Division 6Suspension of minimum stockholding obligation

Division 6—Suspension of minimum stockholding obligation

27 Suspension by Minister

(1) The Minister may, by legislative instrument, suspend section 7 (minimum stockholding obligation) in relation to a specified MSO product, for a specified period, if the Minister is satisfied that: (a) the suspension is necessary to prevent or alleviate disruption or likely disruption to supply of the product; and (b) any other requirements prescribed by the rules are satisfied. (2) During the specified period, entities are not required to comply with section 7 in relation to the specified MSO product.

Note: Even though it is not required to comply with section 7, an entity remains subject to the minimum stockholding obligation in relation to the product within the meaning of section 9, and sections 15 and 16 continue to apply in relation to the entity, during a suspension.

(3) The specified period must not exceed 6 months. However, the Minister may make another instrument or instruments under subsection (1) suspending section 7 in relation to the product for consecutive periods, each not exceeding 6 months. (4) Without limiting subsection (1), the Minister must consider exercising the power in that subsection if requested to consider exercising the power by an Energy Minister (within the meaning of the Liquid Fuel Emergency Act 1984).

28 Application for suspension by Secretary

(1) An entity that is subject to the minimum stockholding obligation in relation to an MSO product may apply in writing to the Secretary to suspend section 7 for the entity in relation to the product.

(2) The application must meet any requirements, and include any information, prescribed by the rules.