Frontier Lands Petroleum Royalty Regulations

16 (1) For the purposes of section 56 of the Act, the prescribed rate of interest for any period is the rate prescribed by Part XLIII of the Income Tax Regulations in respect of that period.

(2) The interest payable by an interest holder pursuant to section 56 of the Act on arrears of royalties, or on arrears of interest or penalties relating to those arrears, shall be calculated from the day payment is due to the day payment is made and shall be compounded monthly.