Canada Petroleum Resources Act (R.S.C., 1985, c. 36 (2nd Supp.))

Act current to 2016-04-12 and last amended on 2016-02-27. Previous Versions

Marginal note:Regulations

 The Governor in Council may make regulations for carrying out the purposes and provisions of this Part and, without restricting the generality of the foregoing, may make regulations

  • (a) prescribing the qualifications of members of the Board and prohibiting the appointment of persons as members of the Board who do not meet those qualifications;

  • (b) prescribing, or prescribing the manner of selecting, persons or classes of persons from among whom members of the Board are to be appointed;

  • (c) prescribing regions for the purposes of this Part; and

  • (d) prescribing any other matter or thing that by this Part is to be prescribed.

PART VIIITransfers, Assignments and Registration

Interpretation

Marginal note:Definitions
  •  (1) In this Part,

    assignment of security interest

    cession de sûreté

    assignment of security interest means a notice of the assignment of a security interest or any part thereof in respect of which a security notice has been registered under this Part; (cession de sûreté)

    court

    tribunal

    court means, with respect to any frontier lands or any portion thereof, such superior court as may be prescribed and includes a judge thereof; (tribunal)

    Deputy Registrar

    directeur adjoint

    Deputy Registrar means

    • (a) in relation to any area in respect of which the Minister of Natural Resources has administrative responsibility for the natural resources therein, such person as that Minister may designate, and

    • (b) in relation to any area in respect of which the Minister of Indian Affairs and Northern Development has administrative responsibility for the natural resources therein, such person as that Minister may designate; (directeur adjoint)

    discharge

    mainlevée

    discharge means a notice of the discharge of a security notice or postponement and includes a partial discharge; (mainlevée)

    instrument

    acte

    instrument means a discharge, postponement, security notice, transfer or an assignment of a security interest; (acte)

    operator’s lien

    privilège de l’exploitant

    operator’s lien means any charge on or right in relation to an interest or a share in an interest

    • (a) that arises under a contract

      • (i) to which the interest owner or holder of the interest or share is a party,

      • (ii) that provides for the operator appointed thereunder to carry out any work or activity related to the exploration for or the development or production of petroleum in the frontier lands to which the interest or share applies, and

      • (iii) that requires the interest owner or holder to make payments to the operator to cover all or part of the advances made by the operator in respect of the costs and expenses of such work or activity, and

    • (b) that secures the payments referred to in subparagraph (a)(iii); (privilège de l’exploitant)

    postponement

    cession de priorité

    postponement means a document evidencing the postponement of a security notice or operator’s lien; (cession de priorité)

    Registrar

    directeur

    Registrar means

    • (a) in relation to any area in respect of which the Minister of Natural Resources has administrative responsibility for the natural resources therein, such person as that Minister may designate, and

    • (b) in relation to any area in respect of which the Minister of Indian Affairs and Northern Development has administrative responsibility for the natural resources therein, such person as that Minister may designate; (directeur)

    secured party

    partie garantie

    secured party means the person claiming a security interest under a security notice; (partie garantie)

    security interest

    sûreté

    security interest means any charge on or right in relation to an interest or a share in an interest that secures

    • (a) the payment of an indebtedness arising from an existing or future loan or advance of money,

    • (b) a bond, debenture or other security of a corporation, or

    • (c) the performance of the obligations of a guarantor under a guarantee given in respect of all or any part of an indebtedness referred to in paragraph (a) or all or any part of a bond, debenture or other security of a corporation,

    and includes a security given under section 426 of the Bank Act, but does not include an operator’s lien; (sûreté)

    security notice

    Version anglaise seulement

    security notice means a notice of a security interest; (Version anglaise seulement)

    transfer

    transfert

    transfer means a transfer of an interest or a share in an interest. (transfert)

  • Marginal note:Assignees deemed secured parties

    (2) Where an assignment of security interest is registered under this Part, a reference in this Part to a secured party shall, in respect of the security notice to which the assignment of security interest relates, be read as a reference to the assignee named in the assignment of security interest.

  • R.S., 1985, c. 36 (2nd Supp.), s. 84, c. 21 (4th Supp.), s. 3;
  • 1991, c. 46, s. 587;
  • 1994, c. 41, s. 17.

Transfer and Assignment

Marginal note:Notice of disposition of any interest

 Where an interest holder of an interest or any share therein enters into an agreement or arrangement that is or may result in a transfer, assignment or other disposition of the interest or any share therein, the interest holder shall give notice of the agreement or arrangement to the Minister, together with a copy of the agreement or arrangement or, if the Minister approves, a summary of its terms and conditions or, on the request of the Minister, a copy of the agreement or arrangement.

 [Repealed, 1993, c. 47, s. 4]

Registration

Marginal note:Establishment of register
  •  (1) A public register of all interests and instruments registered under this Part shall be established and maintained in accordance with this Part and the regulations.

  • Marginal note:Duties of Registrar and Deputy Registrar

    (2) The Registrar and Deputy Registrar shall exercise such powers and perform such duties and functions in respect of the register and the system of registration established under this Part as may be prescribed.

Marginal note:Prohibition against registration of documents except instruments
  •  (1) No document other than an interest or instrument may be registered under this Part.

  • Marginal note:Requirements of registration

    (2) No instrument may be registered under this Part unless it has been submitted for registration in the form prescribed for that instrument, in such manner and containing such information as may be prescribed, and meets any other requirement for the registration thereof prescribed by this Act and the regulations.

 [Repealed, 1993, c. 47, s. 5]

Marginal note:Requirements of registering security notice
  •  (1) No security notice may be registered under this Part unless the security notice specifies

    • (a) the nature of the security interest claimed;

    • (b) the person from whom the security interest was acquired;

    • (c) the documents giving rise to the security interest; and

    • (d) such other particulars in respect thereof as may be prescribed.

  • Marginal note:Notice of official address

    (2) No instrument may be registered under this Part unless a notice of official address for service in respect of that instrument is filed with the Registrar in prescribed form.

  • Marginal note:Revision of notice of official address

    (3) The official address for service in respect of an instrument may be changed by filing with the Registrar another notice of official address for service, in prescribed form.

 
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