Canada-Newfoundland Atlantic Accord Implementation Act (S.C. 1987, c. 3)

Marginal note:Remittance to Receiver General

• 99. (1) All royalties, interests and penalties payable under section 97, including the proceeds of any royalty payable in kind, shall be made payable and remitted to the Receiver General.

• Marginal note:Consolidated Revenue Fund

  (2) On the collection or receipt of any royalties, interest and penalties by the Board pursuant to this section, the royalties shall be deposited as soon as practicable to the credit of the Receiver General and paid into the Consolidated Revenue Fund in the manner prescribed by the Treasury Board under the Financial Administration Act.

Marginal note:Debts due to Her Majesty

100. All royalties, interest and penalties payable under section 97 are debts due to Her Majesty in right of Canada and are recoverable as such from the person required to pay the royalties in accordance with this Division.

Marginal note:Fund continued

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

Marginal note:Definitions

• 102. (1) In this Division,

  “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 Division;

  “court”

  « tribunal »

  “court” means the Trial Division of the Supreme Court of Newfoundland and includes a judge thereof;

  “Deputy Registrar”

  « directeur adjoint »

  “Deputy Registrar” means such person as the Board may designate as the Deputy Registrar for the purposes of this Division;

  “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 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);

  “postponement”

  « cession de priorité »

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

  “Registrar”

  « directeur »

  “Registrar” means such person as the Board may designate as the Registrar for the purposes of this Division;

  “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, 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;

  “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 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.