Marginal note:Books and records
59. (1) Each holder of a share in a production licence shall, subject to such terms and conditions as may be prescribed, keep books, records, accounts, documents and other information necessary for or incidental to the calculation and verification of the amounts of royalties payable by the holder under this Part, including such books, records, accounts, documents and other information as may be prescribed.
(2) Books, records, accounts, documents and other information required to be kept pursuant to subsection (1) shall be kept at the place and in the manner and during the periods prescribed.
Assessments, Objections and Appeals
Marginal note:Audits and examinations
60. Persons required by this Part to file reports and returns are subject to such audit and examination as may be prescribed to be conducted at the times, in the circumstances and in the manner prescribed.
Marginal note:Assessment and notice
61. (1) The Minister shall, with all due dispatch, examine a report or return filed pursuant to subsection 58(1), assess the royalty payable for the period in respect of which the report or return was filed and the interest and penalties, if any, payable and send a notice of assessment to the person by whom the report or return was filed.
Marginal note:Notice of assessment at later date
(2) The Minister may, at any time, assess the royalty, interest or penalties payable under this Part in respect of any period and give a notice of the assessment to the interest holder required to pay the royalty.
Marginal note:Liability unaffected
(3) Liability for the royalty payable under this Part and the interest and penalties, if any, payable thereunder is not affected by an incorrect or incomplete assessment or by the fact that no assessment has been made.
Marginal note:Reports and returns not binding
(4) In making an assessment pursuant to subsection (1), the Minister is not bound by any report or return filed by or on behalf of an interest holder and in making an assessment the Minister may, notwithstanding a report or return so filed or that no such report or return has been filed, assess the royalty, interest and penalties payable under this Part.
Marginal note:Effect of assessment
(5) An assessment, subject to being varied or vacated on an objection or appeal under this Part and subject to a reassessment, is valid and binding notwithstanding any error, defect or omission in the assessment or in any proceeding under this Part relating thereto.
Marginal note:Objection to assessment
62. (1) An interest holder who objects to an assessment may, within ninety days after the date of mailing of the notice of assessment, give a notice of objection to the Minister by registered mail, in such form and manner as may be prescribed, setting out the reasons for the objection and all the relevant facts.
Marginal note:Reconsideration and notice
(2) On receipt of a notice of objection, the Minister shall, with all due dispatch, reconsider the assessment and confirm, vary or vacate the assessment and give notice thereof by registered mail to the interest holder who gave the notice of objection.
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