25Precondition to grant or renewal of licences

25 Precondition to grant or renewal of licences

(1)  If the Regulator intends to grant or renew a licence, or renew so much of the licence as does not authorise the carrying out of an activity, the Regulator may issue to the applicant a notice requiring security to be given in relation to the licence.

(2)  A notice requiring security to be given in relation to a licence is a notice specifying that the licence will only be granted or renewed, or so much of the licence as does not authorise the carrying out of an activity will be renewed, if the applicant gives, by the date specified in the notice, a security, in the amount and form decided by the Regulator and specified in the notice, for the due performance by the licensee of the obligations of the licensee under this Act or the licence.

(3)  If the Regulator issues a notice under subsection (1) to an applicant for the grant or renewal of a licence, or so much of the licence as does not authorise the carrying out of an activity, the Regulator may refuse to grant or renew the licence, or so much of the licence as does not authorise the carrying out of an activity, respectively, until the applicant gives, by the date specified in the notice, a security, in the amount and form decided by the Regulator and specified in the notice, for the due performance by the licensee of the obligations of the licensee under this Act or the licence.