|This is an unofficial archived version of The Official Securities Act|
as enacted by SM 1987-88, c. 9 on July 17, 1987.
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R.S.M. 1987, c. O20
The Official Securities Act
|Table of Contents|
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
In this Act "guarantee company" means a corporation empowered to enter into guarantees, bonds, policies, or contracts, for the integrity and fidelity of employed persons, or in respect of any legal proceedings, or for other like purposes, that
(a) is duly licensed to carry on the business of guarantee insurance in the province under The Insurance Act; or
(b) if not so licensed, is approved by the Lieutenant Governor in Council.
The Lieutenant Governor in Council may approve a guarantee company under clause (1)(b) for the purposes of this Act.
Notice of every order in council approving a guarantee company under clause (1)(b) shall, immediately after the making thereof, be published in The Manitoba Gazette.
Where security with sureties is required to be received or given
(a) by any law, rule, order, or practice of any court, either for security for costs of an appeal or the prosecution of an appeal or for any other purpose whatsoever; or
(b) by any Act, rule, regulation, or other law in force in the province;
the bond, guarantee, policy, or contract, of a guarantee company as sole surety may, subject to its approval as to form and amount by the court, judge, officer or person receiving it, be received and given in lieu of the security so required to be received or given; and the guarantee company is not bound or required to justify.
Any person required to give such security may include, as part of the lawful expense of executing his trust, such reasonable amount paid to a guarantee company for becoming his surety as may be allowed by the court in which he is required to account, not exceeding however 2% on the amount of the bond, guarantee, policy, or contract.