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CHAPTER 451

OF THE

REVISED STATUTES, 1989


NOTE - This electronic version of this statute is provided by the Office of the Legislative Counsel for your convenience and personal use only and may not be copied for the purpose of resale in this or any other form. Formatting of this electronic version may differ from the official, printed version. Where accuracy is critical, please consult official sources.

An Act Respecting Sureties for Officials

Short title

1 This Act may be cited as the Sureties Act. R.S., c. 451, s. 1.

Interpretation

2 In this Act, "guarantee company" means an incorporated company empowered to grant guarantee bonds or policies for the integrity and faithful accounting of public officers or other officials, servants or persons occupying positions of trust, or for other like purposes, and approved of for such purposes by the Governor in Council. R.S., c. 451, s. 2.

Security by public officer

3 When any public officer is required to give security for the performance of his duty, or of any obligation undertaken towards the Crown, the bond or policy of any guarantee company may be accepted as such security upon such terms as are determined by the Governor in Council, and the provisions of law with reference to the legal effect of such securities when given by individuals, to the filing thereof, and to the mode of proceeding thereon, shall apply to the security to be given by any such company. R.S., c. 451, s. 3.

Security by officer or servant of certain bodies

4 Notwithstanding the provisions of any enactment of the Legislature with respect to any benevolent society, building society, incorporated insurance company or municipal or other corporation, the bonds or policies of guarantee of any guarantee company may be accepted instead of or in addition to the bond or security required by the Act of incorporation, charter, by-law or rule of such society, company or corporation, to be given by any official or servant thereof, where the persons directed or authorized to take such bond or security see fit to take the bond or policy of such guarantee company and approve the terms and conditions thereof. R.S., c. 451, s. 4.

Provisions of charter or by-laws of certain bodies

5 All the provisions in any such Act, charter, bylaw or rule relating to such security to be given by any such official or servant or his sureties shall apply to the bonds or policies of guarantee of such guarantee company. R.S., c. 451, s. 5.

Security for performance of any duty

6 Notwithstanding any enactment of the Legislature, the bonds or policies of guarantee of any guarantee company may be accepted by a judge or other person authorized or required to take security for the due performance of any duty, instead of or in addition to the bond or security of a surety or sureties, if such judge or other person sees fit to accept such bond or policy as aforesaid and approves of the conditions and terms thereof. R.S., c. 451, s. 6.

Statutory provisions respecting security

7 All the provisions in any such Act relating to the security to be given by any person to whom any duty is committed, or his surety or sureties, shall apply to the bonds or policies of guarantee of a guarantee company. R.S., c. 451, s. 7.

Substitution of existing security

8 The bonds or policies of guarantee of any guarantee company may be taken instead of or in substitution for any existing securities, if the person directed or authorized to take such securities sees fit, whereupon the existing securities shall be delivered up to be cancelled. R.S., c. 451, s. 8.

Interim receipt of guarantee company

9 The interim receipt of a guarantee company may be accepted instead of the formal security, but such formal security shall be completed within one month from the date of the interim receipt. R.S., c. 451, s. 9.

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