Document ID: chunk:federal_register_of_legislation:C2010C00306:clause:1_58
Version: federal_register_of_legislation:C2010C00306
Segment Type: clause
Provision Reference: sch 1 cl 58
Character Range: 23354–24151

58  Subsection 36C(5)
Repeal the subsection, substitute:

Bank guarantee condition

 (5) If a condition to be complied with is that an amount is to be secured by bank guarantee:
 (a) the arbitral body must:
 (i) determine the amount; and
 (ii) specify the person who must secure the amount in that way; and
 (b) the condition is not complied with unless:
 (i) the guarantee is given by an authorised deposit‑taking institution within the meaning of the Banking Act 1959; and
 (ii) the guarantee is secured in favour of the Registrar; and
 (iii) regulations made under subsection (5A) are complied with.

 (5A) The regulations may make provision in relation to the securing of an amount by bank guarantee in compliance with such a condition, and any other matter in relation to such a guarantee.