sec.329Power to impose relinquishment condition

### sec.329 Power to impose relinquishment condition In deciding the provisions of the petroleum lease, a condition may be imposed that its holder is required, by a lodged notice, to relinquish a stated part or percentage of its area at stated times or intervals. See however section 368 (Cessation of relinquishment condition for area not overlapping with coal or oil shale exploration tenement). A condition mentioned in subsection (1) is a relinquishment condition . See also section 367 (Requirement for giving of copy of relinquishment report). This section does not limit any power under chapter 2 to impose conditions on the petroleum lease. A relinquishment under a relinquishment condition takes effect on the day after the notice is lodged. s 329 amd 2011 No. 2 ss 121 , 122 sch ; 2012 No. 20 s 281 sch 2 (sec.329-ssec.1) In deciding the provisions of the petroleum lease, a condition may be imposed that its holder is required, by a lodged notice, to relinquish a stated part or percentage of its area at stated times or intervals. See however section 368 (Cessation of relinquishment condition for area not overlapping with coal or oil shale exploration tenement). (sec.329-ssec.2) A condition mentioned in subsection (1) is a relinquishment condition . See also section 367 (Requirement for giving of copy of relinquishment report). (sec.329-ssec.3) This section does not limit any power under chapter 2 to impose conditions on the petroleum lease. (sec.329-ssec.4) A relinquishment under a relinquishment condition takes effect on the day after the notice is lodged.