Effect of financial assurance on security
599 Effect of financial assurance on security
The financial assurance condition under section 598 only affects a security to the extent provided under that section.
Without limiting subsection (1), section 598 does not affect or change—
the security as a security under the Mineral Resources Act; or
the matters for which the security was given under that Act; or
the enforcement of the security under that Act, as amended by the amending Act.
Section 598, or any thing done under it, does not—
discharge a security; or
discharge or release a surety or other obligee, wholly or partly, from an obligation; or
fulfil a condition allowing a person to terminate an instrument or be released, wholly or partly, from an obligation or modify the operation or effect of an instrument or obligation.
If the advice or consent of, or giving notice to, a person would be necessary to give effect to the giving of the financial assurance—
the advice is taken to have been obtained; and
the consent or notice is taken to have been given.
This Act’s bill:Explanatory memorandum
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