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B-1.1, r. 8 - Regulation respecting the guarantee plan for new residential buildings

Section 60
Disposition versions

Full text
60. The security shall be kept by the Board, either to compensate the beneficiaries of the approved plan where the manager or his insurer fails to perform the obligations resulting from the plan, or to reinsure the obligations of the plan where the interest of the beneficiaries so requires, or to pay all or part of the cost of the provisional management of the manager whose authorization has been withdrawn by the Board.
However, interest on the security shall remain payable to the manager or shall be credited to the manager.
O.C. 841-98, s. 60; O.C. 156-2014, s. 35.
60. The security shall be kept by the Board, either to compensate the beneficiaries of the approved plan where the manager or his insurer fails to perform the obligations resulting from the plan, or to reinsure the obligations of the plan where the interest of the beneficiaries so requires.
However, interest on the security shall remain payable to the manager or shall be credited to the manager.
O.C. 841-98, s. 60.
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