288Trust fund

288 Trust fund

288 Trust fund

(1) The Minister may, by written notice served on the holder of a mining lease, require the holder to establish a trust fund, in the manner specified in the notice, and to pay into the trust fund (at the time or times so specified) a specified proportion of the money accruing from the sale of minerals (being a proportion that will, in the opinion of the Minister, be sufficient to meet royalty payable to the Crown under this Act in respect of those minerals).

(2) A holder of the mining lease who fails to comply with such a notice is guilty of an offence.

Maximum penalty—100 penalty units and, in the case of a continuing offence, 10 penalty units for each day that the offence continues.

s 288: Subst 2008 No 19, Sch 1 [244]. Am 2014 No 37, Sch 4.1 [1].