sec.49Ending of election period on application or by revenue commissioner

sec.49 Ending of election period on application or by revenue commissioner

This section applies if the revenue commissioner has approved an application in relation to a joint venture tenure under section 48 . The non-tenure holder or tenure holder for the joint venture tenure may apply to the revenue commissioner to end the election period for the joint venture tenure. The application must— be in the approved form; and state the proposed day for the election period for the joint venture tenure to end; and if the application is made by the non-tenure holder—be accompanied by evidence that the non-tenure holder has notified the tenure holder of the application; and if the application is made by the tenure holder—be accompanied by evidence that the tenure holder has notified the non-tenure holder of the application. The revenue commissioner must decide the application by— ending the election period on the day proposed; or ending the election period on another day, with the written agreement of the non-tenure holder and tenure holder; or refusing to end the election period. The revenue commissioner must decide to end the election period if the revenue commissioner is satisfied that ending the election period would not adversely affect the protection of the public revenue. The revenue commissioner may also decide, on the revenue commissioner’s own initiative, to end the election period for the joint venture tenure if the revenue commissioner is satisfied that ending the election period is appropriate for the protection of the public revenue. The day on which the election period ends must not be earlier than the first day of the current royalty return period. The revenue commissioner must give the non-tenure holder and the tenure holder notice of a decision under subsection (4) or (6) . If the decision is under subsection (6) , the notice must include reasons for the decision. To remove any doubt, it is declared that the ending of the election period for the joint venture tenure does not affect a liability arising before the ending of the period. In this section— current royalty return period means— for an application under subsection (2) —the royalty return period applying in relation to the joint venture tenure on the day the application is made; or for a decision under subsection (6) —the royalty return period applying in relation to the joint venture tenure on the day the decision is made. (sec.49-ssec.1) This section applies if the revenue commissioner has approved an application in relation to a joint venture tenure under section 48 . (sec.49-ssec.2) The non-tenure holder or tenure holder for the joint venture tenure may apply to the revenue commissioner to end the election period for the joint venture tenure. (sec.49-ssec.3) The application must— be in the approved form; and state the proposed day for the election period for the joint venture tenure to end; and if the application is made by the non-tenure holder—be accompanied by evidence that the non-tenure holder has notified the tenure holder of the application; and if the application is made by the tenure holder—be accompanied by evidence that the tenure holder has notified the non-tenure holder of the application. (sec.49-ssec.4) The revenue commissioner must decide the application by— ending the election period on the day proposed; or ending the election period on another day, with the written agreement of the non-tenure holder and tenure holder; or refusing to end the election period. (sec.49-ssec.5) The revenue commissioner must decide to end the election period if the revenue commissioner is satisfied that ending the election period would not adversely affect the protection of the public revenue. (sec.49-ssec.6) The revenue commissioner may also decide, on the revenue commissioner’s own initiative, to end the election period for the joint venture tenure if the revenue commissioner is satisfied that ending the election period is appropriate for the protection of the public revenue. (sec.49-ssec.7) The day on which the election period ends must not be earlier than the first day of the current royalty return period. (sec.49-ssec.8) The revenue commissioner must give the non-tenure holder and the tenure holder notice of a decision under subsection (4) or (6) . (sec.49-ssec.9) If the decision is under subsection (6) , the notice must include reasons for the decision. (sec.49-ssec.10) To remove any doubt, it is declared that the ending of the election period for the joint venture tenure does not affect a liability arising before the ending of the period. (sec.49-ssec.11) In this section— current royalty return period means— for an application under subsection (2) —the royalty return period applying in relation to the joint venture tenure on the day the application is made; or for a decision under subsection (6) —the royalty return period applying in relation to the joint venture tenure on the day the decision is made.