FAS fairstar resources limited

Bingo, 88 Days & still Counting, page-5

  1. 10,824 Posts.
    Regardless of the eventual outcome - forefeiture, expirey, surrender, or retention (if iPod give them some $$$) - Fairstar has to pay the outstanding rent, as mandated by the Western Australian Mining Act 1978, s114B. Fairstar is in default and its tenement is subject to forfeiture, but all the liabilities remain on FAS. Those with a direct line to FAS should ask their knowledgeable Company Secretary if he is aware of s114B of the Mining Act.
    mce-anchor114B. Continuation of liability after expiry, surrender or forfeiture of mining tenement

       The expiry, surrender or forfeiture of a mining tenement does not affect the liability of the person who was the holder of the mining tenement immediately before its expiry, surrender or forfeiture —
      (a) to pay any rent, fee, royalty, penalty, or other money on any other account, payable on or before the date of expiry, surrender or forfeiture under or in relation to the mining tenement; or
      (b) to comply with any obligation imposed on or before that date under or in relation to the mining tenement; or
      (c) for any act done or default made on or before that date under or in relation to the mining tenement.
       [Section 114B inserted by No. 39 of 2004 s. 96.]
 
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