sec.489Minister’s power to require additional security

### sec.489 Minister’s power to require additional security The Minister may, at any time, require a petroleum authority holder to increase the amount of security given for the authority. However— if, because of an increase in the prescribed amount under section 488 (2) , the requirement is to increase the total security required to no more than the increased prescribed amount—the requirement must be made by notice to the holder; or if the requirement is to increase the total security required to more than the prescribed amount under section 488 (2) when the requirement is made— subsections (3) to (6) must be complied with before making the requirement; and the requirement does not take effect until the holder is given an information notice about the decision to make the requirement. The Minister must give the holder notice— stating the proposed increased amount of the security for the authority; and inviting the holder to lodge, within a stated reasonable period, submissions about the proposed increased amount. The stated period must end at least 20 business days after the holder is given the notice. Any submissions lodged by the holder within the stated period must be considered before deciding to make the requirement. In this section— security given, includes security given or increased because of a requirement under subsection (1) . s 489 amd 2004 No. 26 s 167 ; 2005 No. 3 s 105 sch ; 2012 No. 20 s 281 sch 2 (sec.489-ssec.1) The Minister may, at any time, require a petroleum authority holder to increase the amount of security given for the authority. (sec.489-ssec.2) However— if, because of an increase in the prescribed amount under section 488 (2) , the requirement is to increase the total security required to no more than the increased prescribed amount—the requirement must be made by notice to the holder; or if the requirement is to increase the total security required to more than the prescribed amount under section 488 (2) when the requirement is made— subsections (3) to (6) must be complied with before making the requirement; and the requirement does not take effect until the holder is given an information notice about the decision to make the requirement. (sec.489-ssec.3) The Minister must give the holder notice— stating the proposed increased amount of the security for the authority; and inviting the holder to lodge, within a stated reasonable period, submissions about the proposed increased amount. (sec.489-ssec.4) The stated period must end at least 20 business days after the holder is given the notice. (sec.489-ssec.5) Any submissions lodged by the holder within the stated period must be considered before deciding to make the requirement. (sec.489-ssec.6) In this section— security given, includes security given or increased because of a requirement under subsection (1) . - (a) if, because of an increase in the prescribed amount under section 488 (2) , the requirement is to increase the total security required to no more than the increased prescribed amount—the requirement must be made by notice to the holder; or - (b) if the requirement is to increase the total security required to more than the prescribed amount under section 488 (2) when the requirement is made— (i) subsections (3) to (6) must be complied with before making the requirement; and (ii) the requirement does not take effect until the holder is given an information notice about the decision to make the requirement. - (i) subsections (3) to (6) must be complied with before making the requirement; and - (ii) the requirement does not take effect until the holder is given an information notice about the decision to make the requirement. - (i) subsections (3) to (6) must be complied with before making the requirement; and - (ii) the requirement does not take effect until the holder is given an information notice about the decision to make the requirement. - (a) stating the proposed increased amount of the security for the authority; and - (b) inviting the holder to lodge, within a stated reasonable period, submissions about the proposed increased amount.