Lodging of security deposit
26ZJ Lodging of security deposit
(1) The Minister may, on advice from the Registrar-General, require a developer to lodge with the Minister a security.
(2) The Registrar-General must consider each application under section 26ZI and determine whether to advise the Minister to exercise his or her powers under subsection (1).
The security:
(a) is to be in the form, for the amount, and from the person, that the Minister thinks fit; and
is to be maintained as the Minister directs.
(4) The security may be used to pay damages to the proprietor of a building lot or a person who has contracted or contracts with the developer for the purchase of a proposed building lot in the building development in the event of the developer's failure to comply with this Act or his or her failure to complete the building development in accordance with the disclosure statement.
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