Exploration permit held by 2 or more persons
66 Exploration permit held by 2 or more persons
(1) Where an exploration permit is granted to 2 or more persons, it is held by them:
in the shares specified in the permit document; or
(b) where the permit document does not specify such shares, in equal shares.
(2) Where a retention licence is granted, it is to be granted in the name or names of the holder or holders of the exploration permit from which the licence derives, but where the retention licence is granted to 2 or more persons, the retention licence may at the request of the applicants be granted in shares different from those in which the permit was held.
(3) Where a production licence is granted, it is to be granted in the name or names of the holders of the exploration permit or, where a retention licence was held, the retention licence from which the production licence derives, but when the production licence is granted to 2 or more persons, it may at the request of the applicants be granted in shares different from those in which the permit or retention licence was held.
This Act’s bill:Second reading speech
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