Mining Act 1992

(Repealed)

The requirement to maintain a security deposit lapses—

in accordance with the terms of the security deposit condition, or

if the condition does not deal with the lapsing of the requirement, when the Minister has determined that any requirements of the direction under section 240 or obligations under the authorisation (non-compliance with which would authorise a claim on or realisation of the deposit) have been fulfilled to a satisfactory extent and in a satisfactory manner.

The Minister must, if practicable, give written notice of that determination to the holder of the authorisation.

If a security deposit has lapsed, money obtained under the security deposit that has not been used under section 261F must be paid, without interest, as follows—

to the person who provided the deposit,

if the person who provided the deposit is unable to be located despite reasonable endeavours—to the holder of the authorisation concerned,

if the person who provided the deposit and the holder of the authorisation are unable to be located despite reasonable endeavours—into the Derelict Mine Sites Fund.

To avoid doubt, a security deposit does not lapse merely because the person who provided the deposit—

if the person is an individual—becomes bankrupt or an incapacitated person or dies, or

if the person is a corporation—is wound up or deregistered or becomes a Chapter 5 body corporate within the meaning of the Corporations Act 2001 of the Commonwealth.