Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If the Joint Authority provisionally grants an exploration licence under section 81, 82 or 87, the Designated Authority must give the provisional holder:
(a) the licence; and
(b) written notice that the provisional grant will lapse unless the provisional holder, before the end of the primary payment period:
(i) gives the Designated Authority a written acceptance of the grant; and
(ii) lodges any security required by the Joint Authority under section 399; and
(iii) pays the fees that must be paid for the licence under the Exploration Licence Fees Act; and
(iv) if the tender is determined on the basis of the amounts of money offered for the licence--pays the Commonwealth the amount that the provisional holder offered for the licence under subsection 77(3).
(2) The licence must specify:
(a) the blocks covered by the licence; and
(b) the term of the licence; and
(c) the licence conditions.
Note: For the term of a licence see section 88.