263Compensation arising under exploration licence

#### 263 Compensation arising under exploration licence 263 Compensation arising under exploration licence > > (1) On the granting of an exploration licence, a landholder of any land (whether or not subject to the licence) becomes entitled to compensation for any compensable loss suffered, or likely to be suffered, by the landholder as a result of the exercise of the rights conferred by the licence or by an access arrangement in respect of the licence. > > > (2) The holder of an exploration licence may agree with a landholder as to the amount of compensation payable, but an agreement reached is not valid unless it is in writing, signed by or on behalf of the parties to the agreement. > > > (3) Such of the provisions of an access arrangement (whether or not in writing) as relate to compensation have effect as an agreement for the purposes of this section. > > > (4) Payment of compensation under this section (other than compensation payable under an access arrangement agreed on as referred to in section 140 (1) (a)) is taken, for the purposes of any security given by the licensee, to be an obligation under the licence. > > **s 263:** Am 1996 No 137, Sch 1 \[35\]; 1999 No 43, Sch 1 \[67\] \[68\]; 2013 No 111, Sch 3.15.