(1)  A caveat takes effect on the date on which it is lodged.

(2)  A caveat ceases to have effect –

(a) if the Mining Tribunal orders its removal, on the date of that order; or

(b) if the caveat is withdrawn, on the date of that withdrawal; or

(c) if an application is made –

(i) to transfer a licence or lease and an appeal to the Mining Tribunal is not on foot in relation to the caveat, 14 days after the date on which a notice under section 32(4) , section 45C(4) , section 62(4) , section 67W(4) or section 93(4) is received by the person to whom it is sent; or

(ii) to transfer a licence or lease and an appeal to the Mining Tribunal is on foot in relation to the caveat, on the date on which the Mining Tribunal orders the removal of the caveat, if at all.