MINING ACT 1978 - SECT 126
MINING ACT 1978 - SECT 126
126 . Securities
(1) A security
referred to in section 26, 52, 60, 70F or 84A —
(a)
shall be for such amount —
(i)
in the case of a security referred to in section 26,
52(1a), 60(1a), 70F(2) or 84A(2), as the Minister in a particular case
approves (including any variation of that amount under subsection (1a)); or
(ii)
in the case of a security referred to in section 52(1),
60(1), 70F(1) or 84A(1), as is prescribed;
and
(b)
shall be in the prescribed form or such other form as the Minister in a
particular case approves; and
(c) may,
subject to the approval of the Minister, be by bond or such other method as
the Minister allows, or be partly by bond and partly by such other method as
the Minister allows.
(1a) The Minister may
by instrument in writing vary an amount approved under subsection (1)(a)(i).
(2) A security given
in accordance with the prescribed form or a form approved by the Minister,
although it is not sealed, binds the person subscribing it as if it were
sealed.
(3) Whenever a
security under this section is put in suit the production of the security,
without further proof, entitles the Minister to judgment against the person
appearing to have executed the security for the amount of his stated liability
or for such lesser amount as is claimed, unless that person proves compliance
with the conditions of the security or that the security was not executed by
him or release or satisfaction.
(4) If it appears to
the court before which the security is in suit that a non-compliance with a
condition of a security under this section has occurred, the security shall
not be deemed to have been discharged or invalidated, and the subscriber shall
not be deemed to have been released or discharged from liability, by reason of
—
(a) any
extension of time or other concession; or
(b) any
consent to, or acquiescence in, a previous non-compliance with a condition; or
(c) any
failure to bring suit against the subscriber upon the occurrence of a previous
non-compliance with the condition.
(5) If there are
several subscribers to the security they are bound, unless the security
otherwise provides, jointly and severally and for the full amount.
(6) A security given
under this section shall not be enforced except with the written approval of
the Minister.
(7) The Minister may
discharge, in whole or in part, a security given under this section —
(a) on
receipt of an application in writing by the person subscribing to the security
accompanied by evidence satisfactory to the Minister showing cause why the
security should be discharged; or
(b) on
the Minister’s own initiative, if the Minister considers it appropriate
to do so.
(8) Without limiting
the power of the Minister in subsection (7), a security given under this
section for the purposes of section 52(1), 60(1), 70F(1) or 84A(1) that is not
in suit is discharged by operation of this section on the expiry of one year
after the surrender, forfeiture or expiry of the mining tenement in respect of
which the security was given.
[Section 126 amended: No. 100 of 1985 s. 96; No.
37 of 1993 s. 10(2); No. 17 of 1999 s. 19; No. 39 of 2004 s. 41.]