53. Security provided in the form of a suretyship, a guarantee policy or a letter of credit shall have a term of not less than 12 months. Not less than 60 days before the expiry of the guarantee, its holder shall forward his renewed security to the Minister of Sustainable Development, Environment and Parks or any other security meeting the requirements prescribed by sections 48 and 51.
The security shall also contain a clause setting at not less than 12 months after its expiry or, as the case may be, after its revocation, rescission or cancellation, whichever occurs first, the time period for filing a claim based on the operator’s failure to perform his obligations.
Any clause of revocation, rescission or cancellation of a security may take effect only if prior notice is sent by registered mail to the Minister at least 60 days prior to the expiry of the security. At the time of the taking of effect of such a clause, if other security complying with the requirements prescribed in this Regulation has not been forwarded to the Minister, the operator may not pursue his activity until the situation has been rectified.
O.C. 843-2001, s. 53; I.N. 2016-01-01 (NCCP).