PETROLEUM OIL SEARCH.

No. 25 of 1936.

An Act relating to the Encouragement of Drilling Operations in connexion with the search for Petroleum Oil in Australia and in the Territories of Papua and New Guinea.

[Assented to 28th May, 1936.]

Preamble.

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows :—

Short title.

1. This Act may be cited as the Petroleum Oil Search Act 1936.

Definition.

2. In this Act, unless the contrary intention appears—

“petroleum” means naturally occurring solid, liquid or gaseous hydrocarbons in a free state, but does not include any substance which may be extracted from rocks or minerals by any process of destructive distillation.

Application of Act.

3. This Act shall extend to the Territories of Papua and New Guinea.

Appropriation.

4. There shall be payable out of the Consolidated Revenue Fund, which is hereby appropriated accordingly, the sum of Two hundred and fifty thousand pounds for the purposes of this Act.

Petroleum Oil Search Trust Account.

5.—(1.) For the purposes of this Act, there shall be a Petroleum Oil Search Trust Account, which shall be a Trust Account within the meaning of section sixty-two a of the Audit Act 1901–1934.

(2.) The moneys appropriated by this Act shall be credited to that Trust Account.

(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 in drilling operations in connexion with the search for petroleum ; and

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

(4.) Subject to this Act, any advances under this Act shall be made upon such conditions and subject to such terms as the Minister determines.

(5.) The Minister may, in connexion with any advances made or to be made under this Act—

(a) in the name of the Commonwealth enter into such agreements and take such securities for repayment of the advances as he thinks fit; and

(b) enforce any such agreement or security.

(6.) Out of the moneys standing to the credit of the Trust Account there shall be paid such expenditure incurred in the administration of this Act as the Minister approves.

Maximum advance.

6. The amount of the advance made to any person under this Act shall not exceed the amount expended by that person after the commencement of this Act on drilling operations in connexion with the search for petroleum.

Appointments.

7.—(1.) The Minister may employ such persons as he thinks necessary for the purposes of this Act.

(2.) Persons employed by the Minister shall not be subject to the Commonwealth Public Service Act 1922–1934, but shall be engaged for such periods and shall be subject to such conditions as the Minister thinks fit.

Annual statement of expenditure.

8. The Minister shall cause an annual statement of the expenditure incurred under this Act to be prepared and laid before both Houses of the Parliament in the month of August in each year, or, if the Parliament is not then sitting, within fourteen days after the next meeting of the Parliament.