Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if:
(a) an offer document has been given to an applicant (the non - responding applicant ) for the grant of a cash - bid petroleum exploration permit who has made a cash bid, or a tie - breaking cash bid, for the grant of the permit; and
(b) at the end of the applicable period under section 260, the non - responding applicant:
(i) has not made a request under that section; or
(ii) has not paid the amount specified in the offer document as the balance of the permit price that the applicant must pay for the permit.
Lapse of application and forfeit of deposit
(2) At the end of the applicable period:
(a) the application lapses; and
(b) unless the offer document was given under section 112--an amount equal to the non - responding applicant's deposit under section 111 is forfeited to the Commonwealth; and
(c) if the offer document was given under section 112--the Titles Administrator, on behalf of the Commonwealth, must refund to the non - responding applicant an amount equal to that applicant's deposit under section 111.
Further offers
(3) The following table requires or allows an offer document to be given to an applicant other than the non - responding applicant by applying sections 112, 112A and 112B as if applicants whose applications have lapsed or been rejected ( lapsed or rejected applicants ), including the non - responding applicant, had not made cash bids.
Further offers | ||
Item | If ... | then, at the end of the applicable period ... |
1 | there are any cash bids for the permit remaining at the end of the applicable period (apart from those made by lapsed or rejected applicants) that are equal to or higher than the reserve price determined under section 110 | sections 112A and 112B apply as if the lapsed or rejected applicants had not made cash bids under section 111. |
2 | (a) the reserve price determined under section 110 for the grant of the permit is not specified in the notice under subsection 110(1); and (b) the only remaining cash bids under section 111 (apart from those made by lapsed or rejected applicants) are less than the reserve price | section 112 applies as if the lapsed or rejected applicants had not made cash bids under section 111. |
Note: Sections 112, 112A and 112B set out the circumstances in which the Joint Authority may, or must, give an offer document to an applicant for a cash - bid petroleum exploration permit.