15Secretary may issue prohibition order if rectification bond not provided

15 Secretary may issue prohibition order if rectification bond not provided

15 Secretary may issue prohibition order if rectification bond not provided

(1) For the purposes of the Act, section 9(1)(f), the Secretary may make a prohibition order in relation to a residential apartment building if—

(a) the Secretary has accepted, under the Act, section 28(1), a written undertaking from a developer that the developer will provide the Secretary with a rectification bond in relation to the residential apartment building, and

(b) the rectification bond required under the terms of the undertaking has not been provided to the Secretary.

(2) In this clause—

rectification bond, in relation to a residential apartment building, means a bank guarantee, bond or other form of security acceptable to the Secretary, that may be claimed or realised by the Secretary, or another party approved by the Secretary, to meet the costs of eliminating, minimising or remediating a serious defect or a potential serious defect in the residential apartment building.

cl 15 (previously cl 3A): Renumbered 2022 (293), Sch 1[5].