Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act (S.C. 1988, c. 28)

Act current to 2019-06-20 and last amended on 2017-06-22. Previous Versions

PART IIPetroleum Resources (continued)

DIVISION VIIEnvironmental Studies Research Fund

Marginal note:Fund continued

  •  (1) Part VII of the Canada Petroleum Resources Act applies, with such modifications as the circumstances require, within the offshore area.

  • Marginal note:Rates subject to Board’s approval

    (2) The rates fixed by the Federal Minister pursuant to section 80 of the Canada Petroleum Resources Act, as they apply to the offshore area, are subject to approval by the Board.

  • Marginal note:Appointment by Board of one of members of Environmental Studies Management Board

    (3) Notwithstanding subsection 78(2) of the Canada Petroleum Resources Act, one of the members of the Environmental Studies Management Board established by subsection 78(1) of that Act is to be appointed by the Board on the recommendation of the Provincial Minister.

  • Marginal note:Reports and recommendations to Board

    (4) The Environmental Studies Management Board referred to in subsection (3) shall submit to the Board

    • (a) a copy of every annual report and recommendation submitted to the Federal Minister pursuant to paragraph 79(1)(d) or (e) of the Canada Petroleum Resources Act, and

    • (b) a copy of that part of every budget submitted to the Federal Minister pursuant to paragraph 79(1)(c) of that Act that relates to the offshore area

    at the same time the report or recommendation is submitted to the Federal Minister.

Marginal note:Interest owner exempt from payment

 The interest owner of an interest in relation to lands situated in that portion of the offshore area that is described in Schedule IV is, in respect of those lands, exempt from the payment under section 81 of the Canada Petroleum Resources Act of any amount in respect of any period specified in a notice issued under subsection 141(1) or (2).

  • 1988, c. 28, s. 104
  • 2015, c. 39, s. 2

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 Supreme Court of Nova Scotia and includes a judge of that Court; (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 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; (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.

  • 1988, c. 28, s. 105
  • 1991, c. 46, s. 586
  • 1999, c. 31, s. 30

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. 16]

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. 17]

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.

 
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