106Requirement for security

106 Requirement for security (1) The Minister may require security for compensation that may become payable: (a) for damage and loss mentioned in section 107 or 108; or Mineral Titles Act 2010 55 (b) under the NTA, whether the liability to pay the compensation is incurred by the Territory or another person in connection with a matter to which this Act applies. (2) The Minister may require security: (a) before or during the consideration of an application for the grant or renewal of a mineral title; or (b) before approving an application for the transfer of a mineral rights interest under section 123; or (c) at any time during the term of a mineral title. (3) In assessing the need for security, the Minister must take into account any agreement about the payment of compensation between the parties concerned. (4) A requirement for security may specify any of the following: (a) the amount of the security; (b) the form of the security; (c) how and by whom the security must be given; (d) any other matter prescribed by regulation. (5) Security may be in the form of cash, a negotiable instrument or a bank guarantee.