Requirement for security
117AP Requirement for security
The Minister may determine the form of security required in a particular case after taking into account any direction of the Treasurer about acceptable or appropriate securities under this Part.
Examples for subsection (1)
A form of security might be:
(a) a cash bond posted to the Territory Government and held in trust; or
a bank guarantee; or
(c) a surety bond or insurance bond.
The Minister may require that more than one security be provided in a particular case.
Unless otherwise determined by the Minister, a security does not extend to an activity or work that does not require approval under an environment management plan, well operations management plan or petroleum surface infrastructure plan.
This Act’s bill:Second reading speech
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