PART VICANADA-NOVA SCOTIA DEVELOPMENT FUND
233. In this Part,
« montant »
“amount” means, except in section 237, an amount of money for infrastructural costs directly or indirectly relating to the exploration for or development, production or transportation of petroleum in the offshore area;
« Fonds de développement »
“Development Fund” means the account continued by section 234;
« ministre provincial »
“Provincial Minister” means the Minister of Development of the Province or such other Minister of the Crown in right of the Province as may be designated by the Provincial Government for the purpose of entering into an agreement pursuant to this Part.
Marginal note:Development Fund
234. There is hereby continued in the accounts of Canada the account known as the Canada-Nova Scotia Development Fund and established by the Canada-Nova Scotia Oil and Gas Agreement Act, chapter 29 of the Statutes of Canada, 1984.
Marginal note:Agreement with the Provincial Government
235. (1) The Federal Minister may, with the approval of the Federal Government, enter into an agreement with the Provincial Minister, having the approval of the Provincial Government, providing for
(a) the procedure to be followed in making, and the criteria of, proposals for the payment of amounts to Her Majesty in right of the Province; and
(b) the terms and conditions of the payment of the amounts or part thereof.
Marginal note:Agreement continued
(2) The agreement entered into under section 85 of the Canada-Nova Scotia Oil and Gas Agreement Act, chapter 29 of the Statutes of Canada, 1984, continues in force in accordance with its terms and conditions until it is replaced by an agreement entered into under subsection (1).
Marginal note:Power to make payment
236. (1) On a proposal by the Provincial Minister to the Federal Minister for the payment of an amount made in accordance with the terms of an agreement entered into or continued under section 235 the Federal Minister may, where he approves the proposal, subject to subsection (2), section 237 and the terms of the agreement, pay to Her Majesty in right of the Province in a lump sum or by instalment the amount, or any amount on account thereof.
(2) Only amounts incurred or specified in a proposal referred to in subsection (1) made prior to the day that is the earlier of
(a) the day on which the production of petroleum commences in the offshore area, as determined by the Federal Minister and the Provincial Minister, and
(b) the day on which the cumulative volume of production in the offshore area has reached an amount equal to one billion cubic metres of gas or an amount equivalent thereto of natural gas liquids or oil, as determined by the Federal Minister in accordance with the regulations,
whether or not the proposal has been approved prior thereto, may be paid by the Federal Minister under this section.
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