Mackenzie Valley Land Use Regulations

32 (1) The Board may require security to be posted in an amount not exceeding the aggregate of the costs of

• (a) abandonment of the land-use operation;

• (b) restoration of the site of the land-use operation; and

• (c) any measures that may be necessary after the abandonment of the land-use operation.

(2) In setting the amount of security pursuant to subsection (1), the Board may consider

• (a) the ability of the applicant or prospective assignee to pay the costs referred to in that subsection;

• (b) the past performance of the applicant or prospective assignee in respect of any other permit;

• (c) the prior posting of security by the applicant pursuant to other federal legislation in relation to the land-use operation; and

• (d) the probability of environmental damage or the significance of any environmental damage.

(3) Where the Board requires that a security deposit be posted, the permittee shall not begin the land-use operation until the security has been deposited with the federal Minister.

(4) Posted security shall be in the form of

• (a) a promissory note or letter of credit guaranteed by a chartered bank and payable to the Receiver General;

• (b) a certified cheque drawn on a chartered bank in Canada and payable to the Receiver General;

• (c) bearer bonds issued or guaranteed by the Government of Canada;

• (d) cash; or

• (e) in such other form as the Minister may, under section 71 of the Act, have indicated to be satisfactory.

(5) Posted security, or any remaining portion thereof, shall be returned to the permittee by the federal Minister after the Board issues a letter of clearance under section 33 in respect of the land-use operation.