Petroleum Oil Search Act (No. 2) 1936 (Cth)

 

PETROLEUM OIL SEARCH (No. 2).

No. 89 of 1936.

An Act to amend the Petroleum Oil Search Act 1936.

[Assented to 7th December, 1936.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Petroleum Oil Search Act (No. 2) 1936.

(2.) The Petroleum Oil Search Act 1936* is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Petroleum Oil Search Acts 1936.

Petroleum Oil Search Trust Account.

2. Section five of the Principal Act is amended—

(a) by omitting sub-section (3.) and inserting in its stead the following sub-section:—

“(3.) Subject to this Act, the Minister may apply the moneys standing to the credit of that Trust Account—

(a) for the purpose of advances to persons engaged—

(i) in drilling operations; or

(ii) in the conduct of geological surveys, in connexion with the search for petroleum;

(b) in the purchase of drilling plants for use in connexion with such search; and

(c) in payment of the salaries, allowances and other remuneration of persons employed by the Minister under this Act.”; and

(b) by inserting, after sub-section (5.), the following sub-section:—

“(5a.) The Minister may, in the name of the Commonwealth, enter into agreements, upon such conditions and subject to such terms as he thinks fit, for the letting on hire of any drilling plant purchased under this Act to any person for use in drilling operations in connexion with the search for petroleum and may enforce any such agreement.”.

3. Section six of the Principal Act is repealed and the following section inserted in its stead:—

Maximum advance.

“6. The amount of any advance made under this Act to any person who is—

(a) engaged in drilling operations—shall not be such as to cause the total amount advanced to that person under this Act to exceed one-half of the amount of the expenditure incurred by that person, after the commencement of this Act, on drilling operations in connexion with the search for petroleum; or

(b)