Document ID: chunk:federal_register_of_legislation:C2024C00638:clause:1_7
Version: federal_register_of_legislation:C2024C00638
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 383899–384709

7  Saving of exploration permits
 (1) An exploration permit that was in force under the 1981 Act immediately before the commencement of this Act has effect from that commencement as if it were an exploration licence in force under this Act.
 (2) If subsection (1) applies to an exploration licence:
 (a) the licence remains in force for a period of 2 years commencing on the day on which the licence is granted; and
 (b) section 104 of this Act does not apply to the licence.
 (3) If:
 (a) subsection (1) applies to an exploration licence; and
 (b) the licence holder applies to renew the licence;
the holder must surrender on each surrender day of the licence:
 (c) 25% of the number of blocks in the licence area; or
 (d) if 25% of that number is a whole number and a fraction—the next higher whole number.