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.]