ENVIRONMENTAL PROTECTION ACT 1994 - SECT 632 Financial assurance if security for related petroleum authority is non-monetary

ENVIRONMENTAL PROTECTION ACT 1994 - SECT 632

632 Financial assurance if security for related petroleum authority is non-monetary

(1) This section applies to an environmental authority if—

(a) under the Petroleum Act 1923 or the Petroleum and Gas (Production and Safety) Act 2004, the environmental authority is the relevant environmental authority for a petroleum authority; and

(b) the Petroleum Act 1923, section 160 or the Petroleum and Gas (Production and Safety) Act 2004, section 921 applies to security held for the petroleum authority.

(2) A condition is taken to have, under section 364, been imposed on the environmental authority that its holder must give the administering authority financial assurance for the environmental authority.

(3) The security mentioned in either section mentioned in subsection (1)(b) is taken to also be the financial assurance.

(4) The financial assurance is taken to be for the matters mentioned in section 364(1) in relation to the environmental authority.

(5) Subsections (3) and (4) apply despite the terms of an instrument granting the security or any other document, including, for example, a term that the security or its benefit is not transferable.

(6) The condition ends at the earlier of the following to happen—

(a) the amendment, under section 634, of the condition;

(b) the end of 12 months after the 2004 Act start day under the Petroleum and Gas (Production and Safety) Act 2004.