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Canada–Newfoundland and Labrador Atlantic Accord Implementation Act (S.C. 1987, c. 3)

Act current to 2019-08-28 and last amended on 2019-08-28. Previous Versions

PART IIPetroleum Resources (continued)

DIVISION VIIITransfers, Assignments and Registration

Interpretation

Marginal note:Definitions

  •  (1) In this Division,

    assignment of security interest

    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 Division; (cession de sûreté)

    court

    court means the Trial Division of the Supreme Court of Newfoundland and Labrador and includes any of its judges; (tribunal)

    Deputy Registrar

    Deputy Registrar means such person as the Board may designate as the Deputy Registrar for the purposes of this Division; (directeur adjoint)

    discharge

    discharge means a notice of the discharge of a security notice or postponement and includes a partial discharge; (mainlevée)

    instrument

    instrument means a discharge, postponement, security notice, transfer or an assignment of a security interest; (acte)

    operator’s lien

    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 portions of the offshore area 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); (privilège de l’exploitant)

    postponement

    postponement means a document evidencing the postponement of a security notice or operator’s lien; (cession de priorité)

    Registrar

    Registrar means such person as the Board may designate as the Registrar for the purposes of this Division; (directeur)

    secured party

    secured party means the person claiming a security interest under a security notice; (partie garantie)

    security interest

    security interest means any charge on or right in relation to an interest or a share in an interest that, pursuant to a written agreement, secures any payment or performance of an obligation, including

    • (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; (sûreté)

    security notice

    security notice means a notice of a security interest; (Version anglaise seulement)

    transfer

    transfer means a transfer of an interest or a share in an interest. (transfert)

  • Marginal note:Assignees deemed secured parties

    (2) Where an assignment of security interest is registered under this Division, a reference in this Division 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.

  • 1987, c. 3, s. 102
  • 1988, c. 28, s. 259
  • 1990, c. 41, s. 12
  • 1991, c. 46, s. 585
  • 2014, c. 13, s. 19

Transfer and Assignment

Marginal note:Notice of disposition of any interest

 Where an interest holder of an interest or any share therein enters into an agreement or arrangement that is or may result in a transfer, assignment or other disposition of the interest or any share therein, the interest holder shall give notice of such agreement or arrangement to the Board, together with a summary of its terms and conditions or, on the request of the Board, a copy of the agreement or arrangement.

 [Repealed, 1993, c. 47, s. 9]

Registration

Marginal note:Establishment of register

  •  (1) A public register of all interests and instruments registered under this Division shall be established and maintained in accordance with this Division and the regulations.

  • Marginal note:Duties of Registrar and Deputy Registrar

    (2) The Registrar and Deputy Registrar shall exercise such powers and perform such duties and functions in respect of the register and the system of registration established under this Division as may be prescribed.

Marginal note:Prohibition against registration of documents except instruments

  •  (1) No document other than an interest or instrument may be registered under this Division.

  • Marginal note:Requirements of registration

    (2) No instrument may be registered under this Division unless it has been submitted for registration in the form prescribed for that instrument, in such manner and containing such information as may be prescribed, and meets any other requirement for the registration thereof prescribed by this Division and the regulations.

 [Repealed, 1993, c. 47, s. 10]

Marginal note:Requirements of registering security notice

  •  (1) No security notice may be registered under this Division unless the security notice specifies

    • (a) the nature of the security interest claimed;

    • (b) the person from whom the security interest was acquired;

    • (c) the documents giving rise to the security interest; and

    • (d) such other particulars in respect thereof as may be prescribed.

  • Marginal note:Notice of official address

    (2) No instrument may be registered under this Division unless a notice of official address for service in respect of that instrument is filed with the Registrar in prescribed form.

  • Marginal note:Revision of notice of official address

    (3) The official address for service in respect of an instrument may be changed by filing with the Registrar another notice of official address for service, in prescribed form.

Marginal note:Security notice carries forward to new interests

 Where a significant discovery licence or production licence is issued at any time in respect of any portion of the offshore area that was not a Crown reserve area immediately before that time, the registration under this Division of a security notice in respect of the interest in force immediately preceding the issuance of that licence and relating to that portion of the offshore area applies in respect of the licence as though the security notice referred to that licence and as though that licence had been issued prior to the registration of the security notice.

Marginal note:Registration

  •  (1) Every document submitted for registration under this Division shall be examined by the Registrar and where the Registrar determines that the document is an instrument that meets all the requirements for the registration thereof prescribed by this Division and the regulations, the Registrar shall register the instrument in accordance with this Division and the regulations.

  • Marginal note:Refusal to register

    (2) Where the Registrar refuses to register any document under this Division, the Registrar shall return the document to the person submitting the document for registration and provide that person with the reasons for the refusal.

  • Marginal note:Memorandum of registration

    (3) An instrument is registered under this Division by the endorsement of a memorandum of registration on the instrument specifying the registration number of the instrument and the time and date of registration.

  • Marginal note:Chronological order of receipt for registration

    (4) Instruments accepted for registration under this Division shall be registered in the chronological order in which such instruments are received by the Registrar.

 
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