Deep Seabed Mining Act 2015 · 2020 Revised Edition · Part 2 · Regulation of Deep Seabed Mining
13. Lapsing of licence
Feedback & supportA licence lapses when any of the following events occurs:
the licensee fails to enter into a corresponding ISA contract within 12 months (or such longer period as the Minister may allow) after the licence is granted or transferred to the licensee;
licensee
“licensee” means a Singapore company holding a licence that is in force or suspended;
the ISA and a person other than the licensee enter into an ISA contract authorising the person to explore for or exploit the same type of resource in the same part of the Area as that under the licence;
ISA
“ISA” means the International Seabed Authority established under the Convention;
the corresponding ISA contract is terminated for any reason;
corresponding ISA contract
“corresponding ISA contract”, in relation to a licence granted to a person to explore for or exploit a type of resource in a part of the Area, means an ISA contract authorising the person to explore for or exploit (as the case may be) that type of resource in that part of the Area;
the licensee is wound up or otherwise dissolved under any written law;
any other event that may be prescribed occurs.