Offshore Minerals Act 1998
sec.6Shares in a tenure
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sec.6 Shares in a tenure
A person has a share in a tenure if the person is the holder, or 1 of the holders, of the tenure. If a holder is entitled to a particular percentage of the value of the rights conferred by a tenure, that percentage is the holder’s share in the tenure. A sole holder has a 100% share in the tenure. If— a person is a registered holder of a tenure; and the person is shown in the offshore mining register as being entitled to a specified percentage of the value of the rights conferred by the tenure; the person’s share in the tenure is taken to be the percentage specified in the register. (sec.6-ssec.1) A person has a share in a tenure if the person is the holder, or 1 of the holders, of the tenure. (sec.6-ssec.2) If a holder is entitled to a particular percentage of the value of the rights conferred by a tenure, that percentage is the holder’s share in the tenure. A sole holder has a 100% share in the tenure. (sec.6-ssec.3) If— a person is a registered holder of a tenure; and the person is shown in the offshore mining register as being entitled to a specified percentage of the value of the rights conferred by the tenure; the person’s share in the tenure is taken to be the percentage specified in the register.
- (a) a person is a registered holder of a tenure; and
- (b) the person is shown in the offshore mining register as being entitled to a specified percentage of the value of the rights conferred by the tenure;