[Code of Federal Regulations]
[Title 33, Volume 3]
[Revised as of July 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 33CFR401.26]

[Page 603-604]
 
                TITLE 33--NAVIGATION AND NAVIGABLE WATERS
 
                    CHAPTER IV--SAINT LAWRENCE SEAWAY
          DEVELOPMENT CORPORATION, DEPARTMENT OF TRANSPORTATION
 
PART 401--SEAWAY REGULATIONS AND RULES--Table of Contents
 
                         Subpart A--Regulations
 
Sec. 401.26  Security for tolls.

    (a) Before transit by a vessel to which the requirement of 
preclearance applies, security for the payment of tolls in accordance 
with the ``St. Lawrence Seaway Tariff of Tolls'' as well as security for 
any other charges, shall be provided by the representative by means of:
    (1) A deposit of money with the Manager;
    (2) A deposit of money to the credit of the Manager with a bank in 
the United States or a member of the Canadian Payments Association, a 
corporation established by section 3 of the Canadian Payments 
Association Act, or a local cooperative credit society that is a member 
of a central cooperative credit society having membership in the 
Canadian Payments Association;
    (3) A deposit with the Manager of negotiable bonds of the Government 
of the United States or the Government of Canada; or
    (4) A letter of guarantee to the Manager given by an institution 
referred to in paragraph (a)(2) of this section.
    (5) A letter of guarantee or bond given to the Manager by an 
acceptable Bonding Company. Bonding companies may be accepted if they:
    (i) Appear on the list of acceptable bonding companies as issued by 
the Treasury Board of Canada; and
    (ii) Meet financial soundness requirements as may be defined by the 
Manager at the time of the request.

[[Page 604]]

    (b) The security for the tolls of a vessel shall be sufficient to 
cover the tolls established in the ``St. Lawrence Seaway Tariff of 
Tolls'' for the gross registered tonnage of the vessel, cargo carried, 
and lockage tolls as estimated by the Manager.
    (c) Where a number of vessels:
    (1) For each of which preclearance has been given;
    (2) Are owned or controlled by the same individual or company; and
    (3) Have the same representative, the security for the tolls is not 
required if the individual, company, or representative has paid every 
toll invoice received in the preceding five years within the period set 
out in Sec. 401.75(a).
    (d) Notwithstanding paragraph (c) of this section, where a number of 
vessels, for each of which a preclearance has been given, are owned or 
controlled by the same individual or company and have the same 
representative, the security for tolls may be reduced or eliminated 
provided the representative has paid every toll invoice received in the 
preceding five years within the period set out in Sec. 401.75(a). The 
representative must provide the Manager with a financial statement that 
meets the requirements established by the Manager.
    (e) Where, in the opinion of the Manager, the security provided by 
the representative is insufficient to secure the tolls and charges 
incurred or likely to be incurred by a vessel, the Manager may suspend 
the preclearance of the vessel.

[65 FR 52914, Aug. 31, 2000]

                            Seaway Navigation