PETROLEUM OIL SEARCH.
No. 67 of 1941.
An Act to amend the Petroleum Oil Search Act 1936–1940.
[Assented to 3rd December, 1941.]
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 1941.
(2.) The Petroleum Oil Search Act 1936–1940 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 Act 1936–1941.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Petroleum Oil Search Trust Account.
3. Section five of the Principal Act is amended by omitting paragraph (a) of sub-section (5.) and inserting in its stead the following paragraph:—
“(a) in the name of the Commonwealth enter into such agreements relating to the advances, and take such securities for repayment of the advances, as he thinks fit; and”.
Maximum advance.
4. Section six of the Principal Act is amended by inserting after the word “not” (wherever occurring) the words “(unless, in any particular case, the Minister, by notice published in the Gazette, otherwise directs)”.
Overview
The Petroleum Oil Search Act 1941, enacted in 1941, was introduced to amend the Petroleum Oil Search Act 1936–1940, aiming to address certain issues related to the advances made by the Commonwealth under the Act. This legislation was passed by the Australian Parliament, with the intent to provide more flexibility in the management of financial advances related to petroleum oil searches. The Act allows for the omission of specific conditions under which advances could be made and provides the authority to take securities for repayment of such advances. Additionally, it grants the Minister the discretion to alter the maximum amount of advances in specific cases, as published in the Gazette, thereby addressing operational and financial management needs identified under the Principal Act.
Scope and Application
The Petroleum Oil Search Act 1941 amends the Petroleum Oil Search Act 1936–1940 to provide for the management and regulation of petroleum exploration and search activities within the Commonwealth of Australia. This Act applies to the Commonwealth Government, which has the authority to enter into agreements and take securities for advances related to petroleum exploration. The Minister has the discretion to set maximum advances for such activities, subject to any specific directions issued through a notice in the Gazette. The Act applies nationally across Australia, ensuring a uniform approach to the regulation of petroleum exploration activities under Commonwealth jurisdiction. The Act does not specify any exclusions, exemptions, or thresholds within its text, and its provisions are directly applicable without the need for subordinate instruments to extend or restrict its application.
Key Provisions
The Petroleum Oil Search Act 1941 amends the Petroleum Oil Search Act 1936–1940. This Act, referred to as the Petroleum Oil Search Act 1936–1941 after amendment, may be cited as such (Section 1). It came into operation on the day it received Royal Assent (Section 2). The Act introduces modifications to the Petroleum Oil Search Trust Account, specifically changing the requirements for agreements related to advances and securities for repayment (Section 3). Additionally, it modifies the maximum advance provisions to allow for exceptions determined by the Minister through a notice published in the Gazette (Section 4).
The Act imposes obligations on the Commonwealth to enter into agreements and take securities in the name of the Commonwealth for advances related to petroleum oil searches, as deemed appropriate by the relevant authority (Section 3(a)). The Minister has the authority to direct exceptions to the maximum advance provisions through a notice in the Gazette, thereby allowing flexibility in specific cases (Section 4).
Failure to comply with the provisions of this Act, such as not adhering to the prescribed agreements or securities requirements, could lead to administrative penalties or legal actions. The Act does not specify maximum penalties but implies that breaches could result in civil or criminal consequences depending on the nature and severity of the non-compliance. Given the historical context of the Act, it is advisable to consult contemporary legal interpretations or amendments to understand the full scope of potential penalties.