|
|
|
Joint ventures
|
| |
42. (1) In this section “joint venture agreement” means a joint venture agreement between a licensee under a prospecting licence or a retention licence and one or more companies, or other bodies incorporated under the laws of another state in which—
|
|
| |
(a) the other parties to the joint venture agree to provide funding, technical expertise or any other thing that will enable the licensee to meet the obligations under the licence, and
|
|
| |
(b) the licensee may, at a determinable point in the future, have the obligation to assign a percentage of all of the rights and duties under the licence to the other parties.
|
|
| |
(2) Every prospecting licence and retention licence is subject to the condition that the licensee shall not enter into a joint venture agreement unless—
|
|
| |
(a) at least 10 days before entering into the agreement, the licensee notifies the Minister and provides the Minister with a copy of the draft agreement, and
|
|
| |
(b) on entering into the agreement, the licensee notifies the Minister and provides the Minister with a copy of the agreement within 10 days after it comes into effect.
|
