Commonwealth Consolidated Acts

OFFSHORE MINERALS ACT 1994 - SECT 7

  (1)   For the purposes of this Act, a licence is transferred if:

  (a)   the licence has only one holder and the holder transfers the whole of his or her interest in the licence to another person or other persons; or

  (b)   the licence has 2 or more holders and the holders all transfer the whole of their interests in the licence to another person or other persons.

  (2)   For the purposes of this Act, a share in a licence is transferred if:

  (a)   the licence has only one holder and the holder transfers a part of the holder's share in the licence to another person or other persons; or

  (b)   the licence has 2 or more holders and:

  (i)   some, but not all, of the holders transfer the whole of their shares in the licence to another person; or

  (ii)   some or all of the holders transfer a part of their shares in the licence to another person.

  (3)   The other person referred to in paragraph   (2)(b) may be an existing licence holder.