Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act

Marginal note:Notice to comply

• 126 (1) If the Board has reason to believe that an interest owner or holder is failing or has failed to meet any requirement of this Part or Part III or III.1 or any regulation made under any of those Parts, the Board may give notice to that interest owner or holder requiring compliance with the requirement within 90 days after the day on which the notice is given or within any longer period that the Board considers appropriate.

• Marginal note:Default

  (2) Notwithstanding anything in this Part but subject to sections 32 to 37, where an interest owner or holder fails to comply with a notice under subsection (1) within the period specified in the notice and the Board considers that the failure to comply warrants cancellation of the interest of the interest owner or holder or any share in the interest held by the holder with respect to a portion only of the offshore area subject to the interest, the Board may, by order subject to section 127, cancel that interest or share, and where the interest or share is so cancelled, the portions of the offshore area thereunder become Crown reserve areas.