94HLiability for annual rental fee

94H Liability for annual rental fee

94H Liability for annual rental fee

(1) Liability for an annual rental fee arises on the grant of a petroleum title and on each grant anniversary date that occurs during the term of the petroleum title.

(2) An annual rental fee for which liability arises on the grant of a petroleum title must be paid, in advance, before the title is granted.

(3) A petroleum title for which an annual rental fee is payable must not be granted until the first annual rental fee is paid.

(4) An annual rental fee for which liability arises on a grant anniversary date must be paid within the period (of not less than 7 days) specified by the Secretary by notice in writing served on a person liable.

pt 7A, divs 3–5 (ss 94E–94M): Ins 2012 No 46, Sch 6.1 [12].