22Guarantees and bonds

22 Guarantees and bonds In prescribed circumstances, a building permit may be issued subject to a condition that the applicant deposit with the relevant council or, in the case of a permit issued by a private building surveyor, with the Authority— (a) a bond for an amount determined in accordance with the regulations; or S. 22(b) substituted by No. 11/2001 s. 3(Sch. item 8). (b) an undertaking to pay that amount together with a guarantee provided by a body that is permitted to use the expression "bank" under section 66 of the Banking Act 1959 of the Commonwealth— to secure the complete and satisfactory carrying out of the work authorised by the building permit.