Petroleum (Submerged Lands) Act 1982

A security referred to in this part—

shall be—

in the case of a security referred to in division 2—in the sum of $15000; and

in the case of a security referred to in division 3—in the sum of $150000; and

in the case of a security referred to in division 4—in the sum of $60000; and

shall be given in such manner and form as are approved; and

may, subject to that approval, be by cash deposit or such other method as the Minister allows or partly by cash deposit and partly by such other method as the Minister allows.

A security given in accordance with a form approved by the Minister although it is not sealed binds the person subscribing it as if it were sealed.

Whenever a security under this part is put in suit, the production of the security, without further proof, entitles the Minister to judgment against the person appearing to have executed the security, for the amount of the person’s stated liability or for such lesser amount as is claimed, unless that person proves compliance with the conditions of the security or that the security was not executed by the person or release or satisfaction.

If it appears to the court that a noncompliance with a condition of a security under this part has occurred, the security shall not be deemed to have been discharged or invalidated, and the subscriber shall not be deemed to have been released or discharged from liability, by reason of—

any extension of time or other concession; or

any consent to, or acquiescence in, a previous noncompliance with a condition; or

any failure to bring suit against the subscriber upon the occurrence of a previous noncompliance with the condition.

If there are several subscribers to the security, they are bound, unless the security otherwise provides, jointly and severally and for the full amount.