309Existing security

309 Existing security Any security held under the former Mining Management Act immediately before the commencement in respect of an existing mining authorisation is taken on and after the commencement: (a) to be a mining security held under Part 7, Division 1A in (i) the deemed mining licence corresponding to that authorisation; and (ii) an environmental (mining) licence granted after the commencement for the mining activity to which the deemed mining licence relates; and (b) to form part of the mining security account kept under that Division; and (c) in the case of a security in the form of a bank guarantee – to be an agreement entered into on behalf of the Territory for the purposes of section 37(a) of the Interpretation Act 1978.