215AGuarantee as alternative to deposit

215A Guarantee as alternative to deposit

215A Guarantee as alternative to deposit

(1) It is sufficient compliance with a requirement of this Division to deposit an amount of money with the Authority if a guarantee from a bank, building society or credit union guaranteeing payment of the amount is provided on terms acceptable to the Authority.

In the case of a self-insurer that is a State owned corporation, the guarantee may also be provided by the Treasury Corporation on terms acceptable to the Authority.

(2) If a refund of part of a deposit is authorised under section 213, the authorisation operates as authority for the Authority to give the appropriate partial release from a guarantee provided instead of a deposit.

(3) Any amount paid to the Authority pursuant to such a guarantee is to be regarded for the purposes of this Division as having been deposited with the Authority by the person concerned and is to be dealt with accordingly.

(4) In this section—

guarantee includes undertaking.

s 215A: Ins 1989 No 133, Sch 8 (16). Am 1996 No 24, Sch 1; 2004 No 56, Sch 1 [5]; 2008 No 22, Sch 1 [17] [18].