Subdiv 7Bond and security

Subdivision 7—Bond and security 43—Bond and security (1) The Minister may, by written notice to an applicant for a licence or a licensee, require them to enter into a bond in such sum and subject to such conditions as ensure, in the opinion of the Minister, that— (a) any civil or statutory liability likely to be incurred by that person in the course of undertaking authorised operations; and (b) the present and future obligations of that person in relation to the rehabilitation of an area disturbed by undertaking authorised operations, will be satisfied. (2) The Minister may require such security for the satisfaction of the bond as the Minister thinks fit. (3) If an applicant for a licence fails to comply with a requirement under this section, the Minister may refuse the application. (4) If a licensee fails to comply with a requirement under this section, the Minister may— (a) if the requirement has not been complied with at the expiration of 1 month from the end of the time allowed for compliance—suspend the licence; and (b) if the requirement has not been complied with at the expiration of 3 months from the end of the time allowed for compliance—cancel the licence. (5) The liability to pay an amount under this section constitutes a debt due to the Crown. (6) If the Minister holds, or is entitled to hold, money under a bond entered into by a licensee, the Minister may, in the Minister's discretion, expend any portion of that money— (a) to compensate any person who has suffered, or is likely to suffer, financial loss as a result of operations undertaken by the licensee or in rehabilitating any area disturbed by such operations; or (b) to satisfy any liability to pay an amount that is due to the Crown under this Act; or (c) to satisfy a matter specified in subsection (1)(a) or (b). (7) The Minister may, on application under this subsection, in the Minister's absolute discretion, agree to the assignment of a liability or obligation under this section to a third party on terms or conditions determined by the Minister. (8) No action lies against the Minister in respect of the expenditure of money under this section.