[Code of Federal Regulations]

[Title 15, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 15CFR970.401]



[Page 324]

 

                  TITLE 15--COMMERCE AND FOREIGN TRADE

 

CHAPTER IX--NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, DEPARTMENT 

                               OF COMMERCE

 

PART 970_DEEP SEABED MINING REGULATIONS FOR EXPLORATION LICENSES

--Table of Contents

 

                 Subpart D_Certification of Applications

 

Sec. 970.401  Financial responsibility.



    (a) Before the Administrator may certify an application for an 

exploration license he must find that the applicant has demonstrated 

that, upon issuance or transfer of the license, the applicant will be 

financially responsible to meet all obligations which he may require to 

engage in the exploration proposed in the application.

    (b) In order for the Administrator to make this determination, the 

applicant must show to the Administrator's satisfaction that he is 

reasonably capable of committing or raising sufficient resources to 

carry out, in accordance with the provisions contained in this part, the 

exploration program set forth in his exploration plan.