81AApproval of dealings in future interests, &c.

81A Approval of dealings in future interests, &c. (1) Where 2 or more persons enter into a dealing relating to a title that may come into existence in the future and that dealing would, if the title came into existence, become a dealing to which section 81 applies, a person who is a party to the dealing may, during the prescribed period in relation to the title, lodge with the Minister: (a) in a case where the dealing relates to only one title that may come into existence in the future, a provisional application in writing for approval by the Minister of the dealing; or (b) in any other case, a separate provisional application in writing for approval by the Minister of the dealing in relation to each title that may come into existence in the future and to which the dealing relates. (2) Section 81(4), (7) and (8) applies to a provisional application lodged under subsection (1) of this section as if that provisional application were an application lodged under section 81(3). (a) the title to which a dealing referred to in subsection (1) relates comes into existence; and (b) upon that title coming into existence, the dealing becomes a dealing to which section 81 applies, the provisional application lodged under subsection (1) in relation to the dealing shall be treated as if it were an application lodged under section 81(3) on the day on which that title came into existence. (4) A reference in subsection (1) to the prescribed period, in relation to a title, is a reference to the period: (a) commencing: (i) in the case of a permit, lease, licence or pipeline licence – on the day of service of an instrument informing the applicant for the permit, lease, licence or pipeline licence that the Minister is prepared to grant the permit, lease, licence or pipeline licence; or

Petroleum (Submerged Lands) Act 1981 84 (ii) in the case of an access authority – on the day on which the application for the grant of the access authority is made; and (b) ending on the day on which the title comes into existence.