Document ID: chunk:federal_register_of_legislation:C2024C00828:section:454:p1
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 454 (pt 1/2)
Character Range: 1246766–1249648

454  Additional securities etc.

Additional security
 (1) If:
 (a) one or more securities are in force in relation to:
 (i) a greenhouse gas assessment permit; or
 (ii) a greenhouse gas holding lease; or
 (iii) a greenhouse gas injection licence; and
 (b) the responsible Commonwealth Minister is satisfied that the total amount of the securities is insufficient;
the responsible Commonwealth Minister may give the permittee, lessee or licensee a written notice:
 (c) requiring the permittee, lessee or licensee to lodge with the responsible Commonwealth Minister, within 60 days after the giving of the notice, an additional security in respect of compliance with the applicable statutory obligations by the registered holder for the time being of the permit, lease or licence; and
 (d) specifying the form and amount of the additional security.
 (1A) If, in the performance of its functions or the exercise of its powers, NOPSEMA becomes aware of circumstances that:
 (a) relate to:
 (i) the registered holder of a greenhouse gas assessment permit; or
 (ii) the registered holder of a greenhouse gas holding lease; or
 (iii) the registered holder of a greenhouse gas injection licence; and
 (b) may make it appropriate for the responsible Commonwealth Minister to require the registered holder to lodge an additional security under subsection (1);
NOPSEMA may inform the responsible Commonwealth Minister of those circumstances.

New security
 (2) If:
 (a) a greenhouse gas assessment permit, greenhouse gas holding lease or greenhouse gas injection licence is in force; and
 (b) no security is in force in relation to the permit, lease or licence; and
 (c) the responsible Commonwealth Minister is satisfied that it would be appropriate to require the lodgment of a security in respect of compliance with the applicable statutory obligations by the registered holder for the time being of the permit, lease or licence;
the responsible Commonwealth Minister may give the permittee, lessee or licensee a written notice:
 (d) requiring the permittee, lessee or licensee to lodge with the responsible Commonwealth Minister, within 60 days after the giving of the notice, a security in respect of compliance, by the registered holder for the time being of the permit, lease or licence, with the applicable statutory obligations; and
 (e) specifying the form and amount of the security.
 (2A) If, in the performance of its functions or the exercise of its powers, NOPSEMA becomes aware of circumstances that:
 (a) relate to:
 (i) the registered holder of a greenhouse gas assessment permit; or
 (ii) the registered holder of a greenhouse gas holding lease; or
 (iii) the registered holder of a greenhouse gas injection licence; and
 (b) may make it appropriate for the responsible Commonwealth Minister to require the registered holder to lodge a security under subsection (2);
NOPSEMA