279Financial assurance condition—imposition

279 Financial assurance condition—imposition (1) The conservator may impose a financial assurance condition on a licence if satisfied that it is justified having regard to— (a) the likelihood that the licensed activity will cause serious or material damage to— (i) a population of a species or ecological community; or (ii) a habitat of a species or ecological community; or (iii) an ecosystem; and (b) the likelihood that action will need to be taken in the future to repair the damage; and (c) the financial assurance considerations (if any); and Note Financial assurance considerations—see s (5). (d) any other relevant matter. (2) A financial assurance must be in the form of— (a) a bank guarantee; or (b) a bond; or (c) an insurance policy; or

(d) if the conservator reasonably believes that, in the circumstances, the forms of assurance in paragraphs (a), (b) and (c) are not appropriate—another form of security that the conservator (3) The conservator must not require financial assurance of an amount greater than the total amount that the conservator reasonably believes is needed to repair the damage that could result from the activity. (4) A financial assurance must be given for the period stated in the financial assurance condition on the licence. (5) The Minister may determine matters to be considered by the conservator in deciding whether to impose a financial assurance condition on a licence (financial assurance considerations). (6) A determination is a disallowable instrument.