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Petroleum and Gas (Production and Safety) Act 2004
sec.879Relinquishment condition if authority does not include a reduction requirement
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### sec.879 Relinquishment condition if authority does not include a reduction requirement
If the authority does not include a requirement mentioned in section 878(1), the relinquishment condition for the authority is the relinquishment condition under section 65, with the following changes—
the required percentage is 5% instead of 8.33%;
the reference in section 66(2) to the authority originally taking effect is a reference to the start of its current term.
Chapter 2, part 1, division 4, subdivision 2 applies to the authority, subject to the changes under subsection (1).
s 879 ins 2004 No. 26 s 247
(sec.879-ssec.1) If the authority does not include a requirement mentioned in section 878(1), the relinquishment condition for the authority is the relinquishment condition under section 65, with the following changes— the required percentage is 5% instead of 8.33%; the reference in section 66(2) to the authority originally taking effect is a reference to the start of its current term.
(sec.879-ssec.2) Chapter 2, part 1, division 4, subdivision 2 applies to the authority, subject to the changes under subsection (1).
- (a) the required percentage is 5% instead of 8.33%;
- (b) the reference in section 66(2) to the authority originally taking effect is a reference to the start of its current term.