Queensland Numbered Acts

MINERAL RESOURCES AND OTHER LEGISLATION AMENDMENT ACT 2005 No. 8 - SECT 66

After section 55--

insert--

'(1) This section applies if--

(a) the security for a geothermal exploration permit is given by way of a bond, guarantee or indemnity by, or other financial arrangement with, a financial institution, insurance company or credit provider (an external security provider); and

(b) the external security provider is or becomes subject to any action taken by or against it, or any holding company of it, that may result in the external security provider becoming an externally-administered body corporate.

'(2) The Minister may, by written notice given to the permit holder, direct the holder to replace the security in the form and up to the amount prescribed under section 31.

'(3) On the replacement of the security, the security held for the permit immediately before the replacement must be refunded to the external security provider.

'(1) This section applies if security is given for a geothermal exploration permit that is still in force and there is a subsequent change in the permit holder.

'(2) Despite the change, the security, and any interest that accrues on it, continues for the benefit of the State and may be used under section 53.

'(3) The permit holder's name as stated in any instrument under which the security was given is taken to have been changed to reflect the change.

'(4) If the security is in the form of money, until the security is replaced or refunded it continues for the holder from time to time of the permit.'.