sec.616IFinancial assurance for transitional authority (SAA)

### sec.616I Financial assurance for transitional authority (SAA) This section applies if, under the Mineral Resources Act or a special agreement Act, security has been deposited, lodged or required in relation to a relevant mining lease for a transitional authority (SAA). 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 lease. If the security has been deposited under the Mineral Resources Act or a special agreement Act for a relevant mining lease, the requirement under the condition to give the financial assurance is taken to have been complied with for the lease— from the time the whole amount of the security has been deposited; and until the plan of operations for the lease is amended or replaced under section 235. 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 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. The form of each security given or required to be given for a relevant mining lease is taken to be the form of the financial assurance for the lease decided under section 364(3). However, the financial assurance for the relevant mining lease 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 lease 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 lease; 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. 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 616I ins 2008 No. 37 s 9 (sec.616I-ssec.1) This section applies if, under the Mineral Resources Act or a special agreement Act, security has been deposited, lodged or required in relation to a relevant mining lease for a transitional authority (SAA). (sec.616I-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 lease. (sec.616I-ssec.3) If the security has been deposited under the Mineral Resources Act or a special agreement Act for a relevant mining lease, the requirement under the condition to give the financial assurance is taken to have been complied with for the lease— from the time the whole amount of the security has been deposited; and until the plan of operations for the lease is amended or replaced under section 235. (sec.616I-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 authority. (sec.616I-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.616I-ssec.6) The form of each security given or required to be given for a relevant mining lease is taken to be the form of the financial assurance for the lease decided under section 364(3). (sec.616I-ssec.7) However, the financial assurance for the relevant mining lease 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.616I-ssec.8) The amount of financial assurance for each relevant mining lease 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 lease; 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. (sec.616I-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) from the time the whole amount of the security has been deposited; and - (b) until the plan of operations for the lease is amended or replaced under section 235. - (a) the amount of security given or required for each relevant mining lease; - (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.