Queensland Consolidated Acts

PETROLEUM ACT 1923 - SECT 174

174 Relinquishment condition if authority does not include a reduction requirement

(1) If the authority does not include a requirement mentioned in section 173(1), the
"relinquishment condition" for the authority is the relinquishment condition under section 74A, with the following changes—

(a) the required percentage is 5% instead of 8.33%;

(b) the reference in sections 74C(2) to the authority originally taking effect is a reference to the start of its current term.

(2) Part 6A, division 2, subdivision 1, applies to the authority, subject to the changes under subsection (1).