Ship-source Oil Pollution Fund
Marginal note:Ship-source Oil Pollution Fund
77. (1) There is hereby established in the accounts of Canada an account known as the Ship-source Oil Pollution Fund.
(2) The following shall be credited to the Ship-source Oil Pollution Fund:
(a) all payments received under sections 93 and 99;
(b) interest computed in accordance with section 78; and
(c) any amounts recovered by the Administrator under paragraph 87(3)(c).
(3) The following shall be charged to the Ship-source Oil Pollution Fund:
(a) all amounts that are directed by the Administrator to be paid under section 76, paragraph 87(3)(a), paragraph 89(1)(a), subsection 89(6) or under a settlement;
(b) all amounts for which the Administrator is liable under subsection 76(2);
(c) all interest paid under section 101;
(d) all costs and expenses that are directed to be paid under section 82;
(e) the remuneration and expenses of assessors that are directed to be paid under subsection 89(2); and
(f) the amount of any judgment and any costs awarded against that Fund in litigation.
Marginal note:Interest to be credited to Fund
78. The Minister of Finance shall, at the times that the Governor in Council directs, credit to the Ship-source Oil Pollution Fund interest at a rate fixed by the Governor in Council on the balance from time to time to the credit of that Fund.
Administrator and Deputy Administrator
Marginal note:Appointment of Administrator
79. (1) The Governor in Council shall appoint an Administrator of the Ship-source Oil Pollution Fund to hold office during good behaviour for a term, not exceeding five years, that is fixed by the Governor in Council, subject to removal by the Governor in Council for cause.
Marginal note:Administrator eligible for reappointment
(2) The Administrator is eligible for reappointment on the expiry of the Administrator’s term of office.
Marginal note:Administrator to be independent of Crown
80. (1) The Administrator shall not, while holding office, accept or hold any office or employment inconsistent with the Administrator’s duties under this Part.
Marginal note:Effect of contravention of subsection (1)
(2) If the Administrator contravenes subsection (1), the Administrator’s appointment as Administrator is terminated on a date fixed by the Governor in Council that is not later than 30 days after notice of the contravention is received by the Minister, but the contravention does not affect the validity of any act performed by the Administrator on behalf of the Ship-source Oil Pollution Fund between the date of the contravention and the date that the appointment is terminated under this subsection.
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