Cap. 400 Art. 38Bank guarantee.

(1) Upon the grant of a casino licence, the Authority may require the casino licensee to take out a bank guarantee issued by a bank or by a credit or financial institution licensed in Malta in favour of the Authority on behalf of the Government in an amount not exceeding the gaming reserve and subject to such terms and conditions as may be specified in the licence. Such bank guarantee shall remain valid until the expiration of one year after the expiration of the licence.

(2) The casino licensee may forfeit such bank guarantee in favour of the Authority in any of the following cases:

(a) upon the surrender of the casino licence under article 17;

(b) upon cancellation of the casino licence by the

(d) in settlement of any liability of the licensee with respect to a fine imposed under Part VIII of this Act.