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ENVIRONMENTAL PROTECTION ACT 1986 - SECT 86B

ENVIRONMENTAL PROTECTION ACT 1986 - SECT 86B

86B .         Financial assurance requirements, imposition and effect of

        (1)         Implementation conditions or conditions of an authorisation may require the responsible person to provide a financial assurance of a kind specified in the conditions within the time specified in the conditions.

        (2)         The CEO may by written notice require —

            (a)         a person bound by a closure notice; or

            (b)         a person bound by an environmental protection notice; or

            (c)         a person bound by a vegetation conservation notice; or

            (d)         a person to whom a prevention notice is given,

                to provide a financial assurance of a kind specified in the notice within a time specified in the notice.

        (3)         A person who fails to comply with a requirement under subsection (2) commits an offence.

        (4)         A financial assurance may be required to be given in one or more of the following forms —

            (a)         a bank guarantee;

            (b)         a bond;

            (c)         an insurance policy;

            (d)         another form of security that the CEO specifies.

        (5)         The CEO may require a financial assurance to be provided before an authorisation is declared, granted, amended or suspended.

        (6)         A financial assurance requirement may provide for the procedures under which the financial assurance may be called on or used.

        (7)         If a financial assurance is provided as a condition of an authorisation, the CEO may, before the authorisation ceases to have effect, require the responsible person to continue to provide the financial assurance under subsection (2).

        [Section 86B inserted: No. 54 of 2003 s. 87.]