(b) if the condition
does not deal with the lapsing of the requirement, when the Minister has
determined that any requirements of the direction under section 240 or
obligations under the authorisation (non-compliance with which would authorise
a claim on or realisation of the deposit) have been fulfilled to a
satisfactory extent and in a satisfactory manner.
(3) The Minister must, if
practicable, give written notice of that determination to the holder of the
authorisation.
(4) If a security deposit has lapsed, money obtained under the
security deposit that has not been used under section 261F must be paid,
without interest, as follows--
(a) to the person who provided the deposit,
(b) if the person who provided the deposit is unable to be located despite
reasonable endeavours--to the holder of the authorisation concerned,
(c) if
the person who provided the deposit and the holder of the authorisation are
unable to be located despite reasonable endeavours--into the Derelict Mine
Sites Fund.
(5) To avoid doubt, a security deposit does not lapse merely
because the person who provided the deposit--
(a) if the person is an
individual--becomes bankrupt or an incapacitated person or dies, or
(b) if
the person is a corporation--is wound up or deregistered or becomes a Chapter
5 body corporate within the meaning of the Corporations Act 2001 of the
Commonwealth.