sec.487Operation and purpose of pt 1

### sec.487 Operation and purpose of pt 1 This part empowers the Minister to require, from time to time, the holder of a petroleum authority, or a person who has applied for a petroleum authority, to give the State security for the authority, or proposed authority. The security may be used to pay— any liability under this Act that the State incurs because of an act or omission of the holder; and unpaid petroleum royalty or annual licence fee or rent payable by the holder to the State; and other unpaid amounts payable under this Act by the holder to the State, including, for example, any of the following payable by the holder to the State— unpaid interest on unpaid petroleum royalty or annual rent; unpaid civil penalty or penalty tax; any debt payable by the holder under section 587 ; and for a petroleum authority that is a petroleum lease—unpaid rates and charges, including unpaid interest on overdue rates and charges, payable to the local government in whose area the lease is situated; and any compensation the State must pay under section 584 because of the exercise, or purported exercise, of a remedial power under section 580 in relation to the authority, whether or not the authority has ended. s 487 amd 2004 No. 26 s 165 ; 2012 No. 20 s 125 sch 1 ; 2014 No. 35 s 47 ; 2020 No. 30 s 66 ; 2024 No. 12 s 107 (sec.487-ssec.1) This part empowers the Minister to require, from time to time, the holder of a petroleum authority, or a person who has applied for a petroleum authority, to give the State security for the authority, or proposed authority. (sec.487-ssec.2) The security may be used to pay— any liability under this Act that the State incurs because of an act or omission of the holder; and unpaid petroleum royalty or annual licence fee or rent payable by the holder to the State; and other unpaid amounts payable under this Act by the holder to the State, including, for example, any of the following payable by the holder to the State— unpaid interest on unpaid petroleum royalty or annual rent; unpaid civil penalty or penalty tax; any debt payable by the holder under section 587 ; and for a petroleum authority that is a petroleum lease—unpaid rates and charges, including unpaid interest on overdue rates and charges, payable to the local government in whose area the lease is situated; and any compensation the State must pay under section 584 because of the exercise, or purported exercise, of a remedial power under section 580 in relation to the authority, whether or not the authority has ended. - (a) any liability under this Act that the State incurs because of an act or omission of the holder; and - (b) unpaid petroleum royalty or annual licence fee or rent payable by the holder to the State; and - (c) other unpaid amounts payable under this Act by the holder to the State, including, for example, any of the following payable by the holder to the State— (i) unpaid interest on unpaid petroleum royalty or annual rent; (ii) unpaid civil penalty or penalty tax; (iii) any debt payable by the holder under section 587 ; and - (i) unpaid interest on unpaid petroleum royalty or annual rent; - (ii) unpaid civil penalty or penalty tax; - (iii) any debt payable by the holder under section 587 ; and - (d) for a petroleum authority that is a petroleum lease—unpaid rates and charges, including unpaid interest on overdue rates and charges, payable to the local government in whose area the lease is situated; and - (e) any compensation the State must pay under section 584 because of the exercise, or purported exercise, of a remedial power under section 580 in relation to the authority, whether or not the authority has ended. - (i) unpaid interest on unpaid petroleum royalty or annual rent; - (ii) unpaid civil penalty or penalty tax; - (iii) any debt payable by the holder under section 587 ; and