49Approval and registration of instrument creating, &c., interests

49 Approval and registration of instrument creating, &c., interests (1) This section applies to an instrument by which a legal or equitable interest affecting a licence is or may be created, assigned, affected or dealt with, whether directly or indirectly, not being an instrument of transfer to which section 46 applies. (2) An instrument to which this section applies is of no force or effect until: (a) the instrument has been approved by the Minister; and (b) an entry of the approval of the instrument has been made in the register in accordance with subsection (8). (3) A party to an instrument to which this section applies, or a person having an interest in or in relation to a licence by reason of such an instrument, may make an application for the Minister's approval of the instrument. (4) An application under this section shall be served on the Registrar and shall be accompanied by the instrument and a copy of the instrument. (5) On receipt of an application under this section, the Registrar shall cause to be entered in the register a memorandum of the date on which the application was served on him and shall make such other notations in the register as the Minister directs. (6) As soon as practicable after the Registrar receives an application under this section he shall forward it to the Minister for the Minister's approval. (7) The Minister may approve or refuse an application under this section. (8) If the Minister approves an application under this section, the Registrar shall forthwith cause to be endorsed on the original instrument and on the copy a memorandum of approval and, on payment of the fee prescribed by regulation, cause an entry of the approval of the instrument to be made in the register on the memorial relating to, or a copy of, the licence to which the instrument relates. (9) The copy of the instrument to which this section applies, endorsed with the memorandum of approval referred to in subsection (8), shall be retained by the Registrar and is subject to inspection in accordance with this Part. Energy Pipelines Act 1981 49 (10) The original of an instrument to which this section applies, endorsed as required by subsection (8), shall be returned to the person who lodged the application under this section. (11) If the Minister refuses an application under this section, the Registrar shall cause a notation of the refusal to be made in the register.