93ARegistration of transfers

93A Registration of transfers (1) If the Minister approves a transfer under section 93, the Minister must: (a) record the approval by endorsing a memorial of approval on the instrument electronically or in such other manner as the Minister thinks appropriate; and (b) request the Registrar to enter in the Register a memorial of the transfer and the name of the transferee. (2) A transfer is registered as soon as a memorial of the transfer and the name of the transferee has, under subsection (1), been entered in the Register and, upon that memorial being entered, the transferee becomes the registered holder of the interest in the exploration permit or licence to which the instrument of transfer relates. (3) A copy of an instrument of transfer endorsed with the memorial of approval shall be retained by the Registrar and is subject to inspection in accordance with this Part, and the instrument of transfer endorsed with the memorial of approval shall be returned to the person who lodged the application for the transfer. (4) An instrument of transfer of an interest in an exploration permit or licence does not convey a legal or equitable interest in the permit or licence until the transfer is approved by the Minister and entered in the Register under this section. Petroleum Act 1984 117 (4A) When a transfer is approved and entered in the Register: (a) the transferee and all other registered holders of an interest in the permit or licence are jointly liable to comply with this Act, including the conditions to which the permit or licence is, from time to time, subject; and (b) the transferee is responsible for any liability or requirement applying in relation to the transferor with respect to the permit or licence immediately before the transfer takes effect.