RESOURCE ROYALTY SHARING
INUIT RIGHT TO ROYALTY
Inuit have the right, in each and every calendar year, to be paid an amount equal to:
fifty percent (50%) of the first two million dollars ($2,000,000) of resource royalty received by Government in that year; and
five percent (5%) of any additional resource royalty received by Government in that year.
PAYMENT OF ROYALTY
Government shall pay to the Nunavut Trust the amounts payable under Section 25.1.1.
Amounts payable by Government pursuant to this Article shall be calculated on the basis of amounts due to and received by Government in respect of resources produced after the date of ratification of the Agreement.
Payments remitted to the Nunavut Trust shall be in quarterly payments on an as received basis.
Government shall annually provide the Nunavut Trust with a statement indicating the basis on which royalties were calculated for the preceding year.
On the request of the Nunavut Trust, Government shall request the Auditor- General to verify the accuracy of the information in the annual statements.
Government shall consult with the DIO on any proposal specifically to alter by legislation the resource royalty payable to Government. Where Government consults outside of Government on any proposed changes to the fiscal regime which will change the resource royalty regime, it shall also consult with a DIO.
AREA OF APPLICATION
This Article applies to the Nunavut Settlement Area and the Outer Land Fast IceZone.