89ZLPermit and licence holders must put in place and maintain acceptable financial security arrangement

1. A permit holder or licence holder (whenever the permit or licence was granted) must ensure that there is in place and maintained an acceptable financial security arrangement, determined by the Minister under section 89ZN(1), as security for the performance of the obligations under this subpart in the event that the permit holder or licence holder fails to carry out, or separately meet the costs of, the decommissioning.

2. The Minister must, as soon as is reasonably practicable after commencement, give each permit holder or licence holder a notice requiring them—

3. to advise the chief executive in the prescribed manner (if any), by a specified date, of the financial security arrangement that the permit holder or licence holder considers appropriate; and
4. to provide any information specified by the Minister to enable the Minister to make the decisions referred to in subsection (1).

5. However, if the permit holder or licence holder already has in place a financial security arrangement that the holder considers appropriate when they receive notice under subsection (2), they may propose that the Minister approve the continuation of that financial security arrangement (with or without modifications) as the Minister’s determination referred to in subsection (1).

6. The permit holder or licence holder must provide the information referred to in subsection (2)(b) and any proposal under subsection (3)—

7. in the form and manner set out in the notice; and
8. within any reasonable time set out in the notice requiring the information.

9. Any financial security arrangement referred to in this section and each financial security that forms part of that financial security arrangement is put in place and maintained for the benefit of the Crown.

10. To avoid doubt, information gathered under this section is subject to section 90A (disclosure of information).