Petroleum and Other Minerals Development Act, 1960
|
Transfer of licences under Part II, and exercise of rights under licences on death of licensees. |
21.—(1) In this section “licence” means a licence being— | |
(a) an exploration licence, | ||
(b) a petroleum prospecting licence, or | ||
(c) a reserved area licence. | ||
(2) The licensee under a licence may, with the consent of the Minister, transfer the licence to another person. | ||
(3) Where the licensee under a licence, being an individual, dies, the following provisions shall notwithstanding anything contained in section 6 of this Act, have effect— | ||
(a) the rights conferred by the licence may be exercised until the happening of whichever of the following events first happens, namely— | ||
(i) the grant of probate of the will or letters of administration of the personal estate of the licensee, | ||
(ii) the expiration of the licence, | ||
(iii) the expiration of six months from the death of the licensee; | ||
(b) if the personal representative of the licensee applies to the Minister, not later than twelve months from the death of the licensee for leave to transfer the licence and the licence is then in force— | ||
(i) the Minister may grant or refuse the application, | ||
(ii) if the Minister refuses the application, the licence shall on such refusal terminate. |