Oil Pipeline Uniform Accounting Regulations

5 (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 Commission, 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 Commission grants leave to abandon the operation of the pipeline;

• (b) shall file a set of audited financial statements with the Regulator 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)