Offshore Minerals Act 1998
sec.400Application of security
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sec.400 Application of security
If— a person is or was a tenure holder; and the person has lodged a security with the Minister; the Minister may use the security to discharge the person’s obligations arising from a failure to comply with— this Act or the regulations; or the tenure conditions; or a direction under section 387 or 392 . Without limiting subsection (1) , the holder’s financial obligations include the obligation to pay a penalty imposed under the tenure conditions. Subject to subsection (1) , the Minister is to deal with a security as provided under a regulation. (sec.400-ssec.1) If— a person is or was a tenure holder; and the person has lodged a security with the Minister; the Minister may use the security to discharge the person’s obligations arising from a failure to comply with— this Act or the regulations; or the tenure conditions; or a direction under section 387 or 392 . (sec.400-ssec.2) Without limiting subsection (1) , the holder’s financial obligations include the obligation to pay a penalty imposed under the tenure conditions. (sec.400-ssec.3) Subject to subsection (1) , the Minister is to deal with a security as provided under a regulation.
- (a) a person is or was a tenure holder; and
- (b) the person has lodged a security with the Minister;
- (c) this Act or the regulations; or
- (d) the tenure conditions; or
- (e) a direction under section 387 or 392 .