CTHIn ForceAct
Offshore Minerals Act 1994
6Shares in a licence
Start here
Get a plain-English read of 6
Turn the raw legal text into a practical explanation grounded in Offshore Minerals Act 1994.
6 Shares in a licence
(1) A person has a share in a licence if the person is the holder, or one of the holders, of the licence. (2) If a holder is entitled to a particular percentage of the value of the rights conferred by a licence, that percentage is the holder’s share in the licence.
Note: A sole holder has a 100% share in the licence.
(3) If: (a) a person is a registered holder of a licence; and (b) the person is shown in an offshore mining register as being entitled to a specified percentage of the value of the rights conferred by the licence; the person’s share in the licence is taken to be the percentage specified in the register.