sec.920Monetary securities

### sec.920 Monetary securities This section applies to security (the existing security ) held as money in relation to a converted petroleum authority immediately before 31 December 2004. The department must, as soon as practicable, after 31 December 2004, transfer the following part of the existing security (the environmental component ) to the administering authority under the Environmental Protection Act— if the converted petroleum authority is an authority to prospect—the amount of the existing security, less $4,000; if the converted petroleum authority is a petroleum lease—the amount of the existing security, less $10,000. On the transfer, the rest of the existing security is taken to be security given under this Act for the converted petroleum authority. Until the transfer happens, the existing security may continue to be used for any purpose for which it was given. In this section— used includes realised, in whole or part. s 920 ins 2004 No. 26 s 247 amd 2007 No. 46 s 241 sch (sec.920-ssec.1) This section applies to security (the existing security ) held as money in relation to a converted petroleum authority immediately before 31 December 2004. (sec.920-ssec.2) The department must, as soon as practicable, after 31 December 2004, transfer the following part of the existing security (the environmental component ) to the administering authority under the Environmental Protection Act— if the converted petroleum authority is an authority to prospect—the amount of the existing security, less $4,000; if the converted petroleum authority is a petroleum lease—the amount of the existing security, less $10,000. (sec.920-ssec.3) On the transfer, the rest of the existing security is taken to be security given under this Act for the converted petroleum authority. (sec.920-ssec.4) Until the transfer happens, the existing security may continue to be used for any purpose for which it was given. (sec.920-ssec.5) In this section— used includes realised, in whole or part. - (a) if the converted petroleum authority is an authority to prospect—the amount of the existing security, less $4,000; - (b) if the converted petroleum authority is a petroleum lease—the amount of the existing security, less $10,000.