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

Regulations

Marginal note:Regulations

248 Subject to section 6, the Governor in Council may make regulations, on the recommendation of the Minister,

• (a) respecting, for the purpose of section 247, the information that must be provided to the Federal Minister in order for a profit to be determined in respect of a project;

• (b) respecting the making of payments pursuant to subsection 247(1) if the Minister determines that the Minister has underpaid any amount payable under that subsection;

• (c) respecting the recovery of overpayments made pursuant to subsection 247(1); and

• (d) prescribing anything that is, by this Part, to be prescribed.

Appropriation

Marginal note:Appropriation

249 In respect of any fiscal year, the Federal Minister may pay out of the Consolidated Revenue Fund, at such times and in such manner as may be prescribed, amounts payable during that fiscal year to Her Majesty in right of the Province pursuant to subsection 247(1).

PART IXCorporate Income Tax

250 to 252 [Amendments]

PART XTransitional, Consequential, Repeal and Coming into Force

Transitional

Marginal note:Initial payment to environmental studies fund during transitional period

253 Notwithstanding section 49 of the Canada Oil and Gas Act as it read immediately before the coming into force of this section, where an exploration agreement in relation to any portion of the offshore area was entered into or negotiations in respect thereof were completed under the Canada Oil and Gas Act on or after August 26, 1986, and before the coming into force of Part VII of the Canada Petroleum Resources Act,

• (a) the interest owner shall deposit for payment into the relevant fund an amount determined in accordance with subsection 81(2) of the Canada Petroleum Resources Act; and

• (b) where, prior to the coming into force of this section, there has been deposited for payment into the relevant fund in relation to that exploration agreement an amount determined in accordance with section 49 of the Canada Oil and Gas Act as it read immediately before the coming into force of this section, the Minister may refund to the interest owner an amount equal to the difference between that amount and the amount required to be deposited under paragraph (a).

Consequential Amendments

254 to 265 [Amendments to other Acts]

Repeal

Marginal note:Repeal

• 266 (1) Subject to subsections (2) and (3), the Canada-Nova Scotia Oil and Gas Agreement Act, chapter 29 of the Statutes of Canada, 1984, is repealed.

• Marginal note:Idem

  (2) Part II of and Schedule IV to the Canada-Nova Scotia Oil and Gas Agreement Act are repealed with respect to sales and other transactions occurring after the day on which section 212 of this Act comes into force.

• Marginal note:Idem

  (3) Part III of the Canada-Nova Scotia Oil and Gas Agreement Act is repealed on the day on which section 219 of this Act comes into force.

Coming into Force

Marginal note:Coming into force

• Footnote ^*267 (1) Subject to subsection (2), this Act or any provision thereof shall come into force on a day or days to be fixed by proclamation.

• Marginal note:Idem

  (2) Section 216 and Part IX are applicable to taxation years commencing after December 22, 1989.

  • Return to footnote ^*[Note: Act, except Division VIII of Part II, in force December 22, 1989, see SI/90-9; Division VIII of Part II in force October 1, 1990, see SI/90-152.]