123. A guarantee provided in the form of security, a guarantee policy or a letter of credit shall have a term of not less than 12 months. Not less than 15 days before the expiry of the guarantee, its holder shall send his renewed guarantee to the Minister of Sustainable Development, Environment and Parks, or any other guarantee meeting the requirements prescribed by sections 120 and 121.
The guarantee shall also contain a clause setting at not less than 12 months after its expiry, or as the case may be after its revocation, rescission or cancellation, the time period for filing a claim based on failure on the part of the operator to perform his obligations.
A clause of revocation, rescission or cancellation of a guarantee may take effect only if prior notice of at least 15 days is sent by registered mail to the Minister. If, at the time of the taking of effect of such a clause, another guarantee that complies with the requirements prescribed in this Regulation has not been provided to the Minister, the holder may not pursue his activity until he has remedied the situation.
O.C. 1310-97, s. 123; I.N. 2016-01-01 (NCCP).