Victorian Consolidated Legislation

Planning and Environment Act 1987 - SECT 175

Bonds and guarantees

175. Bonds and guarantees



(1) An agreement other than an agreement with a Minister may include a
condition that the owner is to deposit with the responsible authority-

   (a)  a sum of money fixed by or determined in accordance with the
        agreement; or

   (b)  an undertaking to pay that sum together with security in a form
        determined by or in accordance with the agreement.

(2) The agreement may provide that the sum or part of the sum is forfeited if
there is any failure by the owner to carry out the agreement to the
satisfaction of the responsible authority.

(3) Any money paid must be returned to the owner on a date or dates specified
in the agreement to the extent that it has not been forfeited.

(4) Any money payable under this section is a charge on the land which is the
subject of the agreement.