Mackenzie Valley Federal Areas Waters Regulations

Version of section 12 from 2006-03-22 to 2016-06-12:

  •  (1) The Board may fix the amount of security required to be furnished by an applicant under subsection 17(1) of the Act in an amount not exceeding the aggregate of the costs of

    • (a) abandonment of the undertaking;

    • (b) restoration of the site of the undertaking; and

    • (c) any ongoing measures that may remain to be taken after the abandonment of the undertaking.

  • (2) In fixing an amount of security pursuant to subsection (1), the Board may have regard to

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

    • (b) the past performance by the applicant, licensee or prospective assignee in respect of any other licence.

  • (3) Security referred to in subsection (1) shall be in the form of

    • (a) a promissory note guaranteed by a bank in Canada and payable to the Receiver General;

    • (b) a certified cheque drawn on a bank in Canada and 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 Contract Regulations;

    • (d) an irrevocable letter of credit from a bank in Canada; or

    • (e) cash.

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