Stamp Duties Act, 1968 (Act 77 of 1968)
R 385
National Water Act, 1998 (Act No. 36 of 1998)Chapter 4 : Use of WaterPart 2 : Considerations, conditions and essential requirements of general authorisations and licences30. Security by applicant |
| (1) | A responsible authority may, if it is necessary for the protection of the water resource or property, require the applicant to give security in respect of any obligation or potential obligation arising from a licence to be issued under this Act. |
| (2) | The security referred to in subsection (1) may include any of the following: |
| (i) | A letter of credit from a bank; |
| (ii) | a surety or a bank guarantee; |
| (iii) | a bond; |
| (iv) | an insurance policy; or |
| (v) | any other appropriate form of security. |
| (3) | The responsible authority must determine the type, extent and duration of any security required. |
| (4) | The duration of the security may extend beyond the time period specified in the licence in question. |
| (5) | If the responsible authority requires security in the form of an insurance policy, it may require that it be jointly insured under or be a beneficiary of the insurance policy and where appropriate, the responsible authority must be regarded as having an insurable interest in the subject matter of the insurance policy. |
| (6) | A person may apply in writing to the responsible authority to have any security given by that person in terms of this section amended or discharged at any time, which application may not be unreasonably refused. |
