Bond

195 Applicant must provide bond given by approved surety

(1)

An application for a licensed promoter’s licence must be accompanied by a bond given by a person who is nominated to the Secretary as a surety.

(2)

The bond must—

(a)

be for the amount of—

(i)

$50,000, until the date that is 3 years after the date on which this Act receives the Royal assent:

(ii)

$200,000, on and from the date that is 3 years after the date on which this Act receives the Royal assent; and

(b)

bind the surety, unconditionally, to pay the bond to the Secretary on demand if the licensed promoter does 1 or more of the things specified in section 196(1).

(3)

As soon as practicable after receiving the application, the Secretary must approve the person nominated as the surety, or refuse to approve the person.

(4)

In considering whether or not to approve a person as an approved surety, the Secretary must have regard to the person’s ability to pay the bond on demand.

(5)

To avoid doubt, in the case of a licensed promoter’s licence that was granted before the date specified in subsection (2)(a)(ii) and that is renewed after that date, the bond given by the approved surety must be increased to $200,000 at the time an application for a renewal of the licence is made.

Compare: 1977 No 84 s 41(1), (3)