S-34.1, r. 3 - Regulation respecting petroleum exploration, production and storage licences, and the pipeline construction or use authorization

Section 167 Disposition versions

2018-09-20

167. In the case of a proof of solvency provided under subparagraph 3 or 7 of the second paragraph of section 165, the contract constituting the proof of solvency must include the following requirements:

(1)  the purpose of the contract is to ensure the reparation of injury provided for in section 128 of the Act;

(2)  no person may make withdrawals or be reimbursed before the expiry of the licence or the authorization. The 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 the holder fails to repair the injury caused, the payment is payable at the Minister’s request;

(4)  the bank, the savings and credit union, the trust company or the trustee provides 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 must be domiciled in Québec;

(b)  the trustee sees to the management of the trust at the expense of the settlor or of the licence or authorization holder;

(c)  the trust terminates when the Minister acts on the condition provided for in subparagraph 3 or when the licence or authorization expires.

The licence or authorization holder must submit to the Minister a certified copy of the original contract.

O.C. 1253-2018, s. 167.

Not in force

In force: 2018-09-20

167. In the case of a proof of solvency provided under subparagraph 3 or 7 of the second paragraph of section 165, the contract constituting the proof of solvency must include the following requirements:

(1)  the purpose of the contract is to ensure the reparation of injury provided for in section 128 of the Act;

(2)  no person may make withdrawals or be reimbursed before the expiry of the licence or the authorization. The 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 the holder fails to repair the injury caused, the payment is payable at the Minister’s request;

(4)  the bank, the savings and credit union, the trust company or the trustee provides 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 must be domiciled in Québec;

(b)  the trustee sees to the management of the trust at the expense of the settlor or of the licence or authorization holder;

(c)  the trust terminates when the Minister acts on the condition provided for in subparagraph 3 or when the licence or authorization expires.

The licence or authorization holder must submit to the Minister a certified copy of the original contract.

O.C. 1253-2018, s. 167.