22Definitions for part

22 Definitions for part

22 Definitions for part

In this part—

aquaculture lease annual default arrangement payment security trust account—see section 34(1).

aquaculture lease cash deposit security trust account—see section 33(1).

authorised guarantor means—

(a) an authorised deposit-taking institution, or

(b) a corporation authorised to carry on an insurance business in Australia.

bank guarantee financial arrangement means a guarantee issued by an authorised guarantor that indemnifies the Crown to the extent of the required amount to secure the performance of a permit holder’s compliance obligations.

cash deposit financial arrangement means an arrangement under which a permit holder deposits the required amount with the Minister to guarantee the performance of the permit holder’s compliance obligations.

compliance obligations, in relation to a permit holder or former permit holder, means—

(a) the permit holder or former permit holder’s obligations under the condition imposed on the permit under the Act, section 162, and

(b) if the permit holder or former permit holder is or was the lessee of the leased area to which the permit applies—

(i) the permit holder’s or former permit holder’s compliance with the Act, section 170, and

(ii) the permit holder’s or former permit holder’s compliance with the Act, section 171, and

(c) if the permit holder or former permit holder is not or was not the lessee of the leased area to which the permit applies—

(i) the lessee’s compliance with the Act, section 170, and

(ii) the lessee’s compliance with the Act, section 171.

default financial arrangement means the arrangement under which a class A permit holder is required to pay the annual security payments in accordance with Division 4 to guarantee the performance of the permit holder’s compliance obligations.

elective financial arrangement means any of the following kinds of financial arrangements—

(a) a bank guarantee financial arrangement,

(b) a cash deposit financial arrangement,

(c) a combination of the financial arrangements under paragraph (a) and paragraph (b) collectively under which the required amount to guarantee the performance of the permit holder’s compliance obligations is guaranteed or deposited.