[Code of Federal Regulations]

[Title 33, Volume 3]

[Revised as of July 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 33CFR401.26]



[Page 668-669]

 

                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



[[Page 669]]



    (ii) Meet financial soundness requirements as may be defined by the 

Manager at the time of the request.

    (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 well as security for any other charges 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, as amended at 71 FR 5606, Feb. 2, 2006]



                            Seaway Navigation