PRE - 1956 RESERVES Sample Clauses
The "PRE - 1956 RESERVES" clause defines how mineral or resource reserves that were established or recognized before the year 1956 are to be treated under the agreement. Typically, this clause clarifies whether such reserves are included in the scope of the contract, how they are valued, or if they are subject to different rights or obligations compared to post-1956 reserves. For example, it may specify that reserves identified prior to 1956 are excluded from royalty calculations or are governed by previous legal frameworks. The core function of this clause is to ensure clarity and prevent disputes regarding the treatment of older reserves, particularly in industries like mining or oil and gas where historical rights and data can significantly impact current operations.
PRE - 1956 RESERVES. Canada and the Band agree that the amount of Reserve Land set apart for Entitlement Purposes on or before December, 1955 is 23,936 acres.
PRE - 1956 RESERVES. Each Entitlement Band agrees with Canada that the amount of its Reserve Land set apart for Entitlement Purposes on or before December 31, 1955, is set forth in column 3 of Schedule 1.