M-13.1, r. 2 - Regulation respecting mineral substances other than petroleum, natural gas and brine

Section 118 Disposition versions

2012-09-01

118. Where a guarantee is given under subparagraph 3 or 7 of the first paragraph of section 115, the contract that constitutes the guarantee shall include the following conditions:

(1)  the purpose of the guarantee 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;

(2)  no person may make withdrawals or be reimbursed without having obtained the certificate of release provided for in section 232.10 of the Act or a reduction in the guarantee under section 232.7 of the Act. That prohibition also applies to any form of compensation that may be made by the bank, the savings and credit union, the trust company or the trustee;

(3)  where section 232.8 of the Act applies, payment of the guarantee is exigible at the Minister’s request;

(4)  the bank, the savings and credit union, the trust company or the trustee shall provide the Minister with the information it possesses concerning the contract;

(5)  in case of dispute, the courts of Québec are the sole competent courts;

(6)  in the case of a trust:

(a)  the trustee shall be domiciled in Québec;

(b)  the trustee shall see to the management of the trust at the expense of the settlor or of the person referred to in section 232.1 of the Act;

(c)  the trust terminates when the Minister

i.  issues the certificate of release provided for in section 232.10 of the Act or the trust is replaced by another guarantee that complies with the requirements of this Regulation;

ii.  acts on the condition provided for in subparagraph 3 of the first paragraph of this section.

The person referred to in section 232.1 of the Act shall submit to the Minister a certified copy of the original contract.

O.C. 1042-2000, s. 118.