Utilisation of security deposit towards subsequent exploration permit
168 Utilisation of security deposit towards subsequent exploration permit
Where the holder of an exploration permit makes application for a further exploration permit, the Minister, if satisfied that the whole or part of the security deposited in respect of the existing permit is or will be refundable under section 144, notwithstanding that the period of 6 months after the termination of that permit may not have elapsed, may retain that security or part thereof (together with any further security fixed by the Minister) as the security (in which case it shall be taken to be or to be part of the security) deposited by the applicant in respect of the application for the further exploration permit and not refund that amount to the holder.
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