(1) If:
(a) an offshore security plan for an offshore industry participant is in force; and
(b) the Secretary is no longer satisfied that the plan adequately addresses the relevant requirements under Division 4;
the Secretary may, by written notice given to the participant, direct the participant to vary the plan.
(2) However, the Secretary must not give a direction under subsection (1) unless the Secretary is satisfied that the plan, as varied, would adequately address the relevant requirements under Division 4.
(3) In the notice, the Secretary must:
(a) set out the variation; and
(b) specify the period within which the participant must give the Secretary the plan as varied.
(4) If the participant does not give the Secretary the plan:
(a) varied in accordance with the direction; and
(b) within the specified period, or within any further period allowed by the Secretary;
the Secretary must, by written notice given to the participant, cancel the approval of the plan.