Replenishment of financial assurance

In force

(1)

This section applies if—

(a)

under division 3, all or part of the financial assurance for an environmental authority has been realised; and

(b)

the environmental authority is still in force.

(2)

The administering authority must give the holder of the environmental authority a notice—

(a)

stating how much of the financial assurance has been used; and

(b)

directing the holder to, within 20 business days after the giving of the notice, replenish the financial assurance to the amount that was held by the administering authority before the financial assurance started to be realised.

(3)

It is a condition of the environmental authority that the holder must comply with the direction.

This Act’s bill:Explanatory memorandum

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316 Replenishment of financial assurance