Commonwealth Consolidated Acts

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OFFSHORE MINERALS ACT 1994 - SECT 149

Amendment of security requirements

             (1)  If the provisional holder:

                     (a)  is notified of a security requirement; and

                     (b)  is dissatisfied with the amount of the security required;

the provisional holder may ask the Joint Authority to make a new determination under section 399.

             (2)  The request must:

                     (a)  be made within 30 days after the day on which the provisional holder is given notice under section 147; and

                     (b)  be lodged with the Designated Authority.

             (3)  If the Joint Authority receives a request under subsection (1), the Joint Authority may make a new determination under section 399.

             (4)  The Joint Authority must give the provisional holder written notice of the new determination.



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