H-4.2, r. 1 - Regulation respecting petroleum exploration, production and storage in a body of water

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292. In the case of a guarantee furnished according to subparagraph 3 or 6 of the first paragraph of section 291, the contract constituting the guarantee must provide the following conditions:
(1)  the purpose of the guarantee is to ensure the performance of the work provided for in the permanent well or underground reservoir closure and site restoration plan pursuant to sections 101 to 115 of the Act;
(2)  no person may make withdrawals or be reimbursed without having obtained the Minister’s declaration of satisfaction or the certificate of release provided for in sections 112 and 114 of the Act or a reduction of the guarantee according to section 108 of the Act; the prohibition also applies to any form of compensation that could be made by the bank, the savings and credit union, the trust company or the trustee;
(3)  where the second paragraph of section 111 of the Act applies, the payment of the guarantee 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 holder referred to in section 101 of the Act;
(c)  the trust terminates
i.  when the Minister issues the declaration of satisfaction or the certificate of release under sections 112 and 114 of the Act or when it is replaced by another guarantee complying with the requirements of this Regulation;
ii.  when the Minister acts on the condition provided for in subparagraph 3 of the first paragraph of this section.
The licence holder referred to in section 101 of the Act must submit to the Minister a certified copy of the original contract.
1251-2018O.C. 1251-2018, s. 292.
In force: 2018-09-20
292. In the case of a guarantee furnished according to subparagraph 3 or 6 of the first paragraph of section 291, the contract constituting the guarantee must provide the following conditions:
(1)  the purpose of the guarantee is to ensure the performance of the work provided for in the permanent well or underground reservoir closure and site restoration plan pursuant to sections 101 to 115 of the Act;
(2)  no person may make withdrawals or be reimbursed without having obtained the Minister’s declaration of satisfaction or the certificate of release provided for in sections 112 and 114 of the Act or a reduction of the guarantee according to section 108 of the Act; the prohibition also applies to any form of compensation that could be made by the bank, the savings and credit union, the trust company or the trustee;
(3)  where the second paragraph of section 111 of the Act applies, the payment of the guarantee 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 holder referred to in section 101 of the Act;
(c)  the trust terminates
i.  when the Minister issues the declaration of satisfaction or the certificate of release under sections 112 and 114 of the Act or when it is replaced by another guarantee complying with the requirements of this Regulation;
ii.  when the Minister acts on the condition provided for in subparagraph 3 of the first paragraph of this section.
The licence holder referred to in section 101 of the Act must submit to the Minister a certified copy of the original contract.
1251-2018O.C. 1251-2018, s. 292.