MCU14/0028 Appendix 2 EnvProtAct 1994

                                                       Environmental Protection Act 1994
                                    Chapter 13 Savings, transitional and related provisions
         Part 2 Transitional provisions for Environmental Protection and Other Legislation
                                                                     Amendment Act 2000
                                                                                    [s 598]

598      Financial assurance for transitional authority
        (1)   This section applies if, under the Mineral Resources Act,
              security has been deposited or required in relation to a
              relevant mining tenement for a transitional authority.
        (2)   A condition is taken to have been imposed, under section 364,
              on the authority that the authority holder must give the
              administering authority financial assurance for each relevant
              mining tenement.
        (3)   If the security has been deposited under the Mineral
              Resources Act for a relevant mining tenement, the
              requirement under the condition to give the financial
              assurance is taken to have been complied with for the
              tenement.
        (4)   The financial assurance required under the condition is taken
              to be security for the matters mentioned in section 364(1)(a)
              and (b) in relation to the transitional authority.
        (5)   Subsection (4) applies despite the Mineral Resources Act or
              the terms of an instrument granting the security or other
              document, including, for example, a term that the security or
              its benefit is not transferable.
        (6)   For section 364(1), the form of the financial assurance for
              each relevant mining tenement is taken to have been required
              in the same form as each security given or required for the
              tenement.
        (7)   However, the financial assurance is taken to have been given
              for valuable consideration and any instrument granting it is
              taken to have been executed as a deed under seal by each
              party to the instrument.
        (8)   The amount of financial assurance for each relevant mining
              tenement is taken to have been decided under section 364(3)
              as the lesser of the following—
              (a)    the amount of security given or required for each
                     relevant mining tenement;



Current as at 20 February 2014                                                   Page 495