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Volume 46, No. 23

B.C. Reg. 404/2003

The British Columbia Gazette,

Part II

November 18, 2003

B.C. Reg. 404/2003, deposited November 7, 2003, pursuant to the BONDING ACT [Section 11]. Order in Council 1066/2003, approved and ordered November 6, 2003.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Bonding Regulations, B.C. Reg. 11/68, is amended as set out in the attached Schedule. — G. COLLINS, Minister of Finance; S. HAWKINS, Presiding Member of the Executive Council.

Schedule

1 The Bonding Regulations, B.C. Reg. 11/68, is amended by adding the following Division:

Division 7.4 — Bonds under the Degree Authorization Act

Interpretation

7.401 In this Division, "Act" means the

Degree Authorization Act .

Who must furnish bond and amount of bond

7.402 A person in respect of whom security is prescribed under the Act must deliver and maintain a bond in accordance with and in the amount specified by the Degree Authorization Regulation.

Acceptable security

7.403 Despite

section 8 of this regulation, acceptable security for a bond for the purposes of the Act, must consist of one or more of the following types of security:

(

a) short term deposits, not to exceed 3 years, issued by a savings institution and registered in the name of the minister;

(

b) registered marketable bonds that are

(ii) accompanied by a duly executed, irrevocable power of attorney that authorizes the minister to realize the security;

(

d) irrevocable letters of credit, issued by a savings institution, with a termination date beyond the required term of security and containing a promise to pay the minister a specified sum on written demand;

(

e) surety bonds, issued by a surety licensed under the

Insurance Act .

Section 9 is amended by adding " Degree Authorization Act " after " Debt Collection Act ".

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