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Offshore Renewable Energy Bill

Decommissioning of ORE infrastructure - Obligation to provide Crown with financial security - Alteration of acceptable financial security arrangements

85: Minister must notify alterations to acceptable financial security arrangement

You could also call this:

"Minister must inform you in writing about changes to your financial security arrangement."

Illustration for Offshore Renewable Energy Bill

If a change is made to an acceptable financial security arrangement under section 84(1), the Minister must tell the person affected in writing. The Minister must tell you what changes are needed to the arrangement, or how much money must be secured by it. The Minister must also tell you when you need to make these changes if they are required.

The Minister must also give you reasons why the changes are needed when they tell you about them. You will get these reasons in the same notice that tells you about the changes. This notice is how the Minister informs you of what you need to do.

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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=LMS992248.

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84: Alteration of acceptable financial security arrangement, or

"The Minister can change the rules about money security for offshore energy projects at any time."

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86: Affected person may object to alterations to acceptable financial security arrangement, or

"You can object to changes in a financial plan if you don't agree with them."

Part 3Decommissioning of ORE infrastructure
Obligation to provide Crown with financial security: Alteration of acceptable financial security arrangements

85Minister must notify alterations to acceptable financial security arrangement

  1. The Minister must, after exercising a power in section 84(1), give the affected person written notice of—

  2. the required or permitted changes to the acceptable financial security arrangement to be put in place and maintained or the total amount secured by that arrangement; and
    1. in a case where changes are required, the time by which the affected person must do this.

      1. The notice must be accompanied by reasons for the required change.