sec.503KReplacement documents

### sec.503K Replacement documents This section applies if a special perpetual mining purposes lease (the old lease ) becomes a perpetual lease (the new lease ) under section 503J . If the old lease becomes the new lease under section 503J (1) , the chief executive must, as soon as practicable, issue a lease document for the new lease to replace the lease document for the old lease. If the old lease becomes the new lease under section 503J (2) , the chief executive must, as soon as practicable after the old lease is issued, issue a lease document for the new lease to replace the lease document for the old lease. The new lease is subject to all the encumbrances to which the old lease was subject and in the same priorities. When the lease document for the new lease is issued, the lease document for the old lease is no longer valid. The lease document for the new lease must be given to the person who is entitled to possession of the lease document for the old lease. The lease document for the old lease must be returned to the chief executive for cancellation when the lease document for the new lease is issued. The lessee under the new lease may ask for the return of the lease document for the old lease suitably marked as cancelled. s 503K ins 1998 No. 24 s 10 (sec.503K-ssec.1) This section applies if a special perpetual mining purposes lease (the old lease ) becomes a perpetual lease (the new lease ) under section 503J . (sec.503K-ssec.2) If the old lease becomes the new lease under section 503J (1) , the chief executive must, as soon as practicable, issue a lease document for the new lease to replace the lease document for the old lease. (sec.503K-ssec.3) If the old lease becomes the new lease under section 503J (2) , the chief executive must, as soon as practicable after the old lease is issued, issue a lease document for the new lease to replace the lease document for the old lease. (sec.503K-ssec.4) The new lease is subject to all the encumbrances to which the old lease was subject and in the same priorities. (sec.503K-ssec.5) When the lease document for the new lease is issued, the lease document for the old lease is no longer valid. (sec.503K-ssec.6) The lease document for the new lease must be given to the person who is entitled to possession of the lease document for the old lease. (sec.503K-ssec.7) The lease document for the old lease must be returned to the chief executive for cancellation when the lease document for the new lease is issued. (sec.503K-ssec.8) The lessee under the new lease may ask for the return of the lease document for the old lease suitably marked as cancelled.