H-4.2, r. 3 - Regulation respecting petroleum exploration, production and storage licences, and the pipeline construction or use authorization

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168. The purpose of the irrevocable and unconditional letter of credit provided for in subparagraph 8 of the second paragraph of section 165 is to ensure the reparation of injury provided for in section 128 of the Act. The contract must have a term of at least 12 months and must include clauses providing that
(1)  in the case of non-renewal, termination, revocation or cancellation, the guarantor must notify the Minister at least 90 days before the date fixed for the expiry, termination, revocation or cancellation of the guarantee letter;
(2)  in the case of non-renewal, termination, revocation or cancellation, the guarantor remains responsible, in case of injury, until the expiry of the licence or authorization unless the person concerned has deposited proof of alternative solvency, repair of injury prior to the date of expiry, termination, non-renewal or revocation up to the amount covered by the letter of credit;
(3)  the amount is payable within 5 days at the request of the Minister; and
(4)  in case of dispute, the courts of Québec are the sole competent courts.
A certified copy of the original must be submitted to the Minister.
1253-2018O.C. 1253-2018, s. 168.
In force: 2018-09-20
168. The purpose of the irrevocable and unconditional letter of credit provided for in subparagraph 8 of the second paragraph of section 165 is to ensure the reparation of injury provided for in section 128 of the Act. The contract must have a term of at least 12 months and must include clauses providing that
(1)  in the case of non-renewal, termination, revocation or cancellation, the guarantor must notify the Minister at least 90 days before the date fixed for the expiry, termination, revocation or cancellation of the guarantee letter;
(2)  in the case of non-renewal, termination, revocation or cancellation, the guarantor remains responsible, in case of injury, until the expiry of the licence or authorization unless the person concerned has deposited proof of alternative solvency, repair of injury prior to the date of expiry, termination, non-renewal or revocation up to the amount covered by the letter of credit;
(3)  the amount is payable within 5 days at the request of the Minister; and
(4)  in case of dispute, the courts of Québec are the sole competent courts.
A certified copy of the original must be submitted to the Minister.
1253-2018O.C. 1253-2018, s. 168.