sec.159Monetary securities

### sec.159 Monetary securities This section applies to security (the existing security ) held as money in relation to a 1923 Act petroleum tenure immediately before 31 December 2004. The department must, as soon as practicable, after 31 December 2004, transfer the following part of the existing security (the environmental component ) to the administering authority under the Environmental Protection Act— for an authority to prospect—the amount of the existing security, less $4,000; for a lease—the amount of the existing security, less $10,000. On the transfer, the rest of the existing security is taken to be security given under this Act for the tenure. Until the transfer happens, the existing security may continue to be used for any purpose for which it was given. In this section— used includes realised, in whole or part. s 159 ins 2004 No. 26 s 68 amd 2007 No. 46 s 241 sch (sec.159-ssec.1) This section applies to security (the existing security ) held as money in relation to a 1923 Act petroleum tenure immediately before 31 December 2004. (sec.159-ssec.2) The department must, as soon as practicable, after 31 December 2004, transfer the following part of the existing security (the environmental component ) to the administering authority under the Environmental Protection Act— for an authority to prospect—the amount of the existing security, less $4,000; for a lease—the amount of the existing security, less $10,000. (sec.159-ssec.3) On the transfer, the rest of the existing security is taken to be security given under this Act for the tenure. (sec.159-ssec.4) Until the transfer happens, the existing security may continue to be used for any purpose for which it was given. (sec.159-ssec.5) In this section— used includes realised, in whole or part. - (a) for an authority to prospect—the amount of the existing security, less $4,000; - (b) for a lease—the amount of the existing security, less $10,000.