18Security

18 Security (2) A security given in accordance with a form approved under section 17(2)(a) by the Minister, although it is not sealed, binds the person subscribing to it as if it were sealed. (3) Whenever a security referred to in section 17(2)(a) is put in suit, the production of the security entitles the Minister, without further proof, to judgment for the amount claimed, against the person appearing to have executed the security, unless that person proves: (a) compliance with conditions of the security; (b) that the security was not executed by him; or (c) release or satisfaction. (4) If it appears to the court, in a suit referred to in subsection (3), that non-compliance with a condition of a security given under this Act has occurred, the security shall not be discharged or invalidated, and the subscriber shall not be released or discharged from liability, by reason of: (a) an extension of time or other concession; (b) consent to, or acquiescence in, a previous non-compliance with a condition; or (c) failure to bring suit against the subscriber upon the occurrence of a previous non-compliance with the condition. (5) If there are several subscribers to a security referred to in section 17(2)(a), they are bound, unless the security otherwise provides, jointly and severally and for the full amount of the security. (6) A security referred to in section 17(2)(a) may be sued on for non-compliance with the conditions of the licence to which the security relates.