sec.631Financial assurance if security for related petroleum authority is monetary

### sec.631 Financial assurance if security for related petroleum authority is monetary This section applies to an environmental authority if— under the Petroleum Act 1923 or the Petroleum and Gas (Production and Safety) Act 2004 , the environmental authority is the relevant environmental authority for a petroleum authority; and the Petroleum Act 1923 , section 159 or the Petroleum and Gas (Production and Safety) Act 2004 , section 920 applies to security held for the petroleum authority. A condition is taken to have, under section 364, been imposed on the environmental authority that its holder must give the administering authority financial assurance for the environmental authority in the amount required to be transferred under either section mentioned in subsection (1)(b). The amount is taken to also be the financial assurance. The financial assurance is taken to be for the matters mentioned in section 364(1) in relation to the environmental authority. On the making of the transfer, the requirement under the condition to give the financial assurance is taken to have been complied with. s 631 ins 2004 No. 26 s 270 amd 2005 No. 53 s 93 (sec.631-ssec.1) This section applies to an environmental authority if— under the Petroleum Act 1923 or the Petroleum and Gas (Production and Safety) Act 2004 , the environmental authority is the relevant environmental authority for a petroleum authority; and the Petroleum Act 1923 , section 159 or the Petroleum and Gas (Production and Safety) Act 2004 , section 920 applies to security held for the petroleum authority. (sec.631-ssec.2) A condition is taken to have, under section 364, been imposed on the environmental authority that its holder must give the administering authority financial assurance for the environmental authority in the amount required to be transferred under either section mentioned in subsection (1)(b). (sec.631-ssec.3) The amount is taken to also be the financial assurance. (sec.631-ssec.4) The financial assurance is taken to be for the matters mentioned in section 364(1) in relation to the environmental authority. (sec.631-ssec.5) On the making of the transfer, the requirement under the condition to give the financial assurance is taken to have been complied with. - (a) under the Petroleum Act 1923 or the Petroleum and Gas (Production and Safety) Act 2004 , the environmental authority is the relevant environmental authority for a petroleum authority; and - (b) the Petroleum Act 1923 , section 159 or the Petroleum and Gas (Production and Safety) Act 2004 , section 920 applies to security held for the petroleum authority.