Marginal note:Power to make payment
231. (1) On a request made in accordance with the terms of an agreement entered into pursuant to section 230 for the payment of an amount of money for costs incurred in respect of a project that has been approved by both Ministers, the Federal Minister shall, subject to subsections (2) to (4) and the terms of the agreement, pay the amount.
Marginal note:Maximum amount of payments
(2) The aggregate amount of all payments made pursuant to subsection (1) shall not exceed the sum of two hundred and twenty-five million dollars.
Marginal note:Conditional on Provincial contributions
(3) No payment shall be made by the Federal Minister pursuant to subsection (1) in relation to a project unless the Provincial Minister has agreed to pay one-quarter of the total costs incurred by both governments in respect of the project.
(4) The Federal Minister shall not pay an amount of money pursuant to subsection (1) unless the payment is for costs incurred in respect of a project approved and in progress prior to the day that is the later of
(a) April 1, 1993, and
(b) the day on which the cumulative volume of production in the offshore area, measured as having flowed through the first sales meter, has reached an amount equal to 2,400,000 cubic metres of oil or a volume of gas or of a combination of oil and gas that is the energy equivalent thereto, as determined by the Federal Minister in accordance with the regulations.
Development Fund Committee
Marginal note:Development Fund Committee
232. (1) There is established by the joint operation of this Act and the Provincial Act a committee to be known as the Development Fund Committee, consisting of four members.
Marginal note:Appointment of members
(2) Two members of the Development Fund Committee are to be appointed by each government.
Marginal note:Functions of the Committee
(3) The Development Fund Committee shall monitor and review the implementation of the Development Fund pursuant to this Part.
Marginal note:Dissolution of the Committee
(4) The Development Fund Committee is, by the joint operation of this subsection and subsection 204(4) of the Provincial Act, dissolved three years after the date, as determined by both Ministers, on which the last payment is made pursuant to subsection 231(1).
233. (1) There may be paid out of the Consolidated Revenue Fund, for the purpose of making payments pursuant to this Part, amounts not exceeding, in the aggregate, the sum of two hundred and twenty-five million dollars.
(2) Notwithstanding section 30 of the Financial Administration Act, any portion of the amount appropriated under this section may be expended in subsequent fiscal years.
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