10(1)On and after the restructuring date the rights in relation to coal under the territorial sea adjacent to the Isle of Man which are vested in the Corporation by virtue of section 2(3) of the 1987 Act shall have effect as comprising the exclusive right of authorising—
(a)the carrying on of any coal-mining operations for the purpose of searching or boring for that coal; and
(b)the carrying on of any coal-mining operations consisting in the winning, working or getting of that coal, in the treatment of that coal in the strata for the purpose of winning any product of coal or in the winning, working or getting of any product of coal resulting from any such treatment of that coal.
(2)Where, at any time on or after the restructuring date, there comes into force any Order in Council under section 1 of the 1987 Act for bringing any area outside the Isle of Man and the territorial sea adjacent to the Isle of Man within that territorial sea—
(a)the rights previously vested in the Authority under this Act in relation to coal in that area shall become exercisable for purposes other than those of the rights of the United Kingdom mentioned in section 1 of the [1964 c. 29.] Continental Shelf Act 1964; and
(b)those rights shall continue to be vested in the Authority except so far as the Order in Council provides for them to vest at that time in another person.
(3)The rights in relation to coal under the territorial sea adjacent to the Isle of Man which—
(a)by virtue of section 2(3) of the 1987 Act, are vested in the Corporation immediately before the restructuring date, or
(b)are rights to which sub-paragraph (2) above has applied on the subsequent coming into force of an Order in Council under section 1 of that Act,
may at any time be surrendered by the person in whom they are vested (whether as mentioned in this paragraph or in accordance with a restructuring scheme) to, or to a person nominated by, the Government of the Isle of Man, and such a surrender shall be on such terms as may be agreed between that Government and the person making the surrender.
(4)The rights mentioned in sub-paragraph (3) above shall be extinguished if at any time on or after the restructuring date they vest in or are surrendered to the person with the interests and rights of an owner in and in relation to the coal in question.
(5)In this paragraph “the 1987 Act” means the [1987 c. 49.] Territorial Sea Act 1987, as extended to the Isle of Man by the [S.I. 1991/1722.] Territorial Sea Act 1987 (Isle of Man) Order 1991.