Notice to replenish financial assurance
230 Notice to replenish financial assurance
S. 230 inserted by No. 39/2018 s. 7 (as amended by Nos 27/2019 ss 12−30, 3/2020 ss 42–44, 47/2020 s. 26).
If the Authority makes a claim on a financial assurance, the Authority may require the person who provided the financial assurance to replenish the amount of the financial assurance by giving notice in writing.
A notice under subsection (1) must set out the amount the person is required to provide to replenish the amount of the financial assurance consequent to the claim.
If a person is given notice under subsection (1), the person must provide the amount required to replenish the financial assurance within a period, not less than 30 business days, to be specified by the Authority.
This Act’s bill:Explanatory memorandumSecond reading speech
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