New South Wales Consolidated Acts
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MINING ACT 1992 - SECT 288
Trust fund
288 Trust fund
(1) The Minister may, by written notice served on the holder of a mining
lease, require the holder to establish a trust fund, in the manner specified
in the notice, and to pay into the trust fund (at the time or times so
specified) a specified proportion of the money accruing from the sale of
minerals (being a proportion that will, in the opinion of the Minister, be
sufficient to meet royalty payable to the Crown under this Act in respect of
those minerals).
(2) A holder of the mining lease who fails to comply with
such a notice is guilty of an offence. : Maximum penalty--100 penalty units
and, in the case of a continuing offence, 10 penalty units for each day that
the offence continues.
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