78Approval and registration of transfers

78 Approval and registration of transfers (1) A transfer of a title is of no force or effect until it has been approved by the Minister and an instrument of transfer is registered as provided by this section. (2) Where it is desired that a title be transferred, one of the parties to the proposed transfer may make an application in writing to the Minister for approval of the transfer. (3) An application for approval of a transfer of a title shall be accompanied by: (a) an instrument of transfer in the prescribed form executed by the registered holder or, if there are 2 or more registered holders, by each registered holder and by the transferee or, if there are 2 or more transferees, by each transferee; (b) in a case where the transferee or one or more of the transferees is not a registered holder or are not registered holders of the title, an instrument setting out: (i) the technical qualifications of that transferee or those transferees; (ii) details of the technical advice that is or will be available to that transferee or those tranferees; and (iii) details of the financial resources that are or will be available to that transferee or those transferees; and (c) a copy of the application and of the instruments referred to in paragraphs (a) and (b). (4) The Minister shall not approve the transfer of a title unless the application was lodged with the Minister within 3 months after the day on which the party who last executed the instrument of transfer so executed the instrument of transfer or within such longer period as the Minister, in special circumstances, allows. (5) Where an application for approval of a transfer is made in accordance with this section, the Minister shall enter a memorandum in the register of the date on which the application was lodged and may make such other notation in the register as he considers appropriate.

Petroleum (Submerged Lands) Act 1981 78 (6) The Minister shall consider each application for approval of the transfer of a title and determine whether to approve the transfer. (7) Where an application for approval of the transfer of a title is made in accordance with this section, the Minister shall, by notice in writing served on the person who made the application, inform the person of the decision of the Minister. (9) Where the Minister approves the transfer of a title, he shall forthwith endorse on the instrument of transfer and on one copy of the instrument a memorandum of approval and shall, on payment of the fee provided by this Act, enter in the register a memorandum of the transfer and the name of the transferee or of each transferee. (10) Upon the entry in the register of a memorandum of the transfer of a title and of the name of the transferee in accordance with subsection (9): (a) the transfer shall be deemed to be registered; and (b) the transferee becomes the registered holder, or the transferees become the registered holders, of the title. (11) Where the Minister refuses to approve the transfer of a title, he shall make a notation of the refusal in the register. (12) Where a transfer is registered: (a) the copy of the instrument of transfer endorsed with the memorandum of approval shall be retained by the Minister and made available for inspection in accordance with this Division; and (b) the instrument of transfer endorsed with the memorandum of approval shall be returned to the person who lodged the application for approval of the transfer. (13) The mere execution of an instrument of transfer of a title creates no interest in the title.