sec.598Financial assurance for transitional authority

### sec.598 Financial assurance for transitional authority This section applies if, under the Mineral Resources Act, security has been deposited or required in relation to a relevant mining tenement for a transitional authority. A condition is taken to have been imposed, under section 364, on the authority that the authority holder must give the administering authority financial assurance for each relevant mining tenement. If the security has been deposited under the Mineral Resources Act for a relevant mining tenement, the requirement under the condition to give the financial assurance is taken to have been complied with for the tenement. The financial assurance required under the condition is taken to be security for the matters mentioned in section 364(1)(a) and (b) in relation to the transitional authority. Subsection (4) applies despite the Mineral Resources Act or the terms of an instrument granting the security or other document, including, for example, a term that the security or its benefit is not transferable. For section 364(1), the form of the financial assurance for each relevant mining tenement is taken to have been required in the same form as each security given or required for the tenement. However, the financial assurance is taken to have been given for valuable consideration and any instrument granting it is taken to have been executed as a deed under seal by each party to the instrument. The amount of financial assurance for each relevant mining tenement is taken to have been decided under section 364(3) as the lesser of the following— the amount of security given or required for each relevant mining tenement; any amount the administering authority decides would have been the amount under section 364(3) for the financial assurance had the amount been decided on the commencement day. Section 365 and chapter 11, part 3 do not apply to financial assurance under this section or to a decision under subsection (8)(b). s 598 ins 2000 No. 64 s 52 (sec.598-ssec.1) This section applies if, under the Mineral Resources Act, security has been deposited or required in relation to a relevant mining tenement for a transitional authority. (sec.598-ssec.2) A condition is taken to have been imposed, under section 364, on the authority that the authority holder must give the administering authority financial assurance for each relevant mining tenement. (sec.598-ssec.3) If the security has been deposited under the Mineral Resources Act for a relevant mining tenement, the requirement under the condition to give the financial assurance is taken to have been complied with for the tenement. (sec.598-ssec.4) The financial assurance required under the condition is taken to be security for the matters mentioned in section 364(1)(a) and (b) in relation to the transitional authority. (sec.598-ssec.5) Subsection (4) applies despite the Mineral Resources Act or the terms of an instrument granting the security or other document, including, for example, a term that the security or its benefit is not transferable. (sec.598-ssec.6) For section 364(1), the form of the financial assurance for each relevant mining tenement is taken to have been required in the same form as each security given or required for the tenement. (sec.598-ssec.7) However, the financial assurance is taken to have been given for valuable consideration and any instrument granting it is taken to have been executed as a deed under seal by each party to the instrument. (sec.598-ssec.8) The amount of financial assurance for each relevant mining tenement is taken to have been decided under section 364(3) as the lesser of the following— the amount of security given or required for each relevant mining tenement; any amount the administering authority decides would have been the amount under section 364(3) for the financial assurance had the amount been decided on the commencement day. (sec.598-ssec.9) Section 365 and chapter 11, part 3 do not apply to financial assurance under this section or to a decision under subsection (8)(b). - (a) the amount of security given or required for each relevant mining tenement; - (b) any amount the administering authority decides would have been the amount under section 364(3) for the financial assurance had the amount been decided on the commencement day.