Annual fee for authority year
8 Annual fee for authority year
(1) A geothermal authority holder must pay an annual fee in relation to the geothermal authority before the beginning of each authority year.
(2) Schedule 2 prescribes the annual fee payable for each block in a geothermal authority area for an authority year.
(3) If, after the beginning of an authority year, a geothermal authority holder applies to the Minister to accept the surrender of all or part of the geothermal authority area, the Minister need not accept the surrender until the annual fee has been paid:
(a) for each block in the whole geothermal authority area (including the blocks to be surrendered); and
for the entire 12 month period of the authority year.
(4) A geothermal authority holder is not entitled to a refund of any part of an annual fee paid before the beginning of an authority year if, during the authority year:
(a) part of the geothermal authority area is excised under section 24 or 33 of the Act; or
(b) the surrender of the geothermal authority or part of the geothermal authority area takes effect; or
(c) the cancellation of all or part of the geothermal authority takes effect.
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