Queensland Numbered Acts

MINERAL AND ENERGY RESOURCES (FINANCIAL PROVISIONING) ACT 2018 - SECT 91

91 Initial allocation decision not required until scheme manager gives transition notice

(1) This section applies to an environmental authority mentioned in section 89(1)(a) or (c) if the estimated rehabilitation cost for the authority, as mentioned in the Environmental Protection Act 1994 , section 761(3)(a) or 762(3)(a)(i), is equal to or more than the prescribed ERC amount.

(2) Despite sections 26 and 27, the scheme manager is not required to make an initial allocation decision for the authority unless the scheme manager gives the holder of the authority a notice (a
"transition notice" ) for the authority.

(3) The transition notice must state—

(a) that the scheme manager intends to start making an initial allocation decision for the authority; and

(b) the day on which the scheme manager intends to start making the initial allocation decision.

(4) The transition notice for the authority must be given within 3 years after the commencement.

(5) Until the scheme manager makes an initial allocation decision for the authority, the holder of the authority must give a surety for the authority in the amount of the estimated rehabilitation cost for the authority.

(6) If a surety is given under subsection (5) after the day this section commences, the surety must be in a form approved by the scheme manager under section 56.

(7) The surety must be given within 30 business days after the day the administering authority decides the estimated rehabilitation cost for the authority.

(8) The scheme manager may extend the period mentioned in subsection (7) if the scheme manager is satisfied it is not reasonably practicable for the holder to obtain a surety within the period.