sec.912Restrictions on term and renewed terms

### sec.912 Restrictions on term and renewed terms If the replacement tenure is an authority to prospect the term of any renewal of the tenure must not end more than 12 years from the end of its current term. The current term of an authority to prospect is the period that starts on the later of the following days and ends when it is first renewed after 31 December 2004— the day the relevant 1923 Act ATP was granted; the day that the last renewal of the relevant 1923 Act ATP before 31 December 2004 became effective. However, a relevant 1923 Act ATP granted between 1 January 1994 and 23 December 1996 ends on a day decided by the Minister. For subsection (2)(b), a renewal of the authority is taken to have become effective on the day immediately after the end of its last term before the renewal. If the replacement tenure is a petroleum lease, the term of the tenure ends on the earlier of the following— 30 years after the grant of the replacement lease; a day decided by the Minister. s 912 ins 2004 No. 26 s 247 amd 2007 No. 46 s 241 sch ; 2012 No. 20 s 120 (sec.912-ssec.1) If the replacement tenure is an authority to prospect the term of any renewal of the tenure must not end more than 12 years from the end of its current term. (sec.912-ssec.2) The current term of an authority to prospect is the period that starts on the later of the following days and ends when it is first renewed after 31 December 2004— the day the relevant 1923 Act ATP was granted; the day that the last renewal of the relevant 1923 Act ATP before 31 December 2004 became effective. (sec.912-ssec.3) However, a relevant 1923 Act ATP granted between 1 January 1994 and 23 December 1996 ends on a day decided by the Minister. (sec.912-ssec.4) For subsection (2)(b), a renewal of the authority is taken to have become effective on the day immediately after the end of its last term before the renewal. (sec.912-ssec.5) If the replacement tenure is a petroleum lease, the term of the tenure ends on the earlier of the following— 30 years after the grant of the replacement lease; a day decided by the Minister. - (a) the day the relevant 1923 Act ATP was granted; - (b) the day that the last renewal of the relevant 1923 Act ATP before 31 December 2004 became effective. - (a) 30 years after the grant of the replacement lease; - (b) a day decided by the Minister.