sec.58Release of surety

sec.58 Release of surety

The scheme manager must release a surety given under this subdivision for an authority if— the surety is replaced with another surety for the authority in a form approved by the scheme manager under section 56 ; or the surety is no longer required to be given because a contribution to the scheme fund is required to be paid under subdivision 1 for the authority. The surety must be released to the giver of the surety as soon as practicable after— for subsection (1) (a) —the replacement surety is given; or for subsection (1) (b) —the contribution to the scheme fund is paid. The scheme manager may release a surety given under this subdivision for an authority, or small scale mining tenure, to the giver of the surety if the scheme manager is satisfied the scheme manager will not be asked under division 3 , subdivision 2 to make a claim on or realise the surety or part of it. Without limiting subsection (3) , the scheme manager may be satisfied under that subsection if the administering authority for the authority gives the scheme manager a notice stating the administering authority will not ask the scheme manager, under division 3 , subdivision 2 , for the payment of costs and expenses by the scheme manager making a claim on or realising the surety or part of it. (sec.58-ssec.1) The scheme manager must release a surety given under this subdivision for an authority if— the surety is replaced with another surety for the authority in a form approved by the scheme manager under section 56 ; or the surety is no longer required to be given because a contribution to the scheme fund is required to be paid under subdivision 1 for the authority. (sec.58-ssec.2) The surety must be released to the giver of the surety as soon as practicable after— for subsection (1) (a) —the replacement surety is given; or for subsection (1) (b) —the contribution to the scheme fund is paid. (sec.58-ssec.3) The scheme manager may release a surety given under this subdivision for an authority, or small scale mining tenure, to the giver of the surety if the scheme manager is satisfied the scheme manager will not be asked under division 3 , subdivision 2 to make a claim on or realise the surety or part of it. (sec.58-ssec.4) Without limiting subsection (3) , the scheme manager may be satisfied under that subsection if the administering authority for the authority gives the scheme manager a notice stating the administering authority will not ask the scheme manager, under division 3 , subdivision 2 , for the payment of costs and expenses by the scheme manager making a claim on or realising the surety or part of it.

• (a) the surety is replaced with another surety for the authority in a form approved by the scheme manager under section 56 ; or
• (b) the surety is no longer required to be given because a contribution to the scheme fund is required to be paid under subdivision 1 for the authority.