Marginal note:Order in Council authorizing agreement for trust

• 82. (1) The Governor in Council may authorize the Minister to enter into an agreement under subsection (2).

• Marginal note:Administration agreement

  (2) The Minister may, where authorized by the Governor in Council pursuant to subsection (1), enter into an agreement with any person appointing that person to act as administrator of the Fund.

• Marginal note:Terms of agreement

  (3) An agreement entered into pursuant to subsection (1) shall provide for

  • (a) the powers, duties and functions of the administrator with respect to the Fund;

  • (b) the payment of the expenses and fees of the administrator; and

  • (c) any other relevant matter or thing.

Marginal note:Regulations

83. The Governor in Council may make regulations for carrying out the purposes and provisions of this Part and, without restricting the generality of the foregoing, may make regulations

• (a) prescribing the qualifications of members of the Board and prohibiting the appointment of persons as members of the Board who do not meet those qualifications;

• (b) prescribing, or prescribing the manner of selecting, persons or classes of persons from among whom members of the Board are to be appointed;

• (c) prescribing regions for the purposes of this Part; and

• (d) prescribing any other matter or thing that by this Part is to be prescribed.

Marginal note:Definitions

• 84. (1) In this Part,

  “assignment of security interest”

  « cession de sûreté »

  “assignment of security interest” means a notice of the assignment of a security interest or any part thereof in respect of which a security notice has been registered under this Part;

  “court”

  « tribunal »

  “court” means, with respect to any frontier lands or any portion thereof, such superior court as may be prescribed and includes a judge thereof;

  “Deputy Registrar”

  « directeur adjoint »

  “Deputy Registrar” means

  • (a) in relation to any area in respect of which the Minister of Natural Resources has administrative responsibility for the natural resources therein, such person as that Minister may designate, and

  • (b) in relation to any area in respect of which the Minister of Indian Affairs and Northern Development has administrative responsibility for the natural resources therein, such person as that Minister may designate;

  “discharge”

  « mainlevée »

  “discharge” means a notice of the discharge of a security notice or postponement and includes a partial discharge;

  “instrument”

  « acte »

  “instrument” means a discharge, postponement, security notice, transfer or an assignment of a security interest;

  “operator’s lien”

  « privilège de l’exploitant »

  “operator’s lien” means any charge on or right in relation to an interest or a share in an interest

  • (a) that arises under a contract

    • (i) to which the interest owner or holder of the interest or share is a party,

    • (ii) that provides for the operator appointed thereunder to carry out any work or activity related to the exploration for or the development or production of petroleum in the frontier lands to which the interest or share applies, and

    • (iii) that requires the interest owner or holder to make payments to the operator to cover all or part of the advances made by the operator in respect of the costs and expenses of such work or activity, and

  • (b) that secures the payments referred to in subparagraph (a)(iii);

  “postponement”

  « cession de priorité »

  “postponement” means a document evidencing the postponement of a security notice or operator’s lien;

  “Registrar”

  « directeur »

  “Registrar” means

  • (a) in relation to any area in respect of which the Minister of Natural Resources has administrative responsibility for the natural resources therein, such person as that Minister may designate, and

  • (b) in relation to any area in respect of which the Minister of Indian Affairs and Northern Development has administrative responsibility for the natural resources therein, such person as that Minister may designate;

  “secured party”

  « partie garantie »

  “secured party” means the person claiming a security interest under a security notice;

  “security interest”

  « sûreté »

  “security interest” means any charge on or right in relation to an interest or a share in an interest that secures

  • (a) the payment of an indebtedness arising from an existing or future loan or advance of money,

  • (b) a bond, debenture or other security of a corporation, or

  • (c) the performance of the obligations of a guarantor under a guarantee given in respect of all or any part of an indebtedness referred to in paragraph (a) or all or any part of a bond, debenture or other security of a corporation,

  and includes a security given under section 426 of the Bank Act, but does not include an operator’s lien;

  “security notice”

  Version anglaise seulement

  “security notice” means a notice of a security interest;

  “transfer”

  « transfert »

  “transfer” means a transfer of an interest or a share in an interest.

• Marginal note:Assignees deemed secured parties

  (2) Where an assignment of security interest is registered under this Part, a reference in this Part to a secured party shall, in respect of the security notice to which the assignment of security interest relates, be read as a reference to the assignee named in the assignment of security interest.