Marine Resources (Savings and Transitional) Act 1995
12Exploratory licence
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12 Exploratory licence
(1) An exploratory licence issued for a period not exceeding 5 years and in force under the former Act immediately before the Living Marine commencement day continues, on that day, to be in force until whichever of the following occurs first:
(a) it expires;
(b) the Minister cancels it.
(2) An exploratory licence, other than an exploratory licence referred to in subsection (3) , issued for a period exceeding 5 years and in force under the former Act immediately before the Living Marine commencement day continues, on that day, to be in force until whichever of the following occurs first:
(a) it expires;
(b) the Minister cancels it;
(c) a period of 12 months after that commencement day has elapsed.
(3) An exploratory licence issued for a period of 20 years and in force under the former Act immediately before the Living Marine commencement day is, on that day, a special lease under the Marine Farming Planning Act 1995 which is –
(a) subject to any conditions and restrictions the Minister determines; and
(b) subject to the same conditions and restrictions as under the former Act .
(4) An exploratory licence issued under the former Act without a specified term and in force immediately before the Living Marine commencement day continues, on that day, to be in force for a period of 12 months unless the Minister sooner cancels it.