Offshore Minerals Act 1999
6Shares in a licence
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6 Shares in a licence
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 the 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.