Marginal note:Appropriation

• 237. (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 million dollars less the aggregate of all amounts charged to the Development Fund before its continuation by section 234.

• Marginal note:Charges to Development Fund

  (2) All amounts paid to Her Majesty in right of the Province pursuant to this Part shall be charged to the Development Fund.

• Marginal note:Forgiveness of debt

  (3) The debts and obligations of Her Majesty in right of the Province due to the Government of Canada under section 68 of the Canada-Nova Scotia Oil and Gas Agreement Act, chapter 29 of the Statutes of Canada, 1984, are hereby forgiven.

Marginal note:Report to Parliament

238. On or before the 31st day of December next following the end of each fiscal year during the term of the Accord, the Federal Minister shall cause to be prepared a report in respect of the operation of the Development Fund account during that fiscal year and shall cause the report to be laid before each House of Parliament on any of the first fifteen days on which that House is sitting after the day the report is prepared.

Marginal note:Definitions

239. In this Part,

“Canadian development expense”

« frais d’aménagement au Canada »

“Canadian development expense” has the meaning assigned by paragraph 66.2(5)(a) of the Income Tax Act, except that

• (a) there shall be excluded from that meaning any Canadian exploration and development overhead expense, and

• (b) all that portion of that paragraph following clause (vii)(C) thereof shall be read as follows:

“but any amount of assistance or benefit that a taxpayer has received, is entitled to receive or can reasonably be expected to receive after May 25, 1976 from a government, municipality or other public authority in respect of or related to his Canadian development expense, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit, other than an investment tax credit in respect of a qualified Canadian exploration expenditure, shall reduce the amount of any of the expenses described in any of subparagraphs (i) to (v); and”;

“Canadian exploration and development overhead expense”

« frais généraux d’exploration et d’aménagement au Canada »

“Canadian exploration and development overhead expense” has the meaning assigned by subsection 1206(1) of the Income Tax Regulations;

“Canadian exploration expense”

« frais d’exploration au Canada »

“Canadian exploration expense” has the meaning assigned by paragraph 66.1(6)(a) of the Income Tax Act, except that

• (a) there shall be excluded from that meaning any Canadian exploration and development overhead expense and any expense referred to in subparagraph (i) thereof,

• (b) any reference in that paragraph to any expense incurred in drilling or completing an oil or gas well in Canada shall be read as including, with such modifications as the circumstances require, a reference to

  • (i) any expense incurred in respect of an exploratory probe in the offshore area, and

  • (ii) any expense incurred in respect of a well in relation to a three dimensional seismic survey, an engineering study or an analytical study for the purpose of determining the location or extent of an accumulation of petroleum in the offshore area, and

• (c) all that portion of that paragraph following clause (vii)(C) thereof shall be read as follows:

“but any amount of assistance or benefit that a taxpayer has received, is entitled to receive or can reasonably be expected to receive after May 25, 1976 from a government, municipality or other public authority in respect of or related to a Canadian exploration expense, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit, other than an investment tax credit in respect of a qualified Canadian exploration expenditure, shall reduce the amount of any of the expenses described in any of subparagraphs (i) to (v); and”;

“investment tax credit”

« crédit d’impôt à l’investissement »

“investment tax credit” has the meaning assigned by subsection 127(9) of the Income Tax Act;

“Nova Scotia Resources (Ventures) Limited”

« Société »

“Nova Scotia Resources (Ventures) Limited” means the company incorporated on November 20, 1981 under the Companies Act, Chapter 42 of the Revised Statutes of Nova Scotia, 1967;

“qualified Canadian exploration expenditure”

« dépense admissible d’exploration au Canada »

“qualified Canadian exploration expenditure” has the meaning assigned by subsection 127(9) of the Income Tax Act.