ontario regulation 573/17

made under the

Highway Traffic Act

Made: December 13, 2017
Filed: December 21, 2017
Published on e-Laws: December 21, 2017
Printed in The Ontario Gazette: January 6, 2018

Amending O. Reg. 512/97

(CRITICAL DEFECTS OF COMMERCIAL MOTOR VEHICLES)

1. Subsection 4 (3) of Ontario Regulation 512/97 is revoked and the following substituted:

(3) If the security is in the form of a letter of credit it shall,

(a) be irrevocable;

(b) be given by a corporation registered under the Loan and Trust Corporations Act, a bank listed in Schedule I or II of the Bank Act (Canada) or a credit union within the meaning of the Credit Unions and Caisses Populaires Act, 1994; and

(c) remain in force until the security is released to the owner under subsection (9) or transferred to the Minister of Finance under subsection (11).

Commencement

2. This Regulation comes into force on the later of January 1, 2018 and the day it is filed.