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Mineral Resources Development Company Limited Authorisation (Amendment) Act 2022

PAPUA NEW GUINEA

Mineral Resources Development Company Limited Authorisation (Amendment) Act 2022

No. 2 of 2022

Certified on 23 FEB 2022

ARRANGEMENT OF SECTIONS.

1. Interpretation (Amendment of Section 2).
2. Transitional provisions (Amendment of Section 15).

AN ACT

entitled

Mineral Resources Development Company Limited Authorisation (Amendment) Act 2022

Being an Act to amend the Mineral Resources Development Company Limited Authorisation Act 2021, and for related purposes,

MADE by the National Parliament.

1. INTERPRETATION (AMENDMENT OF SECTION 2).

Section 2 of the Principal Act is amended -

(a) by inserting after the definition of "Board" the following new definition:

• ""Company constitution" is a document that is adopted by the Board of MRDC or a MRDC Company as its constitution under the Companies Act 1997;"; and

(b) by inserting after the definition of "liabilities" the following new definition:

• ""licence" is a licence issued under the terms of the Oil and Gas Act 1998 or the Unconventional Hydrocarbons Act 2015;".

2. TRANSITIONAL PROVISIONS (AMENDMENT OF SECTION 15).

Section 15 of the Principal Act is amended -

(a) by repealing Subsection (4) and replacing it with the following:

• "(4) A director currently on the Board of MRDC or a MRDC Company remains in office after the coming into operation of this Act and after that, that Director's appointment or removal shall be subject to the Company constitution and the Companies Act 1997."; and

(b) by repealing Subsection (5).

I hereby certify that the above is a fair print of the Mineral Resources Development Company Limited Authorisation (Amendment) Act 2022, which has been made by the National Parliament.

Clerk of the National
23 FEB 2022

I hereby certify that the Mineral Resources Development Company Limited Authorisation (Amendment) Act 2022, was made by the National Parliament on 19 January 2022.

Speaker of the National Parliament.
23 Feb 2022