169. The purpose of the security and guarantee contract provided for in subparagraph 9 of the second paragraph of section 165 must 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 it must include clauses providing that
(1) in the case of non-renewal, termination, revocation or cancellation, the guarantor must notify the Minister at least 60 days before the date fixed for the expiry, termination, revocation or cancellation of the guarantee;
(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 security or guaranty contract;
(3) if the guarantor is not a bank, savings and credit union or trust company, the security or the guarantee contract must be accompanied by the security guarantor’s financial statements provided for in subparagraph 1 of the second paragraph of section 165 so that the Minister may ascertain the solvency of that person to that amount;
(4) where the licence or authorization holder fails to repair the injury caused, the payment of the amount necessary for reparation is payable at the Minister’s request; and
(5) in case of dispute, the courts of Québec are the sole competent courts.