sec.90Financial assurance taken to be surety given under this Act

sec.90 Financial assurance taken to be surety given under this Act

The financial assurance is taken to be a surety given under part 3 for the authority or small scale mining tenure. This Act applies in relation to the surety. However, it does not matter if the surety is not in a form approved by the scheme manager under section 56. Also, an administration fee is not payable for the surety. Without limiting subsection (2), the scheme manager may make a claim on or realise the surety or part of it under part 3, division 3, subdivision 2. An instrument comprising or relating to the surety must be interpreted, and takes effect, as if it were amended to the extent necessary for this section. Without limiting subsection (6)— subsection (2) applies despite the terms of an instrument comprising or relating to the surety, including, for example, a term that the surety or its benefit is not transferable; and the surety is taken to have been given for valuable consideration and any instrument granting it is taken to have been executed as a deed under seal by each party to the instrument; and this section, or anything done under it, does not— discharge the surety; or discharge or release the surety or other obligee, wholly or partly, from an obligation; or fulfil a condition allowing a person to— terminate an instrument comprising or relating to the surety; or be released, wholly or partly, from an obligation; or modify the operation or effect of an instrument comprising or relating to the surety, or an obligation; and if the advice or consent of, or giving notice to, a person would be necessary to give effect to the giving of the surety— the advice is taken to have been obtained; and the consent or notice is taken to have been given. If the surety is in the form of a cash payment, the giver of the surety is not entitled to interest on the amount of the surety accrued after the commencement. (sec.90-ssec.1) The financial assurance is taken to be a surety given under part 3 for the authority or small scale mining tenure. (sec.90-ssec.2) This Act applies in relation to the surety. (sec.90-ssec.3) However, it does not matter if the surety is not in a form approved by the scheme manager under section 56. (sec.90-ssec.4) Also, an administration fee is not payable for the surety. (sec.90-ssec.5) Without limiting subsection (2), the scheme manager may make a claim on or realise the surety or part of it under part 3, division 3, subdivision 2. (sec.90-ssec.6) An instrument comprising or relating to the surety must be interpreted, and takes effect, as if it were amended to the extent necessary for this section. (sec.90-ssec.7) Without limiting subsection (6)— subsection (2) applies despite the terms of an instrument comprising or relating to the surety, including, for example, a term that the surety or its benefit is not transferable; and the surety is taken to have been given for valuable consideration and any instrument granting it is taken to have been executed as a deed under seal by each party to the instrument; and this section, or anything done under it, does not— discharge the surety; or discharge or release the surety or other obligee, wholly or partly, from an obligation; or fulfil a condition allowing a person to— terminate an instrument comprising or relating to the surety; or be released, wholly or partly, from an obligation; or modify the operation or effect of an instrument comprising or relating to the surety, or an obligation; and if the advice or consent of, or giving notice to, a person would be necessary to give effect to the giving of the surety— the advice is taken to have been obtained; and the consent or notice is taken to have been given. (sec.90-ssec.8) If the surety is in the form of a cash payment, the giver of the surety is not entitled to interest on the amount of the surety accrued after the commencement.