Protection of the Environment Operations Act 1997
298Requiring financial assurances
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298 Requiring financial assurances
298 Requiring financial assurances
(1) Condition for financial assurance The conditions of an environment protection licence may require the holder or former holder of the licence to provide a financial assurance. The appropriate regulatory authority may require any such financial assurance to be provided before it issues, suspends or revokes the licence or before it approves of its surrender.
(2) Form of financial assurance A financial assurance may be in one or more of the following forms—
(a) a bank guarantee,
(b) a bond,
(c) another form of security that the appropriate regulatory authority considers appropriate and specifies in the condition.
(3) Provision for use of financial assurance A condition of a licence may provide for the procedures under which the financial assurance may be called on or used.