time be the subject of such guarantees.

In this section “mining undertaking” means an undertaking in the course of which operations by way of—

exploration for petroleum or minerals; or

extraction of petroleum or minerals from its or their natural site, are, or are proposed to be, carried on.