S-34.1, r. 1 - Regulation respecting petroleum exploration, production and storage in a body of water

Section 291 Disposition versions

2018-09-20

291. The guarantee provided for in section 103 of the Act must be furnished to the Minister in any of the following forms:

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

(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 must 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; deposit certificates must have a term of at least 12 months, be automatically renewable until the declaration of satisfaction of the Minister or the certificate of release under sections 112 and 114 of the Act and 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)  a security or a guarantee contract issued on behalf of the Gouvernement du Québec by a legal person legally empowered to act in that capacity;

(6)  a trust constituted in accordance with the Civil Code and meeting the following requirements:

(a)  the purpose of the trust is to ensure the performance of the work provided for in the permanent well or reservoir closure and restoration site plan pursuant to sections 101 to 115 of the Act;

(b)  the Minister of Finance and the licence holder referred to in section 101 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 listed in subparagraphs 2 and 3.

The financial institutions referred to in subparagraphs 3, 4 and 6 of the first paragraph must be empowered by law to carry on the activities provided for in those subparagraphs.

The guarantees referred to in subparagraphs 1 to 3 of the first paragraph are received on deposit by the Minister of Finance pursuant to the Act respecting deposits with the Bureau général de dépôts pour le Québec (chapter D-5.1).

O.C. 1251-2018, s. 291.

Not in force

In force: 2018-09-20

291. The guarantee provided for in section 103 of the Act must be furnished to the Minister in any of the following forms:

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

(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 must 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; deposit certificates must have a term of at least 12 months, be automatically renewable until the declaration of satisfaction of the Minister or the certificate of release under sections 112 and 114 of the Act and 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)  a security or a guarantee contract issued on behalf of the Gouvernement du Québec by a legal person legally empowered to act in that capacity;

(6)  a trust constituted in accordance with the Civil Code and meeting the following requirements:

(a)  the purpose of the trust is to ensure the performance of the work provided for in the permanent well or reservoir closure and restoration site plan pursuant to sections 101 to 115 of the Act;

(b)  the Minister of Finance and the licence holder referred to in section 101 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 listed in subparagraphs 2 and 3.

The financial institutions referred to in subparagraphs 3, 4 and 6 of the first paragraph must be empowered by law to carry on the activities provided for in those subparagraphs.

The guarantees referred to in subparagraphs 1 to 3 of the first paragraph are received on deposit by the Minister of Finance pursuant to the Act respecting deposits with the Bureau général de dépôts pour le Québec (chapter D-5.1).

O.C. 1251-2018, s. 291.