Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act (S.C. 1988, c. 28)

Marginal note:Assistance to Nova Scotia Resources (Ventures) Limited

• 240. (1) Subject to subsection (2), the Federal Minister may, on application, make payments to Nova Scotia Resources (Ventures) Limited in respect of Canadian exploration expenses and Canadian development expenses incurred by Nova Scotia Resources (Ventures) Limited that could contribute to early development of petroleum in the offshore area.

• Marginal note:Limitation

  (2) Payments made by the Federal Minister pursuant to subsection (1) shall not exceed fifty per cent of the aggregate of the Canadian exploration expenses and Canadian development expenses incurred in respect of wells

  • (a) subject to paragraph (b), the drilling of which began during the period commencing on August 27, 1986 and ending on December 31, 1991, or

  • (b) in the case of expenses referred to in subparagraph (b)(ii) of the definition “Canadian exploration expense” in section 239, during the period referred to in paragraph (a),

  to the extent that those expenses are reasonable in the circumstances.

Marginal note:Transitional assistance

241. The Federal Minister may, on application, make payments to Nova Scotia Resources (Ventures) Limited equal, in the aggregate, to the amount of interest incurred by Nova Scotia Resources (Ventures) Limited on money borrowed in order to finance activities in relation to the exploration or development of oil or gas in the offshore area to the extent that

• (a) the cost of the interest is reasonable in the circumstances;

• (b) the interest was incurred during the period commencing on August 27, 1986 and ending on the date on which this Part comes into force; and

• (c) the interest is in respect of borrowed money that, in the aggregate, is equal to or less than the aggregate of all amounts payable by the Federal Minister pursuant to section 240 in respect of expenses incurred during the period referred to in paragraph (b).

Marginal note:Appropriation

242. There may be paid out of the Consolidated Revenue Fund, for the purpose of making payments pursuant to sections 240 and 241, amounts not exceeding, in the aggregate, the sum of twenty-five million dollars.

Marginal note:Documents, records and books

243. Nova Scotia Resources (Ventures) Limited shall keep documents, records and books of account at a place of business or other prescribed place in Canada in such form and containing such information as will enable the Federal Minister to determine the amount of any payment that should be made pursuant to section 240 or 241.

Marginal note:Audit or examination

244. Nova Scotia Resources (Ventures) Limited shall, for the purpose of audit or examination,

• (a) make the documents, records and books of account kept pursuant to section 243 available at all reasonable times to any person authorized by the Federal Minister for the purpose; and

• (b) give all reasonable assistance to a person authorized by the Federal Minister to carry out the audit or examination, provide access to all relevant sites, answer, orally or in writing, as required, all questions relating to the audit or examination and provide all information, documentation and copies required for the purpose of the audit or examination.