M-13.1, r. 1 - Regulation respecting petroleum, natural gas and underground reservoirs

Section 16 Disposition versions

2012-09-01

16. The application must be accompanied by a performance guarantee. The amount of the guarantee is equal to 10% of the estimated cost of operations; however, it may not be less than $5,000 or more than $150,000. The guarantee must be provided in one of the following forms:

(1)  a certified cheque to the order of the Minister of Finance;

(2)  a suretyship, with waiver of the benefits of discussion and division, issued by a company legally empowered to stand surety;

(3)  an irrevocable and unconditional letter of credit issued by a bank, a savings and credit union or a trust or savings company.

O.C. 1539-88, s. 16; O.C. 1381-2009, s. 12.