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Statutes of Newfoundland 1992


CHAPTER 47

CHAPTER 47

AN ACT TO AMEND THE
CANADA-NEWFOUNDLAND ATLANTIC ACCORD IMPLEMENTATION NEWFOUNDLAND ACT (NO.2)

(Assented to December 23, 1992)

Analysis

1. S.80 Amdt.
Issuing of production licence

2. S.86 R&S
Qualification for production licence

3. Ss.87 to 95 and 99, 100 and 103 Rep.
87. Definition
88. Required Canadian ownership rate of production licence
89. Plan for attainment of Canadian ownership rate
90. Alternate requirements
91. Sale by public tender
92. Option to designated Crown corporation
93. Regulations
94. Canadian ownership rate where more than 1 holder
95. Exception
99. Disposition of production licences requires approval
100. Pre-1982 discoveries
103. Prohibition against registration of disapproved transfers

4. Commencement

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:


RSN 1990 cC-2 as amended

1. Subsection 80(1) of the Canada-Newfoundland Atlantic Accord Implementation Newfoundland Act is amended by deleting the phrase "sections 86 and 88" and by substituting the phrase "section 86".

2. Section 86 of the Act is repealed and the following substituted:

Qualification for production licence

86. A production licence or share in a production licence may not be held by a person other than a corporation incorporated in Canada.

3. Sections 87 to 95 inclusive and sections 99, 100 and 103 of the Act are repealed.

Commencement

4. This Act comes into force on the day the federal Act to amend the Canada Petroleum Resources Act (Canada) and other Acts in consequence of that amendment come into force.

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