23Condition of class A and class B permits requiring holder to guarantee compliance obligations—the Act, s 152(1)(a) and (5)

23 Condition of class A and class B permits requiring holder to guarantee compliance obligations—the Act, s 152(1)(a) and (5)

23 Condition of class A and class B permits requiring holder to guarantee compliance obligations—the Act, s 152(1)(a) and (5)

(1) It is a condition of a class A permit that—

(a) if the permit holder is the holder of a class 1 lease—the permit holder must guarantee the performance of the permit holder’s compliance obligations either—

(i) under the default financial arrangement in accordance with this part, or

(ii) under an elective financial arrangement entered into and maintained by the permit holder in accordance with this part, or

(b) otherwise—the permit holder must guarantee the performance of the permit holder’s compliance obligations by entering into and maintaining an elective financial arrangement in accordance with this part.

(2) It is a condition of a class B permit that the permit holder must guarantee the performance of the permit holder’s compliance obligations under an elective financial arrangement entered into and maintained in accordance with this part.

(3) A class A permit holder to whom subsection (1)(a) applies must, within 60 days after the permit is granted, give the Minister written notice (an election notice) confirming—

(a) the kind of financial arrangement under which the permit holder has chosen to guarantee the permit holder’s compliance obligations to satisfy the security condition of the permit, and

(b) if the permit holder has chosen to enter into an elective financial arrangement to satisfy the security condition of the permit—that the permit holder has entered into the elective financial arrangement.

(4) However, a class A permit holder to whom subsection (1)(a) applies is taken to have chosen to guarantee the permit holder’s compliance obligations under the default financial arrangement if the permit holder—

(a) fails to give the Minister an election notice, or

(b) gives the Minister an election notice that confirms the permit holder has chosen to enter into an elective financial arrangement but does not confirm that the permit holder has entered into the arrangement in accordance with subsection (3)(b).