Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act

Marginal note:Transitional payments for the 2006-2011 period

• 11 (1) For each fiscal year between April 1, 2006 and March 31, 2011 in which the Province does not receive a fiscal equalization payment, the Minister shall make a transitional payment to the Province equal in amount to the sum that would be payable, under section 219 of the Canada–Newfoundland and Labrador Atlantic Accord Implementation Act, and that would be determined, under section 220 of that Act, as if those sections applied to that Province’s offshore revenue.

• Marginal note:Transitional payment for 2011-2012

  (2) If the Province does not receive a fiscal equalization payment for the 2011-2012 fiscal year, the Minister shall make a transitional payment equal in amount to the sum that would be payable, under section 219 of the Canada–Newfoundland and Labrador Atlantic Accord Implementation Act, and that would be determined, under section 220 of that Act, as if those sections applied to that Province’s offshore revenue and the amount determined in accordance with paragraph 220(b) of that Act is equal to zero.

• Marginal note:First fiscal year of production

  (3) For the purpose of this section, the first fiscal year of offshore production is the fiscal year beginning on April 1, 1999.