Commonwealth Numbered Acts

PETROLEUM AND MINERALS AUTHORITY ACT 1973 No. 43, 1974 - SECT 12

12. (1) Without limiting the generality of section 11, the Authority has
power, for or in connexion with the performance of its functions-

   (a)  to purchase land;

   (b)  to take land on lease;

   (c)  to take easements over land;

   (d)  to sell, or otherwise dispose of, land vested in the Authority but not
        required for the purposes of the Authority;

   (e)  to lease land vested in the Authority the use of which is not for the
        time being required by the Authority;

   (f)  to release any easements over land;

   (g)  to purchase or take on hire plant, machinery, equipment or other
        goods;

   (h)  to dispose of plant, machinery, equipment or other goods owned by the
        Authority but not required by the Authority;

        (i)    to provide transport, accommodation, provisions, medical
               treatment, hospital facilities and amenities for officers and
               employees of the Authority and their families;

   (j)  subject to sub-section (2), to enter into an agreement, on such terms
        and conditions as the Authority deems fit, with any person or body for
        or in relation to the performance of work, the provision of services
        or the doing of any other thing-

        (i)    by the Authority for, on behalf of or in association with the
               person or body; or

        (ii)   by the person or body for or on behalf of the Authority;

   (k)  to form, or participate in the formation of, a company;

   (l)  to subscribe for or otherwise acquire, and dispose of, shares in, or
        debentures or other securities of, a company;

   (m)  to enter into an agreement, on such terms and conditions as the
        Authority deems fit, with any person or body for the use by the
        Authority of a patent, process or method of performing any work;

   (n)  to authorize the use of any patent vested in the Authority;

   (o)  to acquire, upon such terms as the Authority deems fit, an interest
        in-

        (i)    a mining undertaking that is being or is to be carried on on
               the Australian continental land mass or elsewhere by another
               person or body; or

        (ii)   any undertaking other than a mining undertaking that is being
               or is to be carried on in Australia or elsewhere by another
               person or body and is an undertaking of a kind that the
               Authority is authorized by this Act to carry on;

   (p)  to lend moneys, upon such terms and conditions as the Authority deems
        fit, to a person or body carrying on or intending to carry on-

        (i)    a mining undertaking on the Australian continental land mass;
               or

        (ii)   any other undertaking in Australia of a kind that the Authority
               is authorized by this Act to carry on,

for use by the body or person in connexion with that mining undertaking or
other undertaking;

   (q)  to underwrite issues of shares in, or debentures or other securities
        of, a company carrying on, or intending to carry on, an undertaking of
        a kind referred to in paragraph (p);

   (r)  to enter into a partnership or arrangement for sharing the risks
        involved in carrying on operations by way of exploration for, or
        recovery of, petroleum or minerals, and for sharing the petroleum or
        minerals recovered in the course of carrying on the operations or the
        profits derived from carrying on the operations;

   (s)  to give guarantees; and

   (t)  to do anything incidental to any of its powers.

(2) Sub-section (1) does not authorize the Authority to enter into an
agreement for the Authority to explore for, or recover, a substance, being
petroleum or a mineral, for, on behalf of or in association with another
person or body at any place on the Australian continental land mass unless
that person or body is authorized to explore for, or recover, as the case
requires, the substance at that place.

(3) The Authority is not authorized by paragraph (1) (q) to underwrite issues
of shares in, or debentures or other securities of, a company or companies the
nominal values of which exceed at any time in the aggregate such sum as the
Treasurer determines.

(4) The power of the Authority to give guarantees in accordance with paragraph
(1) (s) is subject to such limits as the Treasurer determines as to the total
amount of moneys (other than interest) the payment of which may at any time be
the subject of such guarantees.
(5) In this section "mining undertaking" means an undertaking in the course of
which operations by way of-

   (a)  exploration for petroleum or minerals; or

   (b)  extraction of petroleum or minerals from its or their natural site,
        are, or are proposed to be, carried on.