Page:United States Statutes at Large Volume 112 Part 4.djvu/960

 112 STAT. 2692 PUBLIC LAW 10&-279—OCT. 23, 1998 (2), the Secretary of the Interior shall establish an exchange account for that company for the monetary credits issued to that company under paragraph (3). The account for a company shall be established with the Minerals Management Service of the Department of the Interior and have an initial balance of credits equal to $2,100,000. "(B) USE OF CREDITS. —The credits in a company's account shall be available to the company for the purposes specified in paragraph (3)(A). The Secretary of the Interior shall adjust the balance of credits in the account to reflect credits accepted by the Secretary of the Interior pursuant to paragraph (4). "(C) TRANSFER OR SALE OF CREDITS.— "(i) TRANSFER OR SALE AUTHORIZED. —A company may transfer or sell any credits in the company's account to another person. "(ii) USE OF TRANSFERRED CREDITS.—Credits transferred or sold under-clause (i) may be used in accordance with this subsection only by a person that is qualified to bid on, or that holds, a mineral, oil, or gas lease under the Mineral Leasing Act (30 U.S.C. 181 et seq.), the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.), or the Geothermal Steam Act of 1970 (30 U.S.C. 1001 et seq.). "(iii) NOTlFiCATiON.Within 30 days after the transfer or sale of any credits by a company, that company shall notify the Secretary of the Interior of the transfer or sale. The transfer or sale of any credit shall not be considered valid until the Secretary of the Interior has received the notification required under this clause. "(D) TIME LIMIT ON USE OF CREDITS.— On the date that is 5 years after the date on which an account is created under subparagraph (A) for a company, the Secretary of the Interior shall terminate that company's account. Any credits that originated in the terminated account and have not been used as of the termination date, including any credits transferred or sold under subparagraph (C), shall become unusable. "(7) TITLE TO INTERESTS.— On the date of the establishment of an exchange account for a company under paragraph (6)(A), title to any mineral and geothermal interests that are held by the company and are to be acquired by the Secretary of the Interior under paragraph (2) shall transfer to the United States. Reports. "(h) OTHER MINERAL AND GEOTHERMAL INTERESTS.—Within 180 days after the date of the enactment of this subsection, the Secretary shall submit to the Committee on Resources of the House of Rep-^ resentatives and the Committee on Energy and Natural Resources* of the Senate a report—

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