PART V[Repealed, 1993, c. 47, s. 3]
Marginal note:Definition of “assessment”
54. In this Part, “assessment” includes reassessment.
Payment of Royalties
55. (1) There are hereby reserved to Her Majesty in right of Canada, and each holder of a share in a production licence is liable for and shall pay, in accordance with the regulations, such royalties as may be prescribed, at the rates prescribed, in respect of petroleum produced from frontier lands and in respect of the periods prescribed.
Marginal note:Payable in money or in kind
(2) The Minister may require all or part of any royalty payable under this Part to be paid in money or in kind in accordance with the regulations.
Marginal note:Reduction of royalties or exemptions
(3) The Governor in Council may, by order, authorize the reduction of, or the exemption from the payment of, any royalty payable under this Part for such periods, in such amounts and subject to such conditions as may be specified in the order.
Marginal note:Interest and penalties
56. Each holder of a share in a production licence liable for and required to pay royalty under this Part who is in default in accordance with the regulations in the payment of any amount payable under this Part on account of that royalty shall pay interest and penalties on such amounts in accordance with the regulations.
Marginal note:Time and manner of payment
57. Each holder of a share in a production licence liable for and required to pay royalties, penalties or interest under this Part shall make payments of or on account of those royalties, penalties or interest at the time and in the manner prescribed.
Returns and Retention of Records
Marginal note:Reports and returns
58. (1) Each holder of a share in a production licence shall file, at the time and in the manner prescribed, reports and returns in such form and containing such information as may be prescribed and shall submit such documentation in connection therewith as may be prescribed.
Marginal note:Collection and remission of royalty by representative of two or more holders
(2) Where the interest owner of a production licence consists of two or more interest holders, the representative of the interest owner shall, where required by the regulations,
(a) collect and remit on behalf of those interest holders any royalty due under this Part; and
(b) file on behalf of those holders, at the time and in the manner prescribed, consolidated reports and returns in the form and containing the information prescribed and submit such documentation in connection therewith as may be prescribed.
(3) Interest holders of a production licence shall provide their representative with the information necessary to file any reports and returns pursuant to paragraph (2)(b).
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