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 may be in the form of
(a) a promissory note guaranteed by a bank listed in Schedule I or II to the Bank Act and made payable to the Receiver General;
(b) a certified cheque drawn on a bank listed in Schedule I or II to the Bank Act and made payable to the Receiver General;
(c) a performance bond approved by the Treasury Board for the purposes of paragraph (c) of the definition security deposit in section 2 of the Government Contracts Regulations;
(d) an irrevocable letter of credit from a bank listed in Schedule I or II to the Bank Act; or
(e) a cash payment.
(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.
- SOR/2013-166, s. 18
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