B-1.1, r. 8 - Regulation respecting the guarantee plan for new residential buildings

Section 78 Disposition versions

2012-09-01

78. To join a guarantee plan and obtain a certificate of accreditation, a person shall

(1)  complete an application for membership on the form supplied by the manager and return the form to the manager;

(2)  satisfy the conditions and financial criteria prescribed in this Division;

(3)  sign the membership agreement supplied by the manager and setting forth the obligations listed in Schedule II;

(4)  hold security in the amount of $20,000 against fraud, embezzlement or misappropriation of funds;

(5)  submit complete financial statements audited or accompanied by a review engagement report and drawn up by an accountant. Those statements shall be dated and signed by a person in authority. In addition, financial statements shall be dated no later than 4 months after the end of the undertaking’s fiscal year;

(6)  produce a document certifying that the shareholders holding 20% or more of the voting shares, officers and guarantors have been discharged from any personal bankruptcy and have not been involved in the bankruptcy of a construction firm for at least 3 years and state whether one of the other shareholders was involved in such a bankruptcy in less than 3 years;

(7)  produce the personal balance sheet of each officer, shareholder, guarantor and partner, duly completed, dated and signed;

(8)  declare all his obligations towards third parties and towards affiliates or other companies, such as a legal hypothec or security towards third parties;

(9)  produce a certified true copy of the deed of incorporation of his undertaking;

(10)  pay the membership fees required by the manager; and

(11)  produce a document certifying that he has applied to the Board for a contractor’s licence;

(12)  if that person, one of its shareholders holding 20% or more of the voting shares or one of its officers was accredited for the last 3 years by another manager, produce a statement of that manager stating whether sums are owed by the applicant undertaking, one of its shareholders holding 20% or more of the voting shares or one of its officers.

O.C. 841-98, s. 78; O.C. 39-2006, s. 23.