(a) The Commission may allow permittees to replace existing bonds with other bonds if the liability which has accrued against the permittee on the permit area is transferred to such replacement bonds.
(b) The Commission shall not release existing performance bonds until the permittee has submitted and the Commission has approved acceptable replacement performance bonds. A replacement of performance bonds pursuant to this section shall not constitute a release of bond under §§12.312 and 12.313 of this title (relating to Procedures, Criteria, and Schedule for Release of Performance Bond).

Source Note: The provisions of this §12.310 adopted to be effective April 7, 1997, 22 TexReg 3093.