sec.55Holder must give surety

sec.55 Holder must give surety

The holder of the authority, or small scale mining tenure, must give a surety for the authority, or tenure, in a form approved by the scheme manager under section 56 . The holder of the authority must not carry out, or allow the carrying out of, a resource activity under the authority unless the holder has given the surety—see the Environmental Protection Act 1994 , sections 297 and 430 . For small scale mining tenures, see the Environmental Protection Act 1994 , sections 21A and 435A . The amount of the surety is— for an authority mentioned in section 53 (a) or (c) —the amount of the estimated rehabilitation cost for the authority at the beginning of the day that is— for an initial allocation decision—the initial allocation day for the authority; or for a changed holder allocation—the day the decision takes effect under section 37 ; or for an annual review decision—the annual review day for the authority; or for an authority mentioned in section 53 (b) —the amount worked out under section 49 (3) ; or for an authority mentioned in section 53 (d), (e), (f), (g) or (h) —the amount of the estimated rehabilitation cost for the authority; or for a small scale mining tenure mentioned in section 53 (i) —the amount under the Environmental Protection Act 1994 , section 21A (2) (a) . For the Mineral and Energy Resources (Common Provisions) Act 2014 , section 21 , the holder mentioned in subsection (1) is the entity mentioned in section 21 (2) of that Act. s 55 amd 2020 No. 14 s 218 sch 1 ; 2024 No. 33 s 120 (sec.55-ssec.1) The holder of the authority, or small scale mining tenure, must give a surety for the authority, or tenure, in a form approved by the scheme manager under section 56 . The holder of the authority must not carry out, or allow the carrying out of, a resource activity under the authority unless the holder has given the surety—see the Environmental Protection Act 1994 , sections 297 and 430 . For small scale mining tenures, see the Environmental Protection Act 1994 , sections 21A and 435A . (sec.55-ssec.2) The amount of the surety is— for an authority mentioned in section 53 (a) or (c) —the amount of the estimated rehabilitation cost for the authority at the beginning of the day that is— for an initial allocation decision—the initial allocation day for the authority; or for a changed holder allocation—the day the decision takes effect under section 37 ; or for an annual review decision—the annual review day for the authority; or for an authority mentioned in section 53 (b) —the amount worked out under section 49 (3) ; or for an authority mentioned in section 53 (d), (e), (f), (g) or (h) —the amount of the estimated rehabilitation cost for the authority; or for a small scale mining tenure mentioned in section 53 (i) —the amount under the Environmental Protection Act 1994 , section 21A (2) (a) . (sec.55-ssec.3) For the Mineral and Energy Resources (Common Provisions) Act 2014 , section 21 , the holder mentioned in subsection (1) is the entity mentioned in section 21 (2) of that Act.