sec.35Requirement for security

### sec.35 Requirement for security Without limiting the power of the Treasurer with respect to the terms and conditions to which the Treasurer’s guarantee may be subject, the Treasurer may require a person with whom the Corporation has entered into or desires to enter into any financial arrangements or other arrangements to take security of a description specified in the guarantee. If a person required to take security under subsection (1) — fails to take security of the description specified; having taken such security, releases in whole or in part that security without the Treasurer’s consent in writing first had and obtained; having taken such security, waives any right or remedy thereby secured to the person without the Treasurer’s consent in writing first had and obtained; the guarantee in connection with which the security was required shall be void and shall be deemed to have been void ab initio. s 35 amd 1995 No. 58 s 4 sch 1 (sec.35-ssec.1) Without limiting the power of the Treasurer with respect to the terms and conditions to which the Treasurer’s guarantee may be subject, the Treasurer may require a person with whom the Corporation has entered into or desires to enter into any financial arrangements or other arrangements to take security of a description specified in the guarantee. (sec.35-ssec.2) If a person required to take security under subsection (1) — fails to take security of the description specified; having taken such security, releases in whole or in part that security without the Treasurer’s consent in writing first had and obtained; having taken such security, waives any right or remedy thereby secured to the person without the Treasurer’s consent in writing first had and obtained; the guarantee in connection with which the security was required shall be void and shall be deemed to have been void ab initio. - (a) fails to take security of the description specified; - (b) having taken such security, releases in whole or in part that security without the Treasurer’s consent in writing first had and obtained; - (c) having taken such security, waives any right or remedy thereby secured to the person without the Treasurer’s consent in writing first had and obtained;