s 13 Lapsing of licence
13. A licence lapses when any of the following events occurs:(a) 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; (b) 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; (c) the corresponding ISA contract is terminated for any reason; (d) the licensee is wound up or otherwise dissolved under any written law; (e) any other event that may be prescribed occurs.