sec.18Requirement for security

### sec.18 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 a statutory body has entered into or desires to enter into any financial arrangements to take security of a description specified in the guarantee. If a person required to take security pursuant to subsection (1) — fails to take security of the description specified; or having taken such security, releases in whole or in part that security without the Treasurer’s consent in writing first had and obtained; or 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 18 amd 1996 No. 54 s 7 (sec.18-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 a statutory body has entered into or desires to enter into any financial arrangements to take security of a description specified in the guarantee. (sec.18-ssec.2) If a person required to take security pursuant to subsection (1) — fails to take security of the description specified; or having taken such security, releases in whole or in part that security without the Treasurer’s consent in writing first had and obtained; or 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; or - (b) having taken such security, releases in whole or in part that security without the Treasurer’s consent in writing first had and obtained; or - (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;