Effect of financial assurance on the security
633 Effect of financial assurance on the security
A condition about financial assurance imposed under this part only affects a security to the extent provided under this part.
Without limiting subsection (1), section 632 does not affect or change—
the security mentioned in section 632(1) as a security under the Petroleum Act 1923 or the Petroleum and Gas (Production and Safety) Act 2004; or
the matters for which the security was given under that Act; or
the enforcement of the security under that Act.
Section 632, 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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