Nova Scotia Offshore Revenue Account Regulations (SOR/93-441)

Short Title

1 These Regulations may be cited as the Nova Scotia Offshore Revenue Account Regulations.

Interpretation

2 In these Regulations,

Act

Act means the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act; (Loi)

working day

working day means a day that is not a Saturday or a holiday. (jour ouvrable)

Credits to the Revenue Account

• 3 (1) The Federal Minister shall credit to the Revenue Account, within 10 working days after the day on which these Regulations come into force, an amount equal to the aggregate of the following amounts assessed or reassessed or received, as the case may be, during the period beginning on the date on which the Act came into force and ending on the last day of the second month prior to the date on which these Regulations come into force, and paid into the Consolidated Revenue Fund:

  • (a) the amounts referred to in subparagraph 219(2)(a)(ii) of the Act; and

  • (b) the amounts referred to in subparagraph 219(2)(a)(iv) of the Act.

• (2) The Federal Minister shall credit to the Revenue Account, within 10 working days after the end of each month, an amount equal to the aggregate of the following amounts assessed or reassessed or received, as the case may be, during the month:

  • (a) the amounts referred to in subparagraph 219(2)(a)(ii) of the Act; and

  • (b) the amounts referred to in subparagraph 219(2)(a)(iv) of the Act.

• 4 (1) The Federal Minister shall credit to the Revenue Account, within 10 working days after the day on which these Regulations come into force, an amount equal to the aggregate of the amounts referred to in subparagraph 219(2)(a)(i) of the Act that were collected during the period beginning on the date on which the Act came into force and ending on the last day of the second previous month prior to the date on which these Regulations come into force and paid into the Consolidated Revenue Fund.

• (2) The Federal Minister shall credit to the Revenue Account, within two working days after the tenth day of each month, an amount equal to the aggregate of the amounts referred to in subparagraph 219(2)(a)(i) of the Act that were paid into the Consolidated Revenue Fund during the previous month.

5 The Federal Minister shall credit to the Revenue Account, within 10 working days after the day on which these Regulations come into force, an amount equal to the aggregate of the amounts referred to in subparagraph 219(2)(a)(v) of the Act.

• 6 (1) The Federal Minister shall credit to the Revenue Account an amount equal to the aggregate of the amounts, referred to in subparagraph 219(2)(a)(iii) of the Act, that were collected and deposited into the Consolidated Revenue Fund by the Board during the period beginning on the date on which the Government of the Province and the Board entered into an agreement, pursuant to section 100 of the Act, and ending on the day immediately preceding the day on which these Regulations come into force, and shall do so,

  • (a) where the Federal Minister has received from the Board prior to the day on which these Regulations come into force, a notice, stating the particulars of a deposit made by the Board to the Consolidated Revenue Fund, within 10 workings days after the day on which these Regulations come into force; or

  • (b) where the Federal Minister has not received the notice referred to in paragraph (a) before the day on which these Regulations come into force, within two working days after the day on which the Federal Minister receives such notice.

• (2) The Federal Minister shall credit to the Revenue Account within two working days after receipt from the Board of a notice stating the particulars of a deposit made by the Board in accordance with subsection 101(2) of the Act, an amount equal to the aggregate of the amounts referred to in subparagraph 219(2)(a)(iii) of the Act that were deposited by the Board to the Consolidated Revenue Fund.

Payments

• 7 (1) The Federal Minister shall, not later than the last working day of each month in which the Federal Minister makes a credit to the Revenue Account pursuant to section 3 or 5, pay out of the Consolidated Revenue Fund to Her Majesty in right of Nova Scotia an amount equal to the aggregate amount so credited in the month.

• (2) The Federal Minister shall, within three working days after the Federal Minister makes a credit to the Revenue Account pursuant to section 4 or 6, pay out of the Consolidated Revenue Fund to Her Majesty in right of Nova Scotia an amount equal to the aggregate amount so credited.