sec.67SLodgement of security instead of retention amount or security in money form

### sec.67S Lodgement of security instead of retention amount or security in money form This section applies if the contracted party for a building contract is under a lawful obligation to lodge a security in the form of an amount of money (the relevant amount ). The contracted party complies with the obligation if— the contracted party lodges with the contracting party a security, in the form of a government bond or a valuable instrument from an approved security provider, to take the place of the security in the form of money; and the value of the security is equal to the relevant amount. If the contracted party lodges a security in the form of a valuable instrument from an entity that is an approved security provider, and the entity stops being an approved security provider, the contracted party must, if asked by the contracting party, lodge a further security, in a form mentioned in subsection (2) (a) , to take the place of the security in the form of money. s 67S ins 1999 No. 43 s 29 (sec.67S-ssec.1) This section applies if the contracted party for a building contract is under a lawful obligation to lodge a security in the form of an amount of money (the relevant amount ). (sec.67S-ssec.2) The contracted party complies with the obligation if— the contracted party lodges with the contracting party a security, in the form of a government bond or a valuable instrument from an approved security provider, to take the place of the security in the form of money; and the value of the security is equal to the relevant amount. (sec.67S-ssec.3) If the contracted party lodges a security in the form of a valuable instrument from an entity that is an approved security provider, and the entity stops being an approved security provider, the contracted party must, if asked by the contracting party, lodge a further security, in a form mentioned in subsection (2) (a) , to take the place of the security in the form of money. - (a) the contracted party lodges with the contracting party a security, in the form of a government bond or a valuable instrument from an approved security provider, to take the place of the security in the form of money; and - (b) the value of the security is equal to the relevant amount.