P-40.1 - Consumer Protection Act

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308. The president may exempt from the application of sections 254 to 257 every merchant who delivers to him security the form, terms, conditions and amount of which are prescribed by regulation.
The president may refuse the exemption on grounds provided for in section 325, 326 or 327, with the necessary modifications.
1978, c. 9, s. 308; 1980, c. 11, s. 113.
308. The president may exempt from the application of sections 254 to 257 every merchant who delivers to him security in an amount equal to 125% of the amounts that should have been kept in trust for the twelve months preceding the application for exemption, as determined by a public accountant after auditing the merchant’s books. The security is valid for one year.
The president may refuse the exemption on grounds provided for in section 325, 326 or 327, mutatismutandis.
1978, c. 9, s. 308.