285Financial assurance condition—money held by Territory

285 Financial assurance condition—money held by Territory (1) If an amount of money is held by the Territory as a financial assurance, the following provisions apply: (a) interest accrues on so much of the original amount as from time to time remains unclaimed by the conservator under section 282 (Financial assurance condition—claim or realisation); Note A rate of interest may be determined under s 368 for this provision. (b) for a claim made by the conservator under section 282—the financial assurance is taken to include any accrued interest other than interest to which the licensee is entitled to be paid under paragraph (c); (c) during the period for which the financial assurance is required, on each anniversary of the payment of the original amount, the licensee is entitled to be paid by the Territory so much of the interest that accrued during the year that ended on the day before that anniversary as remains unclaimed by the conservator under section 282; (d) the amount of the original amount and accrued interest that remains unclaimed by the conservator under section 282 must be paid by the Territory to the licensee if the financial assurance is no longer required by the conservator. (2) For this section, a financial assurance is no longer required by the conservator if— (a) the conservator is satisfied that a financial assurance condition is no longer justified under section 279 (Financial assurance condition—imposition); or (b) the licence has ended and section 282 (Financial assurance condition—claim or realisation) does not apply.

Part 11.5 Licences—amendment, transfer and renewal