MCU14/0028 Appendix 2 EnvProtAct 1994

                                                       Environmental Protection Act 1994
                                     Chapter 13 Savings, transitional and related provisions
  Part 6 Transitional provisions for Petroleum and Other Legislation Amendment Act 2004

                                                                                    [s 633]

        (4)    The financial assurance is taken to be for the matters
               mentioned in section 364(1) in relation to the environmental
               authority.
        (5)    Subsection (3) and (4) applies despite the terms of an
               instrument granting the security or any other document,
               including, for example, a term that the security or its benefit is
               not transferable.
        (6)    The condition ends at the earlier of the following to happen—
               (a)    the amendment, under section 634, of the condition;
               (b)    the end of 12 months after the 2004 Act start day under
                      the Petroleum and Gas (Production and Safety) Act
                      2004.

633      Effect of financial assurance on the security
        (1)    A condition about financial assurance imposed under this part
               only affects a security to the extent provided under this part.
        (2)    Without limiting subsection (1), section 632 does not affect or
               change—
               (a)    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
               (b)    the matters for which the security was given under that
                      Act; or
               (c)    the enforcement of the security under that Act.
        (3)    Section 632, or any thing done under it, does not—
               (a)    discharge a security; or
               (b)    discharge or release a surety or other obligee, wholly or
                      partly, from an obligation; or
               (c)    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.
Current as at 20 February 2014                                                    Page 541