113Security for payment of charges

113 Security for payment of charges (1) A charging entity may require a person to lodge with it a security deposit as security for the payment of charges that have been, or may be, incurred under this Part by the person. Ports Management Act 2015 88 (2) The security deposit: (a) may take the form of cash or a guarantee from a bank, building society or credit union or any other form that the charging entity approves; and (b) must be in or for an amount determined by the entity. (3) A charging entity may appropriate a security deposit or the proceeds of a security deposit to meet liabilities of the depositor (including any interest payable) under this Part that are unpaid after becoming due. (4) In the event that a security deposit or the proceeds of a security deposit have been appropriated or partly appropriated, a charging entity may require lodgement of further security. (5) If at any time a charging entity considers that a depositor's potential liabilities under this Part should be more adequately secured, the entity may require the lodgement of security in a greater amount, or in a different form, or both.