(1) Where ASIC grants an application by a person for registration as a liquidator or as a liquidator of a specified body corporate, the person must lodge and maintain with ASIC a security for the due performance of his or her duties as such a liquidator in such form and for such amount as is, from time to time, determined by ASIC in relation to that liquidator and with such surety or sureties (if any) as ASIC, from time to time, requires. (2) Where a security is lodged in accordance with subsection (1), the security may be applied by ASIC in such circumstances, for such purposes and in such manner as is prescribed. (3) The regulations may make provision in relation to:

(a)

the discharge in whole or part by ASIC of securities lodged under this section; and

(b)

the release by ASIC of sureties referred to in subsection (1) from all or any of their obligations as such sureties.