sec.272Minister’s power to require additional security

sec.272 Minister’s power to require additional security

The Minister may at any time require a GHG authority holder to increase the amount of security given for the authority. However— if, because of an increase in the prescribed amount under section 271 (2) , the requirement is to increase the total security required to no more than the increased prescribed amount—the requirement must be made by notice to the holder; or if the requirement is to increase the total security required to more than the prescribed amount under section 271 (2) when the requirement is made— subsections (3) to (6) must be complied with before making the requirement; and the requirement does not take effect until the holder is given an information notice about the decision to make the requirement. The Minister must give the holder notice— stating the proposed increased amount of the security for the GHG authority; and inviting the holder to within a stated reasonable period make submissions to the Minister about the proposed increased amount. The stated period must end at least 20 business days after the holder is given the notice. The Minister must consider any submissions made by the holder within the stated period. In this section— security given includes security given or increased because of a requirement under subsection (1) . (sec.272-ssec.1) The Minister may at any time require a GHG authority holder to increase the amount of security given for the authority. (sec.272-ssec.2) However— if, because of an increase in the prescribed amount under section 271 (2) , the requirement is to increase the total security required to no more than the increased prescribed amount—the requirement must be made by notice to the holder; or if the requirement is to increase the total security required to more than the prescribed amount under section 271 (2) when the requirement is made— subsections (3) to (6) must be complied with before making the requirement; and the requirement does not take effect until the holder is given an information notice about the decision to make the requirement. (sec.272-ssec.3) The Minister must give the holder notice— stating the proposed increased amount of the security for the GHG authority; and inviting the holder to within a stated reasonable period make submissions to the Minister about the proposed increased amount. (sec.272-ssec.4) The stated period must end at least 20 business days after the holder is given the notice. (sec.272-ssec.5) The Minister must consider any submissions made by the holder within the stated period. (sec.272-ssec.6) In this section— security given includes security given or increased because of a requirement under subsection (1) .

• (a) if, because of an increase in the prescribed amount under section 271 (2) , the requirement is to increase the total security required to no more than the increased prescribed amount—the requirement must be made by notice to the holder; or