117AZC
In forceAction if interest holder in default
Part VCFinancial assurance framework
Division 4Common provisions
117AZC Action if interest holder in default
The CEO may do any act or thing for which a security under this Part was obtained if the relevant interest holder fails to do that act or thing.
The CEO may, in writing, authorise another person to act on the CEO's behalf under subsection (1).
If the CEO acts under subsection (1) and the security is insufficient to cover the CEO's reasonable costs and expenses, the CEO may recover from the interest holder the outstanding amount in a court of competent jurisdiction as a debt due and payable to the Territory.
This Act’s bill:Second reading speech
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