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M-13.1, r. 2 - Regulation respecting mineral substances other than petroleum, natural gas and brine
Section 115
Disposition versions
115. The person referred to in section 232.1 of the Act shall submit a guarantee to the Minister in one of the following forms or in a combination thereof:
(1) a cheque made out to the Minister of Finance of Québec;
(1.1) a sum of money sent by bank transfer to the Minister of Finance of Québec;
(2) bonds issued or guaranteed by Québec or another province of Canada, by Canada or by a municipality in Canada and having a market value at least equal to the amount of the guarantee exigible. Registered bonds shall be submitted with a power of attorney on behalf of the Minister of Finance and, where applicable, with a resolution authorizing the person who signs the power of attorney;
(3) guaranteed investment certificates or term deposit certificates, in Canadian dollars, issued on behalf of the Minister of Finance by a bank, a savings and credit union or a trust company. Such certificates shall have a term of at least 12 months, shall be automatically renewable until the issue of the certificate of release provided for in section 232.10 of the Act and shall not include any restriction in respect of redemption during its term;
(4) an irrevocable and unconditional letter of credit issued on behalf of the Gouvernement du Québec by a bank, a savings and credit union or a trust company;
(5) security or a guarantee policy issued on behalf of the Gouvernement du Québec by a legal person legally empowered to act in that quality;
(6) (subparagraph revoked);
(7) a trust constituted in accordance with the provisions of the Civil Code and meeting the following requirements:
(a) the purpose of the trust is to ensure completion of the work provided for in the rehabilitation and restoration plan under sections 232.1 to 232.10 of the Act;
(b) the Minister of Finance and the person referred to in section 232.1 of the Act are joint beneficiaries of the trust;
(c) the trustee is a bank, a savings and credit union or a trust company;
(d) the trust patrimony is comprised only of sums in cash, or of bonds or certificates of the same type as those referred to in subparagraphs 2 and 3 of the first paragraph of this section.
The financial institutions referred to in subparagraphs 3, 4 and 7 of the first paragraph must be empowered by law to carry on the activities provided for in those subparagraphs.
115. The person referred to in section 232.1 of the Act shall submit a guarantee to the Minister in one of the following forms or in a combination thereof:
(1) a cheque made out to the Minister of Finance of Québec;
(2) bonds issued or guaranteed by Québec or another province of Canada, by Canada or by a municipality in Canada and having a market value at least equal to the amount of the guarantee exigible. Registered bonds shall be submitted with a power of attorney on behalf of the Minister of Finance and, where applicable, with a resolution authorizing the person who signs the power of attorney;
(3) guaranteed investment certificates or term deposit certificates, in Canadian dollars, issued on behalf of the Minister of Finance by a bank, a savings and credit union or a trust company. Such certificates shall have a term of at least 12 months, shall be automatically renewable until the issue of the certificate of release provided for in section 232.10 of the Act and shall not include any restriction in respect of redemption during its term;
(4) an irrevocable and unconditional letter of credit issued on behalf of the Gouvernement du Québec by a bank, a savings and credit union or a trust company;
(5) security or a guarantee policy issued on behalf of the Gouvernement du Québec by a legal person legally empowered to act in that quality;
(6) (subparagraph revoked);
(7) a trust constituted in accordance with the provisions of the Civil Code and meeting the following requirements:
(a) the purpose of the trust is to ensure completion of the work provided for in the rehabilitation and restoration plan under sections 232.1 to 232.10 of the Act;
(b) the Minister of Finance and the person referred to in section 232.1 of the Act are joint beneficiaries of the trust;
(c) the trustee is a bank, a savings and credit union or a trust company;
(d) the trust patrimony is comprised only of sums in cash, or of bonds or certificates of the same type as those referred to in subparagraphs 2 and 3 of the first paragraph of this section.
The financial institutions referred to in subparagraphs 3, 4 and 7 of the first paragraph must be empowered by law to carry on the activities provided for in those subparagraphs.
115. The person referred to in section 232.1 of the Act shall submit a guarantee to the Minister in one of the following forms or in a combination thereof:
(1) a cheque made out to the Minister of Finance of Québec;
(2) bonds issued or guaranteed by Québec or another province of Canada, by Canada or by a municipality in Canada and having a market value at least equal to the amount of the guarantee exigible. Registered bonds shall be submitted with a power of attorney on behalf of the Minister of Finance and, where applicable, with a resolution authorizing the person who signs the power of attorney;
(3) guaranteed investment certificates or term deposit certificates, in Canadian dollars, issued on behalf of the Minister of Finance by a bank, a savings and credit union or a trust company. Such certificates shall have a term of at least 12 months, shall be automatically renewable until the issue of the certificate of release provided for in section 232.10 of the Act and shall not include any restriction in respect of redemption during its term;
(4) an irrevocable and unconditional letter of credit issued on behalf of the Gouvernement du Québec by a bank, a savings and credit union or a trust company;
(5) security or a guarantee policy issued on behalf of the Gouvernement du Québec by a legal person legally empowered to act in that quality;
(6) security provided by a third person on behalf of the Gouvernement du Québec. The person providing the security shall also provide an immovable hypothec of the first rank whose net liquidation value is at least equal to the amount of the guarantee required;
(7) a trust constituted in accordance with the provisions of the Civil Code and meeting the following requirements:
(a) the purpose of the trust is to ensure completion of the work provided for in the rehabilitation and restoration plan under sections 232.1 to 232.10 of the Act;
(b) the Minister of Finance and the person referred to in section 232.1 of the Act are joint beneficiaries of the trust;
(c) the trustee is a bank, a savings and credit union or a trust company;
(d) the trust patrimony is comprised only of sums in cash, or of bonds or certificates of the same type as those referred to in subparagraphs 2 and 3 of the first paragraph of this section.
The financial institutions referred to in subparagraphs 3, 4 and 7 of the first paragraph must be empowered by law to carry on the activities provided for in those subparagraphs.
