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Crown Minerals Act 1991

Permits, access to land, and other matters - Decommissioning of petroleum infrastructure and wells - Financial securities

89ZO: Alteration of 1 or more elements of financial security arrangement

You could also call this:

"The Minister can ask you to change parts of your financial security arrangement at any time."

Illustration for Crown Minerals Act 1991

The Minister can ask you to change one or more parts of your financial security arrangement at any time if you hold a permit or licence mentioned in section 89ZN(1). This can include changing the amount of money secured by one or more of your financial securities, or how that amount is determined, as referred to in section 89ZN(1). You might also need to change other requirements, such as who holds your financial securities or when they need to be in place.

When the Minister makes a decision about your financial security arrangement, they must consider certain matters mentioned in section 89ZM(1)(b) to (i). The Minister has the power to make these decisions, and you will need to follow their instructions. You should be aware that the Minister's decision will be based on the information provided in your financial security arrangement.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS623078.

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89ZN: Decision of Minister, or

"The Minister decides on money security for mining projects"

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89ZP: Minister must notify required or permitted changes to financial security arrangement, or

"Minister tells you about needed changes to your money guarantee."

Part 1BPermits, access to land, and other matters
Decommissioning of petroleum infrastructure and wells: Financial securities

89ZOAlteration of 1 or more elements of financial security arrangement

  1. The Minister may, at any time, require or allow a permit holder or licence holder referred to in section 89ZN(1) to—

  2. alter the amount, or mechanism for determining the amount, secured by 1 or more of the financial securities comprised in the financial security arrangement referred to in section 89ZN(1); or
    1. alter any other requirements of the financial security arrangement or any financial security comprised in that arrangement (for example, by changing the person who must hold 1 or more financial securities, or the time by which 1 or more financial securities must be in place).

      1. When exercising a power conferred by subsection (1), the Minister must take into account the matters referred to in section 89ZM(1)(b) to (i).

      Notes
      • Section 89ZO: replaced, on , by section 54 of the Crown Minerals Amendment Act 2025 (2025 No 40).