400Application of security

400 Application of security

(1) If: (a) a person is a licence holder; and (b) the person has lodged a security with the Designated Authority; the Joint Authority may use the security to discharge the person’s obligations arising from a failure to comply with: (c) this Act; or (d) the licence conditions; or (e) a compliance direction. (2) Without limiting subsection (1), the holder’s financial obligations include the obligation to pay a penalty imposed under the licence conditions. (3) Subject to subsection (1), the Joint Authority is to deal with a security in accordance with the regulations.