Mineral and Energy Resources (Financial Provisioning) Act 2018
sec.4How main purposes to be achieved
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sec.4 How main purposes to be achieved
The main purposes are to be achieved by— establishing a financial provisioning scheme to deal with the environmental impacts of resource activities (the scheme ), including, for example— a scheme fund; and a cash surety account; and establishing a residual risks fund; and providing for the appointment of a person to manage the scheme and administer the residual risks fund; and providing for the person mentioned in paragraph (c) — for managing the scheme—to make payments from the scheme fund and the cash surety account, enter into surety arrangements, and call on and release sureties; and for administering the residual risks fund—to make payments from the residual risks fund. s 4 amd 2020 No. 26 s 104
- (a) establishing a financial provisioning scheme to deal with the environmental impacts of resource activities (the scheme ), including, for example— (i) a scheme fund; and (ii) a cash surety account; and
- (i) a scheme fund; and
- (ii) a cash surety account; and
- (b) establishing a residual risks fund; and
- (c) providing for the appointment of a person to manage the scheme and administer the residual risks fund; and
- (d) providing for the person mentioned in paragraph (c) — (i) for managing the scheme—to make payments from the scheme fund and the cash surety account, enter into surety arrangements, and call on and release sureties; and (ii) for administering the residual risks fund—to make payments from the residual risks fund.
- (i) for managing the scheme—to make payments from the scheme fund and the cash surety account, enter into surety arrangements, and call on and release sureties; and
- (ii) for administering the residual risks fund—to make payments from the residual risks fund.
- (i) a scheme fund; and
- (ii) a cash surety account; and
- (i) for managing the scheme—to make payments from the scheme fund and the cash surety account, enter into surety arrangements, and call on and release sureties; and
- (ii) for administering the residual risks fund—to make payments from the residual risks fund.