Western Australian Current Acts Western Australian Current Acts (1) This section
applies to a dealing that would, but for subsection (2), have one or more of
the following effects —
(a) the
creation or assignment of an interest in an existing title;
(b) the
creation or assignment of a right (conditional or otherwise) to the assignment
of an interest in an existing title;
(c) the
determining of the manner in which persons may exercise the rights conferred
by, or comply with the obligations imposed by or the conditions of, an
existing title (including the exercise of those rights or the compliance with
those obligations or conditions under cooperative arrangements for the
recovery of petroleum);
(d) the
creation or assignment of —
(i)
an interest in relation to an existing permit, lease or
licence, being an interest known as an overriding royalty interest, a
production payment, a net profits interest or a carried interest; or
(ii)
any other interest that is similar to an interest
referred to in subparagraph (i), being an interest relating to petroleum
produced from operations authorised by an existing permit, lease or licence or
relating to revenue derived as a result of the carrying out of operations of
that kind;
(e) the
creation or assignment of an option (conditional or otherwise) to enter into a
dealing, being a dealing that has one or more of the effects referred to in
paragraphs (a), (b), (c) and (d);
(f) the
creation or assignment of a right (conditional or otherwise) to enter into a
dealing, being a dealing that has one or more of the effects referred to in
paragraphs (a), (b), (c) and (d);
(g) the
alteration or termination of a dealing, being a dealing that has one or more
of the effects referred to in paragraphs (a), (b), (c), (d), (e) and (f),
but this section does
not apply to a transfer to which section 78 applies.
(2) A dealing to which
this section applies is of no force in so far as the dealing would, but for
this subsection, have an effect of a kind referred to in subsection (1) in
relation to a particular title until —
(a) the
dealing, in so far as it relates to that title, has been approved by the
Minister; and
(b) an
entry has been made in the register in relation to the dealing by the Minister
in accordance with subsection (12).
(3) A party to a
dealing to which this section applies may lodge with the Minister —
(a) in a
case where the dealing relates to only one title, an application in writing
for approval by the Minister of the dealing; or
(b) in
any other case, a separate application in writing for approval by the Minister
of the dealing in relation to each title to which the dealing relates.
(4) An application
under subsection (3) for approval of a dealing —
(a)
shall be accompanied by the instrument evidencing the dealing or, if that
instrument has already been lodged with the Minister for the purposes of
another application, a copy of that instrument; and
(b) may
be accompanied by an instrument setting out such particulars (if any) as are
prescribed for the purposes of an application for approval of a dealing of
that kind.
(4a) An application
under subsection (3) for approval of a dealing shall be accompanied by 2
copies of —
(a) the
application; and
(b) the
instrument referred to in subsection (4)(a); and
(c) any
instrument lodged for the purposes of subsection (4)(b).
(5) Subject to
subsection (6), the Minister shall not approve a dealing unless the
application for approval of the dealing is lodged with the Minister within 3
months after the day on which the party who last executed the instrument
evidencing the dealing so executed the instrument or such longer period as the
Minister, in special circumstances, allows.
(6) Where a dealing
relating to a title was, immediately before the title came into existence, a
dealing referred to in section 81A(1), the Minister shall not approve the
dealing unless —
(a) a
provisional application for approval of the dealing was lodged in accordance
with section 81A(1); or
(b) an
application for approval of the dealing is lodged with the Minister in
accordance with this section within 3 months after the day on which the title
came into existence or such longer period as the Minister, in special
circumstances, allows.
(7) Where a dealing to
which this section applies forms a part of the issue of a series of
debentures, all of the dealings constituting the issue of that series of
debentures shall, for the purposes of this section, be taken to be one
dealing.
(8) Where a dealing to
which this section applies (including a dealing referred to in subsection (7))
creates a charge over some or all of the assets of a body corporate, the
person lodging the application for approval of the dealing shall be deemed to
have complied with subsection (4)(a), and with subsection (4a) in so far as
that subsection requires 2 copies of the document referred to in subsection
(4)(a) to accompany the application, if the person lodges with the application
3 copies of each document required to be lodged with the Australian Securities
and Investments Commission relating to the creation of that charge pursuant to
section 263 of the Corporations Act 2001 of the Commonwealth.
(9) On receipt of an
application made under this section, the Minister shall enter a memorandum in
the register of the date on which the application was lodged and may make such
other notation in the register as the Minister considers appropriate.
(10) The Minister may
approve or refuse to approve a dealing to which this section applies in so far
as the dealing relates to a particular title.
(11) The Minister
shall, by notice in writing served on the person who made an application for
approval of a dealing, inform the person of the decision of the Minister.
(12) If the Minister
approves a dealing, the Minister shall endorse on the original instrument
evidencing the dealing and on one copy of that instrument or, if the original
instrument was not lodged with the application, on 2 of the copies of that
instrument a memorandum of approval and, on payment of the fee provided by the
Registration Fees Act, make an entry of the approval of the dealing in the
register on the memorial relating to, or on the copy of, the title in respect
of which the approval is sought.
(13) Where an entry is
made in the register in relation to a dealing in accordance with subsection
(12) —
(a) if
the dealing was approved before the commencement of section 203 of the Acts
Amendment (Petroleum) Act 1990 or the application for approval of the dealing
was not accompanied by an instrument for the purpose of subsection (4)(b), one
copy of the instrument evidencing the dealing endorsed with a memorandum of
approval shall be retained by the Minister and made available for inspection
in accordance with this Division; and
(b) if
the application for approval of the dealing was accompanied by an instrument
for the purpose of subsection (4)(b), a copy of that instrument endorsed with
a copy of the memorandum of approval of the dealing shall be retained by the
Minister and made available for inspection in accordance with this Division
but a copy of the instrument evidencing the dealing shall not be so made
available; and
(c) the
original instrument evidencing the dealing, or a copy of the original
instrument, as the case requires, endorsed with a memorandum of approval and
the instrument (if any) lodged for the purpose of subsection (4)(b) shall be
returned to the person who made the application for approval.
(14) The approval of a
dealing or the making of an entry in the register in relation to a dealing is
not rendered ineffective by any failure to comply, in relation to the
application for approval of the dealing, with the requirements of this
section.
(15) Where the
Minister refuses to approve a dealing, the Minister shall make a notation of
the refusal in the register.
(16) In this section,
charge and debenture have the same respective meanings as they have for the
purposes of the Corporations Act 2001 of the Commonwealth.
[Section 81 inserted: No. 12 of 1990 s. 203;
amended: No. 73 of 1994 s. 4; No. 20 of 2003 s. 38.]