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Newfoundland Offshore Petroleum Resource Revenue Fund Regulations (SOR/95-257)

Regulations are current to 2024-10-30 and last amended on 2014-12-31. Previous Versions

Newfoundland Offshore Petroleum Resource Revenue Fund Regulations

SOR/95-257

CANADA–NEWFOUNDLAND AND LABRADOR ATLANTIC ACCORD IMPLEMENTATION ACT

CANADA-NEWFOUNDLAND ATLANTIC ACCORD IMPLEMENTATION ACT

Registration 1995-05-30

Regulations Prescribing the Time and the Manner for the Crediting of Amounts by the Minister of Natural Resources to the Newfoundland Offshore Petroleum Resource Revenue Fund, and the Time and the Manner for the Payment, to Her Majesty in Right of Newfoundland, of any Amount Credited to that Fund

P.C. 1995-832  1995-05-30

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance and the Treasury Board, pursuant to subsection 214(2) and paragraph 216(b) of the Canada-Newfoundland Atlantic Accord Implementation ActFootnote *, is pleased hereby to make the annexed Regulations prescribing the time and manner for the crediting of amounts by the Minister of Natural Resources to the Newfoundland Offshore Petroleum Resource Revenue Fund, and the time and the manner for the payment, to Her Majesty in right of Newfoundland, of any amount credited to that fund.

Short Title

1 These Regulations may be cited as the Newfoundland Offshore Petroleum Resource Revenue Fund Regulations.

Interpretation

2 In these Regulations,

Act

Act means the Canada–Newfoundland and Labrador Atlantic Accord Implementation Act; (Loi)

working day

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

  • 2014, c. 13, s. 116
Previous Version

Credits to the Revenue Fund

  • 3 (1) The Federal Minister shall credit the Revenue Fund, within 10 working days after the day on which these Regulations come into force, with 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 April 4, 1987 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 214(2)(a)(ii) of the Act, and

    • (b) the amounts referred to in subparagraph 214(2)(a)(iv) of the Act.

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

    • (a) the amounts referred to in subparagraph 214(2)(a)(ii) of the Act, and

    • (b) the amounts referred to in subparagraph 214(2)(a)(iv) of the Act.

4 The Federal Minister shall credit the Revenue Fund, within two working days after the tenth day of each month, with an amount equal to the aggregate of the amounts referred to in subparagraph 214(2)(a)(i) of the Act that were paid into the Consolidated Revenue Fund during the previous month.

5 The Federal Minister shall credit the Revenue Fund, 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 99(2) of the Act, with an amount equal to the aggregate of the amounts referred to in subparagraph 214(2)(a)(iii) of the Act that were collected and deposited by the Board to the Consolidated Revenue Fund.

Payments

  • 6 (1) The Federal Minister shall, not later than the last working day of each month in which the Federal Minister credits the Revenue Fund with an amount pursuant to section 3, pay out of the Consolidated Revenue Fund to Her Majesty in right of Newfoundland an amount equal to the amount so credited.

  • (2) The Federal Minister shall, within three working days after the Federal Minister credits the Revenue Fund with an amount pursuant to section 4 or 5, pay out of the Consolidated Revenue Fund to Her Majesty in right of Newfoundland an amount equal to the amount so credited.

Table of Contents

 

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