352Grant of special greenhouse gas holding lease

352 Grant of special greenhouse gas holding lease

(a) an applicant has been given an offer document under section 351; and

(b) the applicant has made a request under section 463 in relation to the offer document within the period applicable under that section; and

(c) if the offer document specified the form and amount of a security to be lodged by the applicant—the applicant has lodged the security within the period applicable under section 465—

the Minister must grant the applicant a greenhouse gas holding lease over the block or blocks specified in the offer document.

1 If the applicant does not make a request under section 463 within the period applicable under that section, the application lapses at the end of that period—see section 463(4).

2 If the applicant has not lodged the security within the period applicable under section 465, the application lapses at the end of that period—see section 465.

(2) A greenhouse gas holding lease granted under subsection (1) is to be known as a special greenhouse gas holding lease.