Release of bond or security deposit
413 Release of bond or security deposit
This section applies if, under a condition of the investigator’s authority, a bond or security deposit is required to be lodged with the chief executive.
If an affected person for the land does not give a rectification or compensation notice within the prescribed time, the chief executive may keep the bond or security deposit until 1 year after the investigator’s authority expires.
If an affected person for the land gives a rectification or compensation notice within the prescribed time, the chief executive may keep the bond or security deposit until the chief executive is satisfied the damage or loss has been repaired or rectified or any compensation agreed or awarded for the damage or loss has been paid to the affected person.
In this section—
prescribed time, for giving a rectification or compensation notice arising out of the entry of land by the investigator, means 1 year after the investigator was last on the land under, or purportedly under, the investigator’s authority.
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