Helium
14 Helium
All helium discovered by any licensee of land held under a license to prospect, or by any lessee of land then under a petroleum lease shall be the property of the Crown, and the person discovering the same shall forthwith report such discovery to the Minister.
If the Minister shall at any time desire any such helium to be developed and recovered the Crown shall reimburse the licensee or lessee a reasonable amount in respect of the cost of discovery (having regard to the estimated value of the helium) and the licensee or lessee shall have the option of undertaking such development and recovery by notice in writing to the Minister within one month of the notification to the licensee or lessee.
The amount of such reimbursement and the manner and terms of such development by the Minister and the licensee and lessee and in default of agreement shall be determined by arbitration under the provisions of the Commercial Arbitration Act 2012.
[Section 14 amended: No. 12 of 1951 s. 3; No. 23 of 2012 s. 45.]
[15-18. Repealed: No. 8 of 1940 s. 2.]
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