# The Hydrocarbons (Temporary Management Scheme) Regulations 2013, Regulation 20: Temporary management transactions


(1) The Secretary of State may pay out of a temporary management account any sum—
(a) required to discharge (in whole or part) a liability of a restricted person under—
(i) a restricted licence;
(ii) a managed contract, including a liability described in regulation 15(5);
(iii) a new contract, including a decommissioning contract; or
(iv) regulation 10(1);
(b) which a prudent licensee would from time to time set aside in accordance with good oilfield practice towards the licensee’s liability under Part 4 of the Petroleum Act 1998 to decommission a restricted petroleum facility;
(c) which is then paid into another temporary management account; or
(d) required or permitted by law to be paid in respect of a restricted interest.
(2) A payment which may be received by the Secretary of State—
(a) in respect of a restricted interest; or
(b) under a managed contract or a new contract,
must be paid into a temporary management account.
(3) A sum described in paragraph (1)(b) must be paid into a decommissioning account.
(4) In paragraph (1), reference to “any sum required to discharge (in whole or part) a liability” means such sum as the Secretary of State reasonably believes is required to discharge the liability.
(5) Funds in a temporary management account are funds to which the restricted person is beneficially entitled but, except for temporary management transactions, are frozen funds.

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Source: https://www.legislation.gov.uk/uksi/2013/1329/regulation/20 (the official version)
Page: https://openlegislation.uk/hydrocarbons-temporary-management-scheme-regulations-2013/regulation-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.