Canada–Nova Scotia Offshore Petroleum Cost Recovery Regulations (SOR/2016-22)

PART 5General

Interest

Marginal note:Compound interest rate of 1.5%

14 Interest on an amount owing to the Board must be calculated and compounded monthly at the rate of 1.5% and is payable and accrues during the period beginning on the due date and ending on the day before the day on which the payment is received by the Board.

Remittance of Fees and Charges

Marginal note:Remittance

15 For the purposes of section 30.3 of the Act, the fees and charges obtained in accordance with these Regulations must be remitted on a quarterly basis subject to the Board’s operational requirements.

PART 6Transitional Provisions and Coming into Force

Transitional Provisions

Marginal note:Non-application of section 3

• 16 (1) Section 3 does not apply to a project that relates to development, production, abandonment, exploratory drilling or multi-year or complex seismic programs if the applicant or the operator has paid 100% of the Board’s estimated costs for the project for the fiscal year in which these Regulations come into force.

• Marginal note:Presumption

  (2) All existing projects relating to development, production, abandonment, exploratory drilling or multi-year or complex seismic programs that are under the Board’s regulatory authority before these Regulations come into force and that do not have a regulatory activity plan are considered to have been previously under a regulatory activity plan for the purposes of section 3.

Coming into Force

Marginal note:S.C. 2015, c. 4

Footnote ^*17 These Regulations come into force on the day on which section 74 of the Energy Safety and Security Act comes into force but if they are registered after that day, they come into force on the day on which they are registered.

• Return to footnote ^*[Note: Regulations in force February 27, 2016.]