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Air Transportation Regulations

Version of section 24.2 from 2006-03-22 to 2019-06-30:

 A financial guarantee referred to in subsection 24.1(3) shall specify

  • (a) that any amount to which a charterer is entitled under the charter contract for unperformed CPC transportation be fully and promptly refunded by the Canadian financial institution that issued the guarantee;

  • (b) that any amount refunded in accordance with paragraph (a) be deposited in a trust account in the name and for the benefit of the charterer;

  • (c) that any money withdrawn from the trust account be used only for the payment of replacement air transportation or refunds to the proposed users of the CPC, either directly or through the appropriate travel agent or provincial authority;

  • (d) that the financial institution that issued the financial guarantee will not amend or cancel the financial guarantee without first giving 45 days notice to the Agency; and

  • (e) the name of the province under the laws of which the financial guarantee is to be interpreted.

  • SOR/92-709, s. 2
  • SOR/96-335, s. 14

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