78J
In forceSecurity not affected by change in holder
Part 6GSecurity
78J Security not affected by change in holder
(1)
This section applies if security for a 1923 Act petroleum tenure is given under this part for a 1923 Act petroleum tenure that is still in force and there is a subsequent change in the tenure holder.
(2)
Despite the subsequent change, the security, and any interest that accrues on it, continues for the benefit of the State and may be used under section 78H.
(3)
If the security is in the form of money, until the security is replaced or refunded it continues for the holder from time to time of the tenure.
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