117Conditions relating to financial assurances

117 Conditions relating to financial assurances

(1)  In this section –

secured event, in relation to a permit, includes the following events:

(a) the permit holder contravening a condition on the permit, other than a condition referred to in subsection (2) ;

(b) the permit holder placing any biosecurity matter, that the permit authorises the permit holder to deal with, in the care of the Secretary;

(c) the permit holder engaging in conduct that the permit holder is not, or no longer, authorised to engage in under the relevant permit;

(d) the permit holder being unable, for any reason, to continue to engage in the conduct authorised by the permit.

(2)  A condition imposed on a permit may require the permit holder to provide a financial assurance to secure, or guarantee, funding for or towards the doing of anything required in the event of a secured event in relation to a dealing under the permit.

(3)  A condition imposing a financial assurance may specify that the assurance is to be in one or more of the following forms:

(a) a bank guarantee;

(b) a bond;

(c) a prescribed form;

(d) any other form that is approved by the Secretary.

(4)  A financial assurance may be claimed and realised, despite and without affecting –

(a) any liability of the permit holder for any penalty for an offence for a contravention to which the assurance relates; and

(b) any other action that may be taken, or is required to be taken, in relation to any contravention or other circumstances to which the assurance relates.

(5)  Unless otherwise specified in this Act or the regulations, a condition imposed under this section may make provision for the following matters:

(a) the method of calculating the amount of the financial assurance required;