400Application of security

400 Application of security

400 Application of security

(1) If:

(a) a person is or was a licence holder, and

(b) the person has lodged a security with the Minister,

the Minister may use the security to discharge the person’s obligations arising from a failure to comply with:

(c) this Act or the regulations, or

(d) the licence conditions, or

(e) a direction under section 387 or 392.

(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 Minister is to deal with a security in accordance with the regulations.