Bonds paid as condition of cetacea display licence—the Act, s 37
42 Bonds paid as condition of cetacea display licence—the Act, s 37
For the purposes of the Act, section 37(1)—
the prescribed amount is $60,000, and
an arrangement for a financial institution to guarantee the payment of an amount not exceeding $60,000 to the Secretary is a prescribed arrangement.
The Secretary must invest money—
that is deposited with the Secretary under the Act, section 37 by a licensee and has not, for the time being, been spent in accordance with the section, or
that is paid to the Secretary under an arrangement referred to in subsection (1)(b) and has not, for the time being, been spent in accordance with the Act, section 37.
The Secretary must—
invest the money—
in a way authorised by the Trustee Act 1925 for the investment of trust funds, and
so that not more than 1 month’s notice is required for its repayment, and
arrange for the income to be paid directly to, or as authorised by, the licensee.
In subsection (1)—
financial institution means—
an authorised deposit-taking institution, or
a financial institution approved by the Secretary.
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