Effect of financial assurance on security
616J Effect of financial assurance on security
The financial assurance condition under section 616I only affects a security to the extent provided under that section.
Without limiting subsection (1), section 616I does not affect or change—
the security as a security under the Mineral Resources Act or a special agreement Act; or
the matters for which the security was given under the Mineral Resources Act or special agreement Act; or
the enforcement of the security under the Mineral Resources Act or special agreement Act.
Section 616I, 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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