Minerals Exploration and Development Company Act, 1941

Acquisition of existing mining business by agreement.

19.—Whenever the Minister acquires under this Part of this Act an existing mining business by agreement with the proprietor thereof, the following provisions shall apply and have effect, that is to say:—

(a) the Minister shall acquire the said business, so far as respects minerals for the benefit of the State and, in all other respects, for the benefit of the Company; and

(b) the price payable to the proprietor of the business on account of such acquisition (including so much of such price as relates to minerals) shall be paid by the Company;

(c) the minerals so acquired (if and in so far as they are not already State minerals) shall, on such acquisition, become and be for all purposes State acquired minerals within the meaning of the Act of 1940, and the provisions of that Act in relation to State acquired minerals shall, so far as they are applicable, apply accordingly.