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Oil Pipeline Uniform Accounting Regulations

Version of section 5 from 2006-03-22 to 2020-03-15:

  •  (1) Every Group 1 company shall

    • (a) keep separate books of account in Canada in a manner consistent with generally accepted accounting principles;

    • (b) unless otherwise authorized or instructed by the Board, keep accounts in the manner set out in these Regulations; and

    • (c) keep a system of accounts as prescribed in these Regulations.

  • (2) Every Group 2 company

    • (a) shall keep separate books of account in Canada in a manner consistent with generally accepted accounting principles until the expiration of one year after such time as the Board grants leave to abandon the operation of the pipeline;

    • (b) shall file a set of audited financial statements with the Board within one hundred and twenty (120) days after the end of each fiscal year of the company;

    • (c) shall comply with subsections 6(1), (7), (8) and (9); and

    • (d) is exempt from complying with these Regulations except as prescribed in paragraphs (a) to (c).

  • (3) In this section,

    Group 1 company

    Group 1 company means a company listed in Schedule VII; and (compagnies du groupe 1)

    Group 2 company

    Group 2 company means any company, other than a Group 1 company, that constructs or operates an oil pipeline. (compagnies du groupe 2)

  • SOR/86-999, s. 1

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