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Volume 50, No. 20

B.C. Reg. 304/2007

The British Columbia Gazette,

Part II

October 9, 2007

B.C. Reg. 304/2007, deposited October 5, 2007, pursuant to the BONDING ACT [Section 11] and the INDEPENDANT SCHOOL ACT [Section 18]. Order in Council 657/2007, approved and ordered October 4, 2007.

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, are amended by adding the following section:

Acceptable security

7.104 Despite

section 8 of this regulation, acceptable security for a bond for the purposes of the Independent School 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 .

— C. TAYLOR, Minister of Finance; G. CAMPBELL, Presiding Member of the Executive Council.

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