121. The guarantee shall be provided by the applicant or by a third party on that person’s behalf and shall be provided
(1) in cash, by bank money order or by certified cheque made out to the Minister of Finance;
(2) by bearer bonds issued or guaranteed by Québec, Canada or a Canadian province, the United States of America or one of its member States, the International Bank for Reconstruction and Development, a municipality or a school board in Canada or a fabrique in Québec;
(3) by a security or a guarantee policy, with a stipulation of solidarity and renunciation of the benefits of discussion and division, issued by a legal person authorized to give guarantees under the Bank Act (S.C. 1991, c. 46), the Act respecting trust companies and savings companies (chapter S-29.01), the Act respecting insurance (chapter A-32) or the Act respecting financial services cooperatives (chapter C-67.3);
(4) by an irrevocable letter of credit issued by a banking institution or by a financial services cooperative.