Marginal note:Offence and punishment

• 128. (1) Every person who contravenes any of the provisions of this Part or the regulations made under this Part is guilty of an offence and liable

  • (a) on summary conviction, to a fine not exceeding one hundred thousand dollars or to imprisonment for a term not exceeding one year or to both; or

  • (b) on conviction on indictment, to a fine not exceeding one million dollars or to imprisonment for a term not exceeding five years or to both.

• Marginal note:Application of subsections 121(2) to (5)

  (2) Subsections 121(2) to (5) apply, with such modifications as the circumstances require, in respect of an offence under this Part.

Marginal note:Regulations respecting accounts, etc.

• 129. (1) The Board may, with the approval of the Governor in Council, make regulations

  • (a) respecting the manner in which the accounts of a company shall be kept;

  • (b) respecting the classes of property for which depreciation charges may properly be included under operating expenses in the accounts and the accounting method or methods that may be used in computing and charging depreciation in respect of each of the classes of property;

  • (c) respecting a uniform system of accounts applicable to any class of company; and

  • (d) requiring

    • (i) companies that have been authorized under Part III to construct or operate a pipeline,

    • (ii) persons exporting oil, gas or electricity or importing oil or gas, and

    • (iii) persons holding a licence under Part VI or VII,

    to keep and make available to the Board for inspection by the Board or a person authorized by the Board at a place of business in Canada such records, books of account and other documents in such form as may be prescribed by the regulations and submit to the Board, at such times and in such form as may be so prescribed, returns and information respecting capital, traffic, revenues, expenses and other matters so prescribed and deemed by the Board to be matters that should be considered by it in carrying out its powers and duties under this Act in relation to those companies and persons.

• Marginal note:Exemptions

  (1.1) The Board may, by order made on such terms and conditions as it considers appropriate, exempt a company or person from the application of a regulation made under subsection (1).

• Marginal note:Contravention and punishment

  (2) Every person who contravenes a regulation made under this section is guilty of an offence punishable on summary conviction.

Marginal note:General regulations

• 130. (1) The Governor in Council may make regulations for carrying the purposes and provisions of this Act into effect and may, by those regulations, designate as an oil product or as a gas product any substance resulting from the processing or refining of hydrocarbons or coal if that substance

  • (a) is asphalt or a lubricant; or

  • (b) is a suitable source of energy by itself or when it is combined or used in association with something else.

• Marginal note:Exemptions

  (2) The Governor in Council may by regulation exempt any oil or gas or any kind, quality or class thereof or any area or transaction from the operation of all or any of the provisions of this Act.