Mineral and Energy Resources (Financial Provisioning) Act 2018
sec.50Refund of contribution to previous holder if changed holder allocation takes effect
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sec.50 Refund of contribution to previous holder if changed holder allocation takes effect
This section applies if— a holder of an authority (a previous holder ) pays a contribution; and during the period for which the contribution is paid, the scheme manager makes a changed holder allocation that has the effect of another holder of the authority (the changed holder ) being liable to pay a contribution, or give a surety, under this part. The scheme manager must, within 30 business days after the changed holder pays the contribution or gives the surety under this part, refund to the previous holder the proportion of the amount of the contribution the previous holder paid that is equal to the number of days between— the day the changed holder allocation takes effect; and the end of the period for which the previous holder paid the contribution. s 50 amd 2024 No. 33 s 116 (sec.50-ssec.1) This section applies if— a holder of an authority (a previous holder ) pays a contribution; and during the period for which the contribution is paid, the scheme manager makes a changed holder allocation that has the effect of another holder of the authority (the changed holder ) being liable to pay a contribution, or give a surety, under this part. (sec.50-ssec.2) The scheme manager must, within 30 business days after the changed holder pays the contribution or gives the surety under this part, refund to the previous holder the proportion of the amount of the contribution the previous holder paid that is equal to the number of days between— the day the changed holder allocation takes effect; and the end of the period for which the previous holder paid the contribution.
- (a) a holder of an authority (a previous holder ) pays a contribution; and
- (b) during the period for which the contribution is paid, the scheme manager makes a changed holder allocation that has the effect of another holder of the authority (the changed holder ) being liable to pay a contribution, or give a surety, under this part.
- (a) the day the changed holder allocation takes effect; and
- (b) the end of the period for which the previous holder paid the contribution.