C-485
First Session, Forty-first Parliament,
60-61-62 Elizabeth II, 2011-2012-2013
HOUSE OF COMMONS OF CANADA
BILL C-485
An Act to amend the Canada Petroleum Resources Act (transfer approval)
first reading, March 25, 2013
Mr. Bevington
411649
SUMMARY
This enactment amends section 85 of the Canada Petroleum Resources Act to require that the prior written approval of the Minister be obtained before the transfer, assignment or other disposition of an interest or any share therein. It also establishes an application process and timelines for obtaining such approval.
Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca
1st Session, 41st Parliament,
60-61-62 Elizabeth II, 2011-2012-2013
house of commons of canada
BILL C-485
An Act to amend the Canada Petroleum Resources Act (transfer approval)
R.S., c. 36 (2nd Supp.)
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. Section 85 of the Canada Petroleum Resources Act is replaced by the following:
Prior approval of Minister
85. (1) No transfer, assignment or other disposition of an interest or any share therein is valid unless the interest holder obtains the prior written approval of the Minister in accordance with subsections (2) and (3).
Application for approval
(2) Where an interest holder proposes to enter into an agreement or arrangement to transfer, assign or otherwise dispose of the interest or any share therein, the interest holder shall submit an application to the Minister for his or her prior written approval, made in the form and manner directed by the Minister and containing, in relation to the proposed transfer, assignment or disposition
(a) a description of the nature and percentage of the interest to be transferred, assigned or disposed of;
(b) a legal description of the area proposed to be affected;
(c) the entity to whom it is to be transferred, assigned or disposed of; and
(d) such additional information as the Minister may request that is related to the transfer, assignment or disposition, including a copy of the proposed agreement or arrangement or information related to the interest holder or the proposed interest holder, all of which information shall be held in confidence.
Consultation on proposed transfer
(3) The Minister shall examine the application for approval submitted in accordance with subsection (2) and shall, before deciding to approve or reject the application, engage in public consultation, including by taking the following steps:
(a) publishing notice of the proposed transfer, assignment or disposition of interest in a local newspaper published in or near the region where the interest is located that contains
(i) the name of the interest holder,
(ii) the information described in paragraphs (2)(a) to (c), and
(iii) an indication that interested persons have 60 days in which to comment and setting out to whom any comments shall be sent; and
(b) making all comments received available to the public on the departmental website.
Publication of decision
(4) Within 60 days after the end of the comment period referred to in subsection (3), the Minister’s decision shall be printed in a local newspaper published in or near the region where the interest is located.
Published under authority of the Speaker of the House of Commons