175Bonds and guarantees

175 Bonds and guarantees

S. 175(1) amended by Nos 86/1989 s. 4(2)(k), 3/2013 s. 47(1).

(1) An agreement may include a condition that the owner is to deposit with the responsible authority—

(a) a sum of money fixed by or determined in accordance with the agreement; or

S. 175(1)(b) amended by No. 86/1989 s. 22.

(b) an undertaking to pay that sum together with security in a form determined by or in accordance with the agreement.

(2) The agreement may provide that the sum or part of the sum is forfeited if there is any failure by the owner to carry out the agreement to the satisfaction of the responsible authority.

(3) Any money paid must be returned to the owner on a date or dates specified in the agreement to the extent that it has not been forfeited.

(4) Any money payable under this section is a charge on the land which is the subject of the agreement.

S. 175(5) inserted by No. 3/2013 s. 47(2).

(5) An agreement must not include a condition requiring a Minister to provide a bond or guarantee to the responsible authority.