261BSecurity deposit conditions

261B Security deposit conditions

261B Security deposit conditions

(1) A decision-maker may impose a condition on an authorisation that requires the holder of the authorisation to provide and maintain a security deposit to secure funding for the fulfilment of obligations under the authorisation, including obligations under the authorisation that may arise in the future.

(2) A condition may be imposed under this section—

(a) whether or not the land that is or may be affected by the activities the subject of the obligations or direction is or has at any time been an authorisation area, and

(b) whether or not the obligations relate to activities that were carried out by the current holder of the authorisation, and

(c) whether or not the obligations relate to activities that were authorised by the authorisation, and

(d) if the authorisation has been previously wholly or partly transferred, whether or not the obligations relate to activities carried out under the transferred authority.

(3) A security deposit condition may be varied to change the required amount of the deposit (whether the deposit was provided by the holder of the authorisation or by another person) or any other requirement of the condition.

(4) A security deposit condition may be imposed or varied—

(a) when an authorisation is granted or renewed, or

(b) when a full or partial transfer of an authority is approved under this Act, or

(c) when a mineral claim is transferred under this Act, or

(d) at any other time during the term of an authorisation.

(4A) A security deposit condition, or a variation to a security deposit condition, takes effect as follows—

(a) in the case of a security deposit condition imposed when an authorisation is granted—when the grant takes effect,

(b) in the case of a security deposit condition imposed or varied when an authorisation is renewed—when the renewal takes effect,

(c) in the case of a security deposit condition imposed or varied when a full or partial transfer of an authority is approved under this Act—when the transfer is registered under this Act,