91Conditions requiring financial assurances

91 Conditions requiring financial assurances

(1)  In this section –

secured event, in relation to a registered entity's biosecurity registration, includes the following events:

(a) the registered entity contravening a condition on the biosecurity registration, other than a condition referred to in subsection (2) ;

(b) the registered entity placing any biosecurity matter, that the biosecurity registration authorises the registered entity to deal with, in the care of the Secretary;

(c) the registered entity engaging in conduct that the registered entity is not, or is no longer, authorised to engage in under the biosecurity registration;

(d) the registered entity being unable, for any reason, to continue to engage in the regulated dealing authorised to be engaged in under the biosecurity registration.

(2)  A condition imposed on a registered entity's biosecurity registration may require the registered entity –

(a) to provide a financial assurance to secure, or guarantee, funding for or towards the doing of anything required as a result of a secured event; and

(b) to provide evidence of such financial assurance before the Secretary grants, renews, varies, suspends or cancels the biosecurity registration.

(3)  A condition imposing a financial assurance may specify the assurance 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 –

(a) may be claimed and realised, despite and without affecting –

(i) any liability of the registered entity for a penalty in respect of an offence that may have occurred as a result of the contravention to which the assurance relates; and