4Imposition of registration fees

4 Imposition of registration fees

(1) There is payable to the Designated Authority, in respect of a document that is lodged for registration under section 338 (a section 338 document) or 339 (a section 339 document) of the Offshore Minerals Act 1994 a fee equal to the prescribed percentage of:

(a) the value of the consideration for the document; or

(b) the value of the licence, share or interest transferred or otherwise dealt with by the document;

whichever is the greater. (1A) The percentage prescribed for the purposes of subsection (1) is not to exceed 10%. (2) Where, but for this subsection, the amount of the fee imposed by subsection (1) in respect of a section 338 or section 339 document would be less than the amount prescribed for the purposes of this subsection, the amount of the fee imposed in respect of the document is that prescribed amount. (2A) The amount prescribed for the purposes of subsection (2) is not to exceed $2,000. (3) For the purpose of calculating the fee payable under subsection (1) in respect of a section 338 document or a section 339 document that is lodged for registration, the value, as determined by the Joint Authority, of any approved exploration works to be carried out in pursuance of the document shall be deducted:

(a) where the fee is to be calculated in accordance with paragraph (1)(a)—from the value referred to in that paragraph; and

(b) where the fee is to be calculated in accordance with paragraph (1)(b)—from the value referred to in that paragraph.

(4) Where:

(a) a section 338 document or a section 339 document was executed for the purpose of giving effect to a prior agreement; and

(b) a party to the transfer or other dealing to which the section 338 document or section 339 document relates holds a certificate in respect of the document under subsection (6);

no fee is payable under subsection (1) or (2) for the lodgment for registration of that document but there is payable for the lodgment for registration of that document a fee of the amount prescribed for the purposes of this subsection. (4A) The amount prescribed for the purposes of subsection (4) is not to exceed $20,000. (5) Where:

(a) 2 or more parties to a transfer to which a section 338 document relates, or a dealing to which a section 339 document relates are related corporations within the meaning of the Corporations Act 2001; and

(b) any of those parties is the holder of a certificate in respect of the document under subsection (7);

no fee is payable under subsection (1) or (2) for the lodgment for registration of that document but there is payable for the lodgment for registration of that document a fee of the amount prescribed for the purposes of this subsection. (5A) The amount prescribed for the purposes of subsection (5) is not to exceed $20,000. (6) Where the Joint Authority is satisfied that a prior agreement referred to in subsection (4) was not entered into, or is not proposed to be entered into, substantially for the purpose of avoiding or reducing the registration fees that would, but for the issue of a certificate under this paragraph, be payable under subsection (1) or (2) for the lodgment for registration of a section 338 document or a section 339 document that was entered into or is to be entered into to give effect to the prior agreement, the Joint Authority may, on an application in writing made at any time by a person who is or proposes to be a party to the prior agreement, grant a certificate that the Joint Authority is so satisfied. (7) Where the Joint Authority is satisfied that a document referred to in subsection (5):