29Security in relation to stayed or dismissed proceedings

#### 29 Security in relation to stayed or dismissed proceedings (1) Where: (a) it appears to the court in which a proceeding commenced under this Act is pending that the proceeding should be stayed or dismissed on the ground that the claim concerned should be determined by arbitration (whether in Australia or elsewhere) or by a court of a foreign country; and (b) a ship or other property is under arrest in the proceeding; the court may order that the proceeding be stayed on condition that the ship or property be retained by the court as security for the satisfaction of any award or judgment that may be made in the arbitration or in a proceeding in the court of the foreign country. (2) Subsection (1) does not limit any other power of the court. (3) The power of the court to stay or dismiss a proceeding includes power to do so on such conditions as are just, including a condition: (a) with respect to the institution or prosecution of the arbitration or proceeding in the court of the foreign country; and (b) that equivalent security be provided for the satisfaction of any award or judgment that may be made in the arbitration or in the proceeding in the court of the foreign country. (4) Where a court has made an order under subsection (1) or (3), the court may make such interim or supplementary orders as are appropriate in relation to the ship or property for the purpose of preserving: (a) the ship or property; or (b) the rights of a party or of a person interested in the ship or property. (5) Where: (a) a ship or other property is under arrest in a proceeding; (b) an award or judgment as mentioned in subsection (1) has been made in favour of a party; and (c) apart from this section, the award or judgment is enforceable in Australia; then, in addition to any other proceeding that may be taken by the party to enforce the award or judgment, the party may apply to the court in the stayed proceeding for an appropriate order in relation to the ship or property to give effect to the award or judgment.