QLDIn ForceAct
Petroleum Act 1923
sec.74BConsequence of failure to comply with relinquishment condition
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### sec.74B Consequence of failure to comply with relinquishment condition
If the holder does not comply with the relinquishment condition the holder must be given a notice requiring the holder to comply with the condition within 20 business days after the giving of the notice.
If the holder does not comply with the requirement, the authority to prospect is cancelled.
However, the cancellation does not take effect until the holder is given a notice stating that the authority to prospect is cancelled because of the operation of subsection (2) .
s 74B ins 2004 No. 26 s 46
amd 2005 No. 3 s 105 sch
(sec.74B-ssec.1) If the holder does not comply with the relinquishment condition the holder must be given a notice requiring the holder to comply with the condition within 20 business days after the giving of the notice.
(sec.74B-ssec.2) If the holder does not comply with the requirement, the authority to prospect is cancelled.
(sec.74B-ssec.3) However, the cancellation does not take effect until the holder is given a notice stating that the authority to prospect is cancelled because of the operation of subsection (2) .