SECURITY TO BE FURNISHED PURSUANT TO THE ACT RESPECTING PRIVATE EDUCATION (chapter E-9.1)
SECURITY No ___________
(name of institution)
hereinafter called “the Institution”,
AND WE, ___________________________________________________________________________
(name of the surety)
hereinafter called “the Surety”, are solidarily bound to the Minister of ______________________________ of the Province of Québec, hereinafter called “the Minister”, for an amount not exceeding ______________________________ dollars ($__________), legal tender of Canada, which we hereby solidarily commit ourselves, and also our respective heirs, liquidators, administrators and successors to pay to the said Minister.
WHEREAS the institution has applied to the Minister to obtain (or renew) a permit authorizing it to operate the above-designated institution in accordance with the provisions of the Act respecting private education (chapter E-9.1) and the Regulation respecting the application of the Act.
WHEREAS under section 12 of the Act respecting private education (chapter E-9.1) and section 8 of the Regulation respecting the application of the Act, the application must be accompanied by security to guarantee the faithful execution of the obligations of the institution under Chapter IV of the Act.
THEREFORE, the condition of this security is such that if the institution promptly and faithfully executes its obligations under Chapter IV of the Act respecting private education (chapter E-9.1) and the Regulation respecting the application of the Act, this security shall be without effect; otherwise, it shall remain in full force.
IT IS UNDERSTOOD AND AGREED THAT this security is valid for the entire term of the permit and that the surety may terminate the permit only by giving at least 60 days notice in writing to the Minister of ______________________________ of the Province of Québec.
NO CLAIM may be made or legal proceedings or lawsuit instituted against the surety more than 1 year after the date on which this security ends; moreover, any claim, legal proceedings or lawsuit must be based on an act or omission which took place while the security was in force.
AT ALL EVENTS, the total liability of the surety under this security is not cumulative and is limited to the amount specified in this security or to any other amount substituted therefor by means of an amendment.
IN WITNESS WHEREOF, the institution and the surety have signed this document and the surety has affixed its seal hereto at ______________________________, this ______________________________ day of ______________________________ 20__________.