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Volume 47, No. 25

B.C. Reg. 567/2004

The British Columbia Gazette,

Part II

December 14, 2004

B.C. Reg. 567/2004, deposited December 13, 2004, pursuant

to the CREDIT UNION INCORPORATION ACT [Section 108] and the

FINANCIAL INSTITUTIONS ACT [Sections 158 (5) and 289 (4)].

Order in Council 1228/2004, approved and ordered December 11, 2004.

On the recommendation of the undersigned, the Lieutenant Governor,

by and with the advice and consent of the Executive Council, orders that, effective

December 31, 2004, the following regulations are amended as set out

in the attached Schedule:

(

a) Credit Insurance Commission Exemption Regulation,

B.C. Reg. 149/97;

(

b) Credit Union Extraprovincial Business of Subsidiaries

Regulation, B.C. Reg. 310/90;

(

c) Designation of Provinces Regulation, B.C. Reg. 321/90.

— G. M. COLLINS, Minister of Finance; S. BOND, Presiding Member

of the Executive Council.

Schedule

Section 2 of the Credit Insurance Commission Exemption Regulation, B.C. Reg.

149/97, is amended by striking out "paragraph (

c) of

section 2" and

substituting "section 2 (1) (b.1), (c), (g), (

i) and (2)".

Section 1 of the Credit Union Extraprovincial Business of Subsidiaries Regulation, B.C. Reg. 310/90, is amended by adding the following definition:

"financial leasing" means leasing property by means

of a direct financing lease as defined in the Handbook of the Canadian Institute

of Chartered Accountants, as amended from time to time; .

Section 2 (

f) is repealed and the following substituted:

(

f) the provision of data processing or information services

related to financial institutions, but the total direct and indirect investment

in any subsidiary carrying on those services outside British Columbia must

not exceed 1% in the aggregate of the credit union's assets; .

Section 2 of the Designation of Provinces Regulation, B.C. Reg. 321/90, is repealed and the following substituted:

Designation

2 For the purpose of

section 158 (5) of the Act,

the following provinces are designated for extraprovincial trust corporations:

(

a) Alberta;

(

b) Manitoba;

(

c) New Brunswick;

(

d) Nova Scotia;

(

e) Ontario;

(

f) Quebec;

(

g) Saskatchewan.

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© 2004: Queen's Printer, Victoria, British Columbia, Canada