Canada Petroleum Resources Act (R.S.C., 1985, c. 36 (2nd Supp.))

Marginal note:Payment into sub-accounts

• 81 (1) Every interest owner of an interest in relation to frontier lands situated in a prescribed region shall deposit for payment into the sub-account for that region, at the times and in the manner determined by the Board, an amount equal to the product of the number of hectares of frontier lands that are subject to the interest and situated in the region and the rate fixed under subsection 80(1) in respect of that region.

• Marginal note:Initial payment

  (2) Subject to subsection (3), where an interest is issued at any time in relation to frontier lands that were Crown reserve lands immediately before that time, the interest owner shall deposit for payment into the applicable sub-accounts, at the times and in the manner determined by the Board, an amount equal to the aggregate of the amounts that would have been payable by the interest owner in respect of a Fund under this Part or in respect of a fund under the Canada Oil and Gas Act, as it read immediately before the coming into force of this section, during the year in which the interest is issued and the two years immediately preceding that year had such frontier lands been subject to an interest held by the interest owner during such period.

• Marginal note:Reduction of initial payment

  (3) The amount payable by an interest owner under subsection (2) shall be reduced by the amount, if any, deposited for payment pursuant to subsection (1) or (2) in respect of the same frontier lands by a prior interest owner during the period referred to in subsection (2).

• Marginal note:Exemption

  (4) Each Minister may, on the recommendation of the Board, exempt from the payment under this section of any amount into a sub-account under the administrative responsibility of that Minister an interest owner in respect of frontier lands subject to the interest of that interest owner in areas where, by virtue of an order under subsection 12(1), any work or activity has been prohibited.

• Marginal note:No liability where surrender of lands

  (5) An interest owner shall not be liable to pay any amount under this section in respect of any frontier lands in relation to which the interest owner has surrendered the interest of the interest owner prior to the time for payment of the amount determined pursuant to subsection (1).

• Marginal note:Representative of interest owner collects

  (6) Where an interest owner consists of two or more holders, amounts payable under this Part shall be collected and remitted on behalf of the interest owner by the representative of the interest owner for that purpose.

Marginal note:Order in Council authorizing agreement for trust

• 82 (1) The Governor in Council may authorize the Minister to enter into an agreement under subsection (2).

• Marginal note:Administration agreement

  (2) The Minister may, where authorized by the Governor in Council pursuant to subsection (1), enter into an agreement with any person appointing that person to act as administrator of the Fund.

• Marginal note:Terms of agreement

  (3) An agreement entered into pursuant to subsection (1) shall provide for

  • (a) the powers, duties and functions of the administrator with respect to the Fund;

  • (b) the payment of the expenses and fees of the administrator; and

  • (c) any other relevant matter or thing.

Marginal note:Regulations

83 The Governor in Council may make regulations for carrying out the purposes and provisions of this Part and, without restricting the generality of the foregoing, may make regulations

• (a) prescribing the qualifications of members of the Board and prohibiting the appointment of persons as members of the Board who do not meet those qualifications;

• (b) prescribing, or prescribing the manner of selecting, persons or classes of persons from among whom members of the Board are to be appointed;

• (c) prescribing regions for the purposes of this Part; and

• (d) prescribing any other matter or thing that by this Part is to be prescribed.

PART VIIITransfers, Assignments and Registration

Interpretation

Marginal note:Definitions

• 84 (1) In this Part,

  assignment of security interest

  assignment of security interest means a notice of the assignment of a security interest or any part thereof in respect of which a security notice has been registered under this Part; (cession de sûreté)

  court

  court means, with respect to any frontier lands or any portion thereof, such superior court as may be prescribed and includes a judge thereof; (tribunal)

  Deputy Registrar

  Deputy Registrar means

  • (a) in relation to any area in respect of which the Minister of Natural Resources has administrative responsibility for the natural resources therein, such person as that Minister may designate, and

  • (b) in relation to any area in respect of which the Minister of Northern Affairs has administrative responsibility for the natural resources therein, such person as that Minister may designate; (directeur adjoint)

  discharge

  discharge means a notice of the discharge of a security notice or postponement and includes a partial discharge; (mainlevée)

  instrument

  instrument means a discharge, postponement, security notice, transfer or an assignment of a security interest; (acte)

  operator’s lien

  operator’s lien means any charge on or right in relation to an interest or a share in an interest

  • (a) that arises under a contract

    • (i) to which the interest owner or holder of the interest or share is a party,

    • (ii) that provides for the operator appointed thereunder to carry out any work or activity related to the exploration for or the development or production of petroleum in the frontier lands to which the interest or share applies, and

    • (iii) that requires the interest owner or holder to make payments to the operator to cover all or part of the advances made by the operator in respect of the costs and expenses of such work or activity, and

  • (b) that secures the payments referred to in subparagraph (a)(iii); (privilège de l’exploitant)

  postponement

  postponement means a document evidencing the postponement of a security notice or operator’s lien; (cession de priorité)

  Registrar

  Registrar means

  • (a) in relation to any area in respect of which the Minister of Natural Resources has administrative responsibility for the natural resources therein, such person as that Minister may designate, and

  • (b) in relation to any area in respect of which the Minister of Northern Affairs has administrative responsibility for the natural resources therein, such person as that Minister may designate; (directeur)

  secured party

  secured party means the person claiming a security interest under a security notice; (partie garantie)

  security interest

  security interest means any charge on or right in relation to an interest or a share in an interest that secures

  • (a) the payment of an indebtedness arising from an existing or future loan or advance of money,

  • (b) a bond, debenture or other security of a corporation, or

  • (c) the performance of the obligations of a guarantor under a guarantee given in respect of all or any part of an indebtedness referred to in paragraph (a) or all or any part of a bond, debenture or other security of a corporation,

  and includes a security given under section 426 of the Bank Act, but does not include an operator’s lien; (sûreté)

  security notice

  security notice means a notice of a security interest; (Version anglaise seulement)

  transfer

  transfer means a transfer of an interest or a share in an interest. (transfert)

• Marginal note:Assignees deemed secured parties

  (2) Where an assignment of security interest is registered under this Part, a reference in this Part to a secured party shall, in respect of the security notice to which the assignment of security interest relates, be read as a reference to the assignee named in the assignment of security interest.

Transfer and Assignment

Marginal note:Notice of disposition of any interest

85 Where an interest holder of an interest or any share therein enters into an agreement or arrangement that is or may result in a transfer, assignment or other disposition of the interest or any share therein, the interest holder shall give notice of the agreement or arrangement to the Minister, together with a copy of the agreement or arrangement or, if the Minister approves, a summary of its terms and conditions or, on the request of the Minister, a copy of the agreement or arrangement.

86 and 86.1 [Repealed, 1993, c. 47, s. 4]

Registration

Marginal note:Establishment of register

• 87 (1) A public register of all interests and instruments registered under this Part shall be established and maintained in accordance with this Part and the regulations.

• Marginal note:Duties of Registrar and Deputy Registrar

  (2) The Registrar and Deputy Registrar shall exercise such powers and perform such duties and functions in respect of the register and the system of registration established under this Part as may be prescribed.

Marginal note:Prohibition against registration of documents except instruments

• 88 (1) No document other than an interest or instrument may be registered under this Part.

• Marginal note:Requirements of registration

  (2) No instrument may be registered under this Part unless it has been submitted for registration in the form prescribed for that instrument, in such manner and containing such information as may be prescribed, and meets any other requirement for the registration thereof prescribed by this Act and the regulations.

89 [Repealed, 1993, c. 47, s. 5]

Marginal note:Requirements of registering security notice

• 90 (1) No security notice may be registered under this Part unless the security notice specifies

  • (a) the nature of the security interest claimed;

  • (b) the person from whom the security interest was acquired;

  • (c) the documents giving rise to the security interest; and

  • (d) such other particulars in respect thereof as may be prescribed.

• Marginal note:Notice of official address

  (2) No instrument may be registered under this Part unless a notice of official address for service in respect of that instrument is filed with the Registrar in prescribed form.

• Marginal note:Revision of notice of official address

  (3) The official address for service in respect of an instrument may be changed by filing with the Registrar another notice of official address for service, in prescribed form.

Marginal note:Security notice carries forward to new interest

91 Where a significant discovery licence or production licence is issued at any time in respect of frontier lands that were not Crown reserve lands immediately before that time, the registration under this Part of a security notice in respect of the interest in force immediately preceding the issuance of that licence and relating to such frontier lands applies in respect of the licence as though the security notice referred to that licence and as though that licence had been issued prior to the registration of the security notice.

Marginal note:Registration

• 92 (1) Every document submitted for registration under this Part shall be examined by the Registrar and where the Registrar determines that the document is an instrument that meets all the requirements for the registration thereof prescribed by this Act and the regulations, the Registrar shall register the instrument in accordance with this Act and the regulations.

• Marginal note:Refusal to register

  (2) Where the Registrar refuses to register any document under this Part, the Registrar shall return the document to the person submitting the document for registration and provide that person with the reasons for the refusal.

• Marginal note:Memorandum of registration

  (3) An instrument is registered under this Part by the endorsement of a memorandum of registration on the instrument specifying the registration number of the instrument and the time and date of registration.

• Marginal note:Chronological order of receipt for registration

  (4) Instruments accepted for registration under this Part shall be registered in the chronological order in which such instruments are received by the Registrar.