Mineral and Energy Resources (Financial Provisioning) Act 2018
sec.56Form of surety
Start here
Get a plain-English read of sec.56
Turn the raw legal text into a practical explanation grounded in Mineral and Energy Resources (Financial Provisioning) Act 2018.
sec.56 Form of surety
The scheme manager may only approve a surety in 1 or more of the following forms— a bank guarantee— in the approved form; or on terms and conditions approved by the scheme manager; an insurance bond issued by a prescribed insurer— in the approved form; or on terms and conditions approved by the scheme manager; a payment of a cash amount— on the condition that the giver of the surety is not entitled to interest on the amount of the surety; and subject to subparagraph (i) , on the terms and conditions approved by the scheme manager. The Acts Interpretation Act 1954 , section 48A (1) does not apply to a form mentioned in subsection (1) . In this section— prescribed insurer means an insurer prescribed by regulation for this section. (sec.56-ssec.1) The scheme manager may only approve a surety in 1 or more of the following forms— a bank guarantee— in the approved form; or on terms and conditions approved by the scheme manager; an insurance bond issued by a prescribed insurer— in the approved form; or on terms and conditions approved by the scheme manager; a payment of a cash amount— on the condition that the giver of the surety is not entitled to interest on the amount of the surety; and subject to subparagraph (i) , on the terms and conditions approved by the scheme manager. (sec.56-ssec.2) The Acts Interpretation Act 1954 , section 48A (1) does not apply to a form mentioned in subsection (1) . (sec.56-ssec.3) In this section— prescribed insurer means an insurer prescribed by regulation for this section.
- (a) a bank guarantee— (i) in the approved form; or (ii) on terms and conditions approved by the scheme manager;
- (i) in the approved form; or
- (ii) on terms and conditions approved by the scheme manager;
- (b) an insurance bond issued by a prescribed insurer— (i) in the approved form; or (ii) on terms and conditions approved by the scheme manager;
- (i) in the approved form; or
- (ii) on terms and conditions approved by the scheme manager;
- (c) a payment of a cash amount— (i) on the condition that the giver of the surety is not entitled to interest on the amount of the surety; and (ii) subject to subparagraph (i) , on the terms and conditions approved by the scheme manager.
- (i) on the condition that the giver of the surety is not entitled to interest on the amount of the surety; and
- (ii) subject to subparagraph (i) , on the terms and conditions approved by the scheme manager.
- (i) in the approved form; or
- (ii) on terms and conditions approved by the scheme manager;
- (i) in the approved form; or
- (ii) on terms and conditions approved by the scheme manager;
- (i) on the condition that the giver of the surety is not entitled to interest on the amount of the surety; and