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

Act current to 2016-06-06 and last amended on 2016-02-27. Previous Versions

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 [Repealed, 1993, c. 47, s. 9]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 [Repealed, 1993, c. 47, s. 10]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.

Marginal note:Deemed notice

 The registration of an instrument under this Division shall be deemed to constitute actual notice of the instrument to all persons as of the time of registration of the instrument and, in the case of a security notice, shall be deemed to constitute actual notice to all persons who may serve a demand for information under section 113 in respect of the security notice of the contents of the documents specified in the security notice.

Marginal note:Priority of rights
  •  (1) Subject to subsections (2) and (5), any particular right, in relation to an interest or a share therein, in respect of which an instrument has been registered under this Division at any time has priority over and is valid against any other right, in relation to that interest or share,

    • (a) in respect of which an instrument may be registered under this Division,

      • (i) where the instrument was not so registered, or

      • (ii) where the instrument was so registered after that time,

      whether that other right was acquired before or after that particular right; or

    • (b) in respect of which an instrument may not be registered under this Division, acquired after that time.

  • Marginal note:Transitional

    (2) Where any right in respect of which an instrument may be registered under this Division was acquired before the coming into force of this section and an instrument in respect of such right is registered under this Division not later than one hundred and eighty days after the coming into force of this section, the priority and validity of such right shall be determined as though the instrument was registered under this Division at the time the right was acquired and as though this section was in force at that time.

  • Marginal note:Idem

    (3) Notwithstanding subsection (2), no right in respect of which that subsection applies shall have priority over and be valid against any other right in respect of which that subsection applies but in respect of which an instrument is not registered within the period referred to in that subsection, where the person claiming the right in respect of which an instrument is registered within that period acquired such right with actual knowledge of the other right.

  • Marginal note:Idem

    (4) No instrument in respect of any right to which subsection (2) applies shall be registered unless it is accompanied by the statutory declaration, in prescribed form, of the person claiming such right, attesting to the time at which such right was acquired.

  • Marginal note:Operator’s lien

    (5) An operator’s lien, in relation to an interest or share therein, shall, without registration of any document evidencing the operator’s lien, have priority over and be valid against any other right, in relation to that interest or share, in respect of which an instrument may be registered under this Division, whether an instrument in respect of that other right was registered before or after the acquisition of the operator’s lien or the operator’s lien was acquired before or after that other right, unless the operator’s lien is postponed with respect to such other rights by the registration under this Division of a postponement in respect of the operator’s lien and a discharge in respect of that postponement has not been registered under this Division.

  • 1987, c. 3, s. 112;
  • 1994, c. 26, s. 12(F).
Marginal note:Demand for information
  •  (1) A person may, in accordance with this section, serve a demand for information in respect of a security notice that has been registered under this Division in relation to an interest or a share therein where that person

    • (a) is the holder of that interest or share;

    • (b) is specified in the security notice as the person from whom the security interest was acquired;

    • (c) is the secured party under another security notice registered under this Division in relation to that interest or share;

    • (d) is a member of a class of persons prescribed by the regulations for the purposes of this subsection; or

    • (e) obtains leave to do so from the court.

  • Marginal note:Contents of demand notice

    (2) A demand for information, in respect of a security notice, may be served pursuant to subsection (1) by serving on the secured party under the security notice a demand notice, in prescribed form, requiring the secured party

    • (a) to inform the person serving the demand notice, within fifteen days after service of the notice, of the place where the documents specified in the security notice or copies thereof are located and available for examination, and of the normal business hours during which the examination may be made; and

    • (b) to make such documents or copies thereof available for examination at that place during normal business hours by or on behalf of the person serving the notice, within a reasonable period after the demand notice is served.

  • Marginal note:Service

    (3) A demand for information is served for the purposes of this section if it is sent by registered mail or delivered to the official address for service in respect of the security notice according to the records of the Registrar.

  • Marginal note:Compliance with demand

    (4) A demand for information served pursuant to subsection (1) may be complied with by mailing or delivering to the person serving the demand notice a true copy of the documents referred to in the demand notice.

  • Marginal note:Court order where failure to comply

    (5) Where a secured party fails without reasonable excuse to comply with a demand for information in respect of a security notice in relation to an interest or share therein served on the secured party in accordance with this section, the court may, on application by the person who served the demand notice, make an order requiring the secured party to comply with the demand for information within the time and in the manner specified in the order.

  • Marginal note:Where failure to comply with court order

    (6) Where a secured party fails to comply with an order of a court made under subsection (5), the court may, on the application of the person who applied for the order,

    • (a) make any other order the court considers necessary to ensure compliance with the order made under subsection (5); or

    • (b) make an order directing the Registrar to cancel the registration of the security notice.

  • Definition of document

    (7) In this section, document includes any amendment to the document.

 
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