Canada–Newfoundland and Labrador Atlantic Accord Implementation Act

Marginal note:Power to make payment

• 231 (1) On a request made in accordance with the terms of an agreement entered into pursuant to section 230 for the payment of an amount of money for costs incurred in respect of a project that has been approved by both Ministers, the Federal Minister shall, subject to subsections (2) to (4) and the terms of the agreement, pay the amount.

• Marginal note:Maximum amount of payments

  (2) The aggregate amount of all payments made pursuant to subsection (1) shall not exceed the sum of two hundred and twenty-five million dollars.

• Marginal note:Conditional on Provincial contributions

  (3) No payment shall be made by the Federal Minister pursuant to subsection (1) in relation to a project unless the Provincial Minister has agreed to pay one-quarter of the total costs incurred by both governments in respect of the project.

• Marginal note:Limitation

  (4) The Federal Minister shall not pay an amount of money pursuant to subsection (1) unless the payment is for costs incurred in respect of a project approved and in progress prior to the day that is the later of

  • (a) April 1, 1993, and

  • (b) the day on which the cumulative volume of production in the offshore area, measured as having flowed through the first sales meter, has reached an amount equal to 2,400,000 cubic metres of oil or a volume of gas or of a combination of oil and gas that is the energy equivalent thereto, as determined by the Federal Minister in accordance with the regulations.