78I
CurrentReplenishment of security
Part 6GSecurity
78I Replenishment of security
(1)
This section applies, if—
(a)
under section 78H, all or part of the security for a 1923 Act petroleum tenure has been used; and
(b)
the tenure is still in force.
(2)
The Minister must give the tenure holder a notice—
(a)
stating how much of the security has been used; and
(b)
directing the holder to, within 30 days after the giving of the notice, replenish the security for the tenure up to the higher of the following—
(i)
the amount prescribed under a regulation;
(ii)
if the notice states that, under section 78E, another amount is required—the other amount.
Regulations
This provision refers to the regulations (a regulation
). Made under this Act:
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