sec.57When holder must give increased surety

sec.57 When holder must give increased surety

This section applies if— a surety is given for an authority mentioned in section 53 (a) , (b) or (c) ; and before the next allocation decision is made for the authority— the estimated rehabilitation cost for the authority increases; or for an authority mentioned in section 53 (b) —the fund threshold applying to the authority decreases. In addition to giving the surety under section 55 , the holder of the authority must give a surety in the amount— for an authority mentioned in section 53 (a) or (c) —that equals the amount of the increased estimated rehabilitation cost for the authority less the amount of the surety for the authority already given; or for an authority mentioned in section 53 (b) — if subsection (1) (b) (i) applies—that equals the amount of the increased estimated rehabilitation cost for the authority less both the fund threshold applying to the authority and the amount of the surety for the authority already given; or if subsection (1) (b) (ii) applies—that equals the amount of the estimated rehabilitation cost for the authority less both the amount of the decreased fund threshold applying to the authority and the amount of the surety for the authority already given. The surety must be in the form approved by the scheme manager under section 56 . The surety must be given within 30 business days after the estimated rehabilitation cost for the authority increases. The scheme manager may extend the period mentioned in subsection (4) if the scheme manager is satisfied it is not reasonably practicable for the holder to obtain the surety within the period. s 57 amd 2024 No. 33 s 122 (sec.57-ssec.1) This section applies if— a surety is given for an authority mentioned in section 53 (a) , (b) or (c) ; and before the next allocation decision is made for the authority— the estimated rehabilitation cost for the authority increases; or for an authority mentioned in section 53 (b) —the fund threshold applying to the authority decreases. (sec.57-ssec.2) In addition to giving the surety under section 55 , the holder of the authority must give a surety in the amount— for an authority mentioned in section 53 (a) or (c) —that equals the amount of the increased estimated rehabilitation cost for the authority less the amount of the surety for the authority already given; or for an authority mentioned in section 53 (b) — if subsection (1) (b) (i) applies—that equals the amount of the increased estimated rehabilitation cost for the authority less both the fund threshold applying to the authority and the amount of the surety for the authority already given; or if subsection (1) (b) (ii) applies—that equals the amount of the estimated rehabilitation cost for the authority less both the amount of the decreased fund threshold applying to the authority and the amount of the surety for the authority already given. (sec.57-ssec.3) The surety must be in the form approved by the scheme manager under section 56 . (sec.57-ssec.4) The surety must be given within 30 business days after the estimated rehabilitation cost for the authority increases. (sec.57-ssec.5) The scheme manager may extend the period mentioned in subsection (4) if the scheme manager is satisfied it is not reasonably practicable for the holder to obtain the surety within the period.