Copyright © Queen's Printer,

Victoria, British Columbia, Canada

Licence

Disclaimer

Volume 46, No. 11

B.C. Reg. 207/2003

The British Columbia Gazette,

Part II

June 3, 2003

B.C. Reg. 207/2003, deposited May 29, 2003, pursuant to the EMPLOYEE INVESTMENT ACT [Sections 13 (2) and 44]. Order in Council 519/2003, approved and ordered May 28, 2003.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Employee Investment Regulation, B.C. Reg. 341/97, is amended as set out in the

attached Schedule. — R. THORPE, Minister of Competition, Science and Enterprise; G. CAMPBELL , Presiding Member of the Executive Council.

Schedule

1 The Employee Investment Regulation, B.C. Reg. 341/97, is amended

(

a) by adding the following heading before

section 2:

Part 1 — General

, and

(

b) by adding the following Part after

section 24:

Part 2 — Investment Pacing for Corporations That

Do Not Have a Restricted Constitution

Eligible investments

25 An employee venture capital corporation that does not have a restricted constitution must invest a percentage of equity capital it has raised during the calendar year in accordance with the following Schedule:

(

a) at least 20% by the end of the next calendar year following that year;

(

b) at least 40% by the end of the 2nd calendar year following that year;

(

c) at least 60% by the end of the 3rd calendar year following that year;

(

d) at least 80% by the end of the 4th calendar year following that year.

Report to the administrator

26 On a date no later than 45 days after each calendar year, an employee venture capital corporation that does not have a restricted constitution must provide the administrator with a report containing at least the following:

(

a) the aggregate amount of equity capital received by the corporation on the issue of shares to eligible investors that are outstanding at the end of the applicable calendar year, with subtotals clearly indicating

(

i) the equity capital received from eligible investors who have disposed of shares and subsequently have reinvested within the same calendar year and of this the equity capital received for which tax credits will be claimed in that calendar year,

(ii) any other equity capital received from eligible investors and of this the equity capital received for which tax credits will be claimed in that calendar year, and

(iii) any other equity capital received and any portion thereof for which tax credits will be claimed in that calendar year;

(

b) the aggregate amount of losses of the corporation that are realized on its eligible investments before the end of the applicable calendar year;

(

c) the aggregate amount of unrestricted gains of the corporation realized on its eligible investments before the end of the applicable calendar year;

(

d) the total of all amounts that are invested in eligible investments within the boundary of the Greater Vancouver Regional District or within the boundary of the Greater Victoria Regional District;

(

e) the total of all amounts that are invested in eligible investments outside the boundary of the Greater Vancouver Regional District and outside the boundary of the Greater Victoria Regional District.

Copyright © 2003: Queen's Printer, Victoria, British Columbia, Canada