sec.488Power to require security for petroleum authority

### sec.488 Power to require security for petroleum authority The Minister may require the holder of a petroleum authority, or a person who has applied for a petroleum authority, to give the State security for the authority, or proposed authority. The security must be— in the form prescribed under a regulation; and of at least the amount prescribed under a regulation. The requirement may be made at any time. However, the requirement does not take effect until the holder or applicant is given— for a requirement to give security in the form and amount prescribed under subsection (2) —notice of the requirement; or otherwise—an information notice about the decision to make the requirement. s 488 amd 2004 No. 26 s 166 (sec.488-ssec.1) The Minister may require the holder of a petroleum authority, or a person who has applied for a petroleum authority, to give the State security for the authority, or proposed authority. (sec.488-ssec.2) The security must be— in the form prescribed under a regulation; and of at least the amount prescribed under a regulation. (sec.488-ssec.3) The requirement may be made at any time. (sec.488-ssec.4) However, the requirement does not take effect until the holder or applicant is given— for a requirement to give security in the form and amount prescribed under subsection (2) —notice of the requirement; or otherwise—an information notice about the decision to make the requirement. - (a) in the form prescribed under a regulation; and - (b) of at least the amount prescribed under a regulation. - (a) for a requirement to give security in the form and amount prescribed under subsection (2) —notice of the requirement; or - (b) otherwise—an information notice about the decision to make the requirement.