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ENVIRONMENTAL PROTECTION ACT 1994 - SECT 631
Financial assurance if security for related petroleum authority is monetary
631 Financial assurance if security for related petroleum authority is
monetary
(1) This section applies to an environmental authority if— (a) under the
Petroleum Act 1923 or the Petroleum and Gas (Production and Safety) Act 2004,
the environmental authority is the relevant environmental authority for a
petroleum authority; and
(b) the Petroleum Act 1923, section 159 or the
Petroleum and Gas (Production and Safety) Act 2004, section 920 applies to
security held for the petroleum authority.
(2) A condition is taken to have,
under section 364, been imposed on the environmental authority that its holder
must give the administering authority financial assurance for the
environmental authority in the amount required to be transferred under either
section mentioned in subsection (1)(b).
(3) The amount is taken to also be
the financial assurance.
(4) The financial assurance is taken to be for the
matters mentioned in section 364(1) in relation to the environmental
authority.
(5) On the making of the transfer, the requirement under the
condition to give the financial assurance is taken to have been complied with.
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