220.127.116.11. The letter of credit referred to in section 42.1 of the Act is an irrevocable standby letter of credit. It is established in accordance with form 3.
Despite any stipulation to the contrary, such a letter of credit is subject to the statutes of Québec and is governed by the International Standby Practices, 1998 (ICC, N°. 590) insofar as those practices are compatible with the provisions of this Regulation.