Term of Exploration Concession.
Article 46
ART. 46. Term of Exploration Concession.—The initial term of an Exploration Concession shall be not more than four years counted from the date of its issuance: Provided, however, That if the concessionaire has complied with the provisions of this Act and the Regulations and with the terms and conditions contained in the contract of concession, the Secretary of Agriculture and Natural Resources Way grant an extension of the same for a term of three years, for its entire area or for any part thereof, upon application of the concessionaire made prior to the expiration of the original term. If during the said first extension, the concessionaire has also complied with the Provisions of this Act and the Regulations and the terms and conditions contained in the contract of concession, the Secretary of Agriculture and Natural Resources may, upon application of the concessionaire made prior to the expiration of the first extension, grant, a further extension of the said concession for its entire area or for any part thereof, for another term of three years, making the total term for Exploration Concession not more than ten years. The extension shall be granted under the same terms and conditions as those contained in the original conces-sion, subject, however, to the provisions of articles forty-seven and forty-nine of this Act. No further renewal shall be allowed to any exploration concessionaire at the end of ten years from the date of the original concession.