Definition(s)
First Fiscal Year of Offshore Production
“First fiscal year of offshore production” means, at the option of the Government of the Province, exercised by filing a notice in writing with the Federal Minister before the commencement of commercial production of petroleum in the offshore area,
1. the earliest of
1. the fiscal year beginning on the first day of April next following the day that is three years immediately following the commencement of commercial production of petroleum in the offshore area, and
2. any one of the three fiscal years immediately preceding the fiscal year referred to in subparagraph (a)(i), if a request for the designation of such year as the first fiscal year of offshore production is made in writing to the Federal Minister by the Provincial Minister prior to the beginning of such year, or
2. the fiscal year beginning on the first day of April next following the commencement of commercial production of petroleum in the offshore area; premier exercice de production extracôtière.
Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. Legislation