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1997 Legislative Session: 2nd Session, 36th Parliament

FIRST READING

The following electronic version is for informational purposes only.

The printed version remains the official version.

HONOURABLE UJJAL DOSANJH

ATTORNEY GENERAL AND

MINISTER RESPONSIBLE FOR

MULTICULTURALISM,

HUMAN RIGHTS AND

IMMIGRATION

BILL 22 – 1997

MISCELLANEOUS STATUTES AMENDMENT ACT, 1997

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province

of British Columbia, enacts as follows:

Court Order Enforcement Act

Section 70 of the Court Order Enforcement Act, R.S.B.C. 1996, c. 78, is repealed and the

following substituted:

Definitions for sections 71 to 78

70 In sections 71 to 78, unless the context otherwise requires,

"debtor" includes the personal representative of the debtor if the debtor is dead, and

in case of the absence of the debtor, includes any member of the debtor's

household;

"value" means the net amount that the goods and chattels may be reasonably

expected to realize at a sale of goods and chattels conducted in the manner in

which such sales are usually conducted by a sheriff or other officer.

Section 71 is repealed and the following substituted:

Personal property of debtor

(1) Subject to subsections (2) to (5) of this

section and

section 71.2, the following

goods and chattels of a debtor, at the option of the debtor, are exempt from forced

seizure or sale by any process at law or in equity:

(

a) necessary clothing of the debtor and the debtor's dependants;

(

b) household furnishings and appliances that are of a value not exceeding a

prescribed amount;

(

c) one motor vehicle that is of a value not exceeding a prescribed amount;

(

d) tools and other personal property of the debtor, not exceeding in value a

prescribed amount, that are used by the debtor to earn income from the

debtor's occupation;

(

e) medical and dental aids that are required by the debtor and the debtor's

dependants;

(

f) any personal property prescribed by the regulations that is of a value not

exceeding a prescribed amount.

(2) This

section must not be construed as exempting any property from seizure in

satisfaction of a debt incurred for the purpose of acquiring property otherwise

exempt under subsection (1).

(3) This

section must not be construed as permitting a trader to claim as an exemption

any of the goods and merchandise which form a part of the stock and trade of his

or her business.

(4) This

section applies to property which is subject to a security interest other than

a purchase money security interest.

(5) This

section does not apply to a corporate debtor.

3 The following sections are added:

Principal residence of debtor

71.1 Subject to

section 71.2, the principal residence of a debtor is exempt from forced

seizure or sale by any process at law or in equity if the value of the debtor's equity in

the principal residence does not exceed a prescribed amount.

Property exceeding exempted values

71.2

(1) If the value of the property referred to in

section 71 (1) or 71.1 exceeds the

prescribed amount of the exemption for the property, that property is subject to

seizure and sale under this Act.

(2) If property to which subsection (1) applies is sold under this Act, a sheriff or other

officer must distribute any of the proceeds of the sale as follows:

(

a) pay firstly to a secured creditor the amount owed by the debtor to the

secured creditor if the property is subject to a perfected security interest or

encumbrance;

(

b) pay secondly to the debtor an amount not exceeding the prescribed amount

of the exemption.

(3) The sum received by the debtor under subsection (2) (

b) is exempt from

attachment.

(4) This

section must not be construed as affecting the priority of a maintenance

order under the Family Maintenance Enforcement Act .

Section 73 is amended

(

a) in subsections (1) and (2) by striking out "to the value of $2 000 from the personal

property seized," and substituting "from the personal property seized, not exceeding

in value the exemption under

section 71 (1)," , and

(

b) in subsection (3) by striking out "in value $2 000," and substituting "in value the

exemption under

section 71 (1)," .

Section 74 is amended

(

a) in subsection (1) by striking out "in value the sum of $2 000," and substituting "in

value the exemption under

section 71 (1)," ,

(

b) in subsection (1) (

b) by striking out "in value $2 000," and substituting "in value the

exemption under

section 71 (1)," , and

(

c) in subsection (3) by striking out "$2 000," and substituting "the amount of the

exemption under

section 71 (1)," .

Section 75 is repealed and the following substituted:

If goods selected exceed in value the exempt amount

75 If the goods claimed by the debtor are appraised at more than the amount of the

exemption under

section 71 (1),

(

a) the debtor is still allowed his or her option under that

section if the debtor

claims it,

(

b) the appraiser must appraise as much of the claimed goods as will not exceed

in value the exempt amount, and

(

c) the goods appraised at the exempt amount constitute and must be certified

as the exempt goods.

Section 76 is amended

(

a) by repealing subsection (1) and substituting the following:

(1) If the goods claimed by the debtor are appraised at more than the amount of the

exemption under

section 71 (1), then the fees of the appraiser, not to exceed a

prescribed amount, and his or her expenses of travel for the distance actually and

necessarily travelled by the appraiser, not to exceed a prescribed amount, must be

levied out of the exempted goods. , and

(

b) in subsection (2) by striking out "$2 000 only, or at a sum less than $2 000," and

substituting "an amount equal to or less than the amount of the exemption under

section 71 (1)," .

Section 79 is repealed and the following substituted:

Recovery of taxes, rent and other debts

79 Nothing in sections 71 to 76 must be construed as exempting any property

(

a) from sale in satisfaction of debts owed to the government, including taxes, or

(

b) from distress for rent.

9 The following

section is added:

Power to make regulations

(1) The Lieutenant Governor in Council may make regulations referred to in

section 41 of the

Interpretation Act .

(2) Without limiting subsection (1), the Lieutenant Governor in Council may make

regulations

(

a) for the purposes of

section 71 (1),

(

i) prescribing personal property that is exempt from seizure or sale, and

(ii) fixing the amount of personal property exempt, and may prescribe

different amounts that apply to different persons or classes of

persons,

(

b) for the purposes of

section 71.1, fixing the amount of equity, and may

prescribe different amounts of equity that apply to different persons or

classes of persons, and

(

c) for the purposes of

section 76 (1), fixing the fees and travel expenses of an

appraiser.

10 Sections 2 and 3 of the Supplement to the Court Order Enforcement Act are repealed.

Employee Investment Act

Section 1 (1) of the Employee Investment Act, R.S.B.C. 1996, c. 112, is amended

(

a) by repealing the definition of "eligible business" and substituting the following:

"eligible business" means

(

a) a corporation, whether a cooperative association or not, or

(

b) a partnership

that

(

c) pays at least 50% of its wages and salaries, calculated in the prescribed

manner, to employees who regularly work in British Columbia,

(

d) has, together with its prescribed affiliates or prescribed associates, less than

$50 million in total assets calculated in the prescribed manner,

(

e) is not substantially engaged, as determined in the prescribed manner, in any

prescribed ineligible activities, and

(

f) meets other prescribed criteria; ,

(

b) in the definition of "eligible investor" by repealing paragraph (b), and

(

c) by adding the following

definitions:

"eligible security" means

(

a) a share of any kind,

(

b) a debt security that does not have conventional, periodic payments of

principal and interest before maturity and that is

(

i) subordinated to the rights of other creditors, other than prescribed

creditors, or

(ii) otherwise substantially at risk, as determined in the prescribed

manner,

(

c) a partnership interest or unit,

(

d) a royalty interest,

(

e) a trust unit, if the trust property consists primarily of eligible securities,

(

f) a right, option or warrant to acquire a security that is an eligible security,

(

g) another security the administrator considers to be similar in character to a

security referred to in paragraphs (

a) to (f), or

(

h) another security as may be prescribed;

"investee business" means

(

a) a corporation, whether a cooperative association or not, or

(

b) a partnership

in which an employee venture capital corporation has previously made an

eligible investment; .

Section 3 is amended by adding ", whether a cooperative association or not," after "eligibility of a corporation" .

Section 4 (1) (

h) is amended by striking out "Canadian stock exchange" and substituting

"stock exchange" .

Section 5 (1) is amended by striking out "who must" and substituting "who may" .

Section 14 (1) is amended by striking out "who must" and substituting "who may" .

Section 15 is repealed and the following substituted:

Eligible investments

(1) An investment by an employee venture capital corporation is an eligible

investment if the following requirements are met at the time the investment is

made:

(

a) the investment consists of the acquisition

(

i) of eligible securities of an eligible business directly from the eligible

business,

(ii) in prescribed circumstances, of eligible securities of an eligible

business from an agent or broker acting as an underwriter for the

eligible business,

(iii) of eligible securities of an affiliate or associate of an eligible business

directly from the affiliate or associate, and the funds paid by the

employee venture capital corporation for the eligible securities are in

turn invested in eligible securities of the eligible business by the

affiliate or associate either directly or indirectly through one or more

other affiliates or associates,

(iv) of eligible securities of an eligible business or an affiliate or associate

of an eligible business from an existing investor who owns those

securities, and the administrator considers that the purchase of the

eligible securities will

(

A) result in job preservation,

(

B) assist the eligible business in dealing with the departure of an

employee investor or a venture capital investor,

(

C) facilitate an orderly succession if an owner of an eligible

business is retiring, or

(

D) provide some other substantial economic benefit to the eligible

business or to British Columbia, or

(

v) of eligible securities in other prescribed circumstances;

(

b) subject to paragraph (a) (iv) and

section 40 (5), the acquisition of the

eligible securities was or will be for cash, for the purposes of directly or

indirectly raising additional capital for an eligible business;

(

c) the investment is not prohibited under sections 16 to 19;

(

d) in the case of an employee venture capital corporation that has a restricted

constitution, the investment is in equity shares of the eligible business or

affiliated businesses referred to in the employee venture capital corporation's constitution;

(

e) such other requirements as may be prescribed.

(2) If an eligible security acquired as an eligible investment under subsection (1) is

converted or exchanged for another eligible security of the same investee

business or an affiliate or associate of the investee business, the eligible security

acquired on the conversion or exchange is an eligible investment.

Section 16 is amended

(

a) by repealing paragraphs (

a) and (

b) and substituting the following:

(

a) for lending, other than in exchange for eligible securities of an affiliate or

an associate which is an eligible business,

(

b) for acquiring securities other than

(

i) eligible securities from an affiliate or an associate which is an eligible

business, or

(ii) eligible securities approved by the administrator under

section 17 (2), ,

(

b) by renumbering the

section as

section 16 (1), and

(

c) by adding the following subsection:

(2) Despite subsection (1), the administrator may order, in respect of a particular

eligible investment, that the eligible business may use all or part of the proceeds

from the investment by an employee venture capital corporation for one or more

of the purposes described in subsection (1) if the administrator is satisfied that the

use would assist in the overall growth and development of the eligible business.

Section 17 (1) is amended by striking out "or venture capital corporation," and substituting

"or venture capital corporation registered under the Small Business Venture Capital Act, " .

Section 21 is repealed.

Section 22 (1) (

c) is repealed and the following substituted:

(

c) a security, as defined in the Securities Act ,

(

i) of an eligible business or an affiliate or associate of an eligible

business,

(ii) of an investee business or an affiliate or associate of an investee

business, or

(iii) issued to the employee venture capital corporation on the disposition

of an eligible investment or an investment permitted under this

section

if, at the date of the investment, the money invested in the security is not

required under the Act to ever be invested in eligible investments, .

Section 31 (2) is amended by striking out "and

section 127.4 of the Income Tax Act

(Canada)" .

Section 40 is amended

(

a) in subsection (5) (

d) by striking out "section 15 (1) (d)" and substituting

"section 15 (1) (b)" , and

(

b) by adding the following subsection:

(6) If the administrator issues an order under subsection (5) in respect of a particular

employee share ownership plan or employee venture capital plan, the administrator may issue tax credit certificates

(

a) under

section 7 to each eligible employee who purchases equity shares

under the employee share ownership plan, equal in aggregate to 20% of the

amount paid by the eligible employee for the shares, but not exceeding

$2 000 per year and $10 000 in aggregate, or

(

b) under

section 24 to each eligible investor who purchases equity shares under

the employee venture capital plan, equal in aggregate to 15% of the amount

paid by the eligible investor for the shares, but not exceeding $2 000 per

year and $10 000 in aggregate.

Hospital Act

Section 56 (3) (b) (ii) of the Hospital Act, R.S.B.C. 1996, c. 200, is amended by striking

out "care and attention;" and substituting "care and accommodation;" .

Labour Relations Code

Section 103 of the Labour Relations Code, R.S.B.C. 1996, c. 244, is repealed.

Municipalities Enabling and Validating Act (No. 2)

25 The Municipalities Enabling and Validating Act (No. 2), S.B.C. 1990, c. 61, is amended

by adding the following section:

City of Victoria arena agreement

(1) In this section, "arena property" means

(

a) Lot A, Suburban Lots 1 and 2, Victoria City, Registered Plan 42163, on file

in the Land Title Office, Victoria,

(

b) that Part of Subdivision C, Suburban Lot 2, Victoria City bounded on the

North, East and West by Registered Plan 42163, on file in the Land Title

Office, Victoria, and on the South by the North boundary of Caledonia

Avenue, and

(

c) improvements on the property referred to in paragraph (

a) or (b),

but excluding that portion of the land on which the building located at

850 Caledonia Avenue is situated and the improvements on that land.

(2) Despite sections 451 and 610 of the Municipal Act, The Corporation of the City

of Victoria may, by bylaw adopted without the assent of the electors, enter into

agreements for a term not longer than 45 years

(

a) to lease the arena property for any purpose directly or indirectly related to

the construction and operation of an arena, and

(

b) to operate an arena on the arena property.

(3) Despite

section 317 of the Municipal Act, a lease under subsection (2) may be for

less than market value.

(4) Despite sections 317 and 318 of the Municipal Act, The Corporation of the City

of Victoria is exempted from the notice and publishing requirements under those

sections in respect of a lease under subsection (2).

(5) Despite

section 316 (2) (

b) of the Municipal Act, an agreement under

subsection (2) need not contain a prohibition against subletting without the

approval of the council.

(6) Despite

section 225 of the Municipal Act, a bylaw under subsection (2) may

provide, during all or part of the term of the agreements under the bylaw, for an

exemption from property taxes under

section 331 of the Municipal Act , in relation

to the arena property.

(7) During the term of any tax exemption under subsection (6), arena property

exempted from property taxes under that subsection is also exempt from real

property taxation under the following Acts:

(

a) Assessment Authority Act ;

(

b) British Columbia Transit Act ;

(

c) Hospital District Act ;

(

d) Library Act ;

(

e) Municipal Finance Authority Act ;

(

f) School Act .

(8) Without limiting subsection (2), an agreement under that subsection may provide

for an annual guaranteed purchase of ice time by The Corporation of the City of

Victoria during all or part of the term of the agreement.

Pension Benefits Standards Act

Section 5 of the Pension Benefits Standards Act, R.S.B.C. 1996, c. 352, is repealed and

the following substituted:

Reciprocal powers and agreements with other governments

(1) If pension standards legislation of a designated province or of Canada is substantially similar to this Act,

(

a) that pension standards legislation, as amended from time to time before or

after the coming into force of this subsection, is deemed to apply with those

modifications as the circumstances require for the purposes of this Act as

though it had been enacted as a part of this Act, but only in respect of

persons in British Columbia who are members or former members of

pension plans that are subject to that pension standards legislation in

accordance with an agreement referred to in subsection (2), and

(

b) the regulatory authority acting under that pension standards legislation is

authorized to administer the legislation made applicable under

paragraph (a), but only in respect of persons in British Columbia who are

members or former members of pension plans that are subject to that

pension standards legislation in accordance with an agreement referred to

in subsection (2).

(2) The minister may, with the approval of the Lieutenant Governor in Council, enter

into an agreement with the government of a designated province or of Canada for

any or all of the following purposes:

(

a) to provide for the reciprocal registration and examination of pension plans

and the reciprocal enforcement of specified laws affecting plans;

(

b) to provide for the assumption by the regulatory authority of that government

of any of the superintendent's functions and duties and the performance by

the regulatory authority of that government of any of the superintendent's

functions and duties under this Act;

(

c) to provide for the assumption by the superintendent of any of that regulatory

authority's functions and duties and the performance by the superintendent

of any of that regulatory authority's functions and duties under the laws

governing pension plans of that government's jurisdiction;

(

d) if a plan is governed by this Act and the legislation of one or more of those

governments, to provide that this Act or any provision of it

(

i) is to apply to the plan and the substantially similar legislation of those

governments is not to apply to the plan, or

(ii) is not to apply to the plan, and the substantially similar legislation of

one of those governments, as made applicable under

subsection (1) (a), is to apply to the plan;

(

e) to establish conditions governing the application or non-application of

legislation referred to in paragraph (d) (

i) or (ii).

(3) The superintendent is authorized to administer this Act in respect of persons

outside British Columbia who are members or former members of pension plans

that are subject to this Act in accordance with an agreement referred to in

subsection (2), but only if the government of the designated province or of

Canada enacts legislation that adopts this Act into its substantially similar

pension standards legislation and authorizes the superintendent to administer the

adopted legislation.

Section 48 is amended by adding the following subsection:

(2.1) Subsection (2) (

b) does not apply if

(

a) the plan has only former members,

(

b) the sponsoring employer continues, or intends to continue, in operation, and

(

c) the superintendent, on application from the sponsoring employer, approves

the continuation of the plan.

Section 49 is amended by adding the following subsection:

(3) The superintendent may revoke an approval given under

section 48 (2.1) (

c) if the

superintendent considers that there has been a change in the circumstances that

were relevant at the date the approval was given.

Property Transfer Tax Act

Section 1 (1) of the Property Transfer Tax Act, R.S.B.C. 1996, c. 378, is amended by

adding the following definition:

"industrial improvement" means an industrial improvement

as defined in

section 20 (1) of the Assessment Act ; .

30 The following

section is added:

Fair market value of land with industrial improvements

1.1

(1) For the purposes of a transaction referred to in paragraph (a) (i), (iii) or (iv) of the

definition of "taxable transaction",

(

a) if

(

i) the transferor is the government, or

(ii) the transfer is between associated corporations within the meaning of

section 256 of the Income Tax Act (Canada), and

(

b) the land being transferred includes an industrial improvement,

the fair market value of the land with industrial improvements is deemed to be, at

the election of the transferee,

(

c) the value of

(

i) the land without industrial improvements as determined under

section 19 of the Assessment Act, and

(ii) the industrial improvements as determined under

section 20 of the

Assessment Act, or

(

d) the value resulting from an appraisal of the land with industrial improvements prepared, at the expense of the transferee, by an appraiser referred to

in subsection (2).

(2) For the purposes of subsection (1) (d), any of the following persons may do an

appraisal:

(

a) a person designated Accredited Appraiser Canadian Institute by the

Appraisal Institute of Canada;

(

b) a person qualified as an appraiser by the Real Estate Institute of British

Columbia.

(3) The appraisal referred to in subsection (1) (

d) must value the land with industrial

improvements on the basis of the following principles:

(

a) the value is to be the value of the unencumbered fee simple interest as at the

date of the application to register the taxable transaction;

(

b) the valuation must be in conformity with the Uniform Standards of Professional Appraisal Practice and the Canadian Supplement;

(

c) the valuation must be the most probable price which the land with industrial

improvements would bring in a competitive and open market under all

conditions requisite to a fair sale;

(

d) the valuation must represent the normal consideration for the land with

industrial improvements if sold without special or creative financing or

sales concessions granted by anyone associated with the sale;

(

e) the valuation must be in accordance with the following assumptions:

(

i) the buyer and seller are each acting prudently and knowledgeably;

(ii) the buyer and seller are both motivated to transact;

(iii) a reasonable time is allowed for exposure of the land in the open

market;

(iv) there is more than one willing purchaser;

(

v) properties or supplies which produce input materials for a facility

located on the land continue to supply inputs for their natural life

span.

(4) Subsection (1) does not apply to a transaction referred to in paragraph (a) (iii) of

the definition of "taxable transaction" if the unexpired term of the lease

agreement, including all options to renew, is 30 years or less.

Real Estate Act

Section 78 (3) of the Real Estate Act, R.S.B.C. 1996, c. 397, is repealed and the following

substituted:

(3) Subsection (2) does not apply to a sale

(

a) in respect of which a prospectus is not required to be filed under

section 61

or 62, or

(

b) in respect of which a prospectus was filed or ought to have been filed under

this Part before February 1, 1982 for a prospectus in respect of an interest

described in subsection (2) (

a) or (b), or June 8, 1995 for a prospectus in

respect of an interest described in subsection (2) (c).

Small Claims Act

Section 5 of the Small Claims Act, R.S.B.C. 1996, c. 430, is repealed and the following

substituted:

Right of appeal

(1) Any party to a proceeding under this Act may appeal to the Supreme Court an

order to allow or dismiss a claim if that order was made by a Provincial Court

judge after a trial.

(2) No appeal lies from any order of the Provincial Court made in a proceeding under

this Act other than an order referred to in subsection (1).

Section 12 is repealed and the following substituted:

Hearing of appeal

12 An appeal to the Supreme Court under this Act

(

a) may be brought to review the order under appeal on questions of fact and

on questions of law, and

(

b) must not be heard as a new trial unless the Supreme Court orders that the

appeal be heard in that court as a new trial.

Transitional

Transitional – Labour Relations Code

34 Despite the repeal of

section 103 of the Labour Relations Code , if a party requested a

mediator to investigate a difference in accordance with that

section before the date on

which this Act received First Reading in the Legislative Assembly, the Minister of

Finance and Corporate Relations, on the Minister of Labour's requisition must pay out

of the consolidated revenue fund 1/3 of the cost incurred by the parties in accordance

with that section.

Transitional – Small Claims Act

35 Sections 5 and 12 of the Small Claims Act ,

as those sections read before the coming into force of sections 32 and 33 of

this Act, apply to any appeal for which the notice of appeal was filed in the

registry of the Supreme Court before September 1, 1997.

Commencement

(1) Section 24 comes into force on the date on which this Act receives First Reading

in the Legislative Assembly and is retroactive to the extent necessary to give it

effect on and after that date.

(2) Sections 29 and 30 are deemed to come into force on the day after this Act

receives First Reading in the Legislative Assembly and are retroactive to the

extent necessary to give them effect on and after that date.

(3) Sections 32 and 33 come into force September 1, 1997.

(4) Sections 1 to 22 and 26 to 28 come into force by regulation of the Lieutenant

Governor in Council.

Explanatory Notes

[This Bill amends the Revised Statutes of British Columbia,

1996. The Revised Statutes of British Columbia, 1996 came into force on April

21, 1997.]

Court Order Enforcement Act

(Ministry of Attorney General)

SECTION 1: [Court Order Enforcement Act, re-enacts

section 70] adds a definition of

"value".

SECTION 2: [Court Order Enforcement Act, re-enacts

section 71] establishes classes of

personal property which, if at or below amounts fixed by regulation, are

exempt from seizure or sale.

SECTION 3: [Court Order Enforcement Act, enacts sections 71.1 and 71.2]

establishes that the principal residence of a debtor is exempt from seizure

or sale if the debtor's equity in the principal residence is at or below an

amount fixed by regulation;

requires that property which is otherwise exempt from seizure must be sold

if the debtor's equity in that property exceeds the prescribed amount of the

exemption, and provides for the distribution of the proceeds of sale.

SECTION 4: [Court Order Enforcement Act, amends

section 73] is consequential to the re-

enactment of

section 71 of the Court Order Enforcement Act .

SECTION 5: [Court Order Enforcement Act, amends

section 74] is

consequential to the re- enactment of

section 71 of the Court Order Enforcement

Act .

SECTION 6: [Court Order Enforcement Act, re-enacts

section 75]

is consequential to the re-enactment of

section 71 of the Court Order Enforcement

Act .

SECTION 7: [Court Order Enforcement Act, amends

section 76]

is consequential to the re-enactment of

section 71 of the Court Order

Enforcement Act ;

provides for the prescribing of the fees and expenses of an appraiser.

SECTION 8: [Court Order Enforcement Act, re-enacts

section 79] clarifies that the

personal property exemptions of sections 71 to 76 of the Court Order Enforcement Act do not apply to debts owed to the government or for rent.

SECTION 9: [Court Order Enforcement Act, enacts

section 117] empowers the Lieutenant

Governor in Council to make regulations to add classes of personal property

that are exempt from seizure, to fix the amount at or below which property is

exempt from seizure, and to fix fees and travel expenses of an appraiser.

SECTION 10: [Supplement to the Court Order Enforcement Act, repeals sections

2 and 3] is a housekeeping amendment consequential to the amendments

to sections 76 and 117 of the Court Order Enforcement Act .

Employee Investment Act

(Ministry of Small Business, Tourism and Culture)

SECTION 11: [Employee Investment Act, amends

section 1 (1)]

replaces and expands the definition of "eligible business" to include partnerships and to clarify that cooperative associations are included in the definition;

amends the definition of "eligible investor" to remove a restriction on

investors who do not work at least 20 hours a week in British Columbia;

introduces new

definitions of "eligible security" and "investee business".

SECTION 12: [Employee Investment Act, amends

section 3] clarifies that a cooperative

association may be eligible to register an employee share ownership plan under

section 2 if it meets the requirements of the Act.

SECTION 13: [Employee Investment Act, amends

section 4 (1) (h)] is self explanatory.

SECTIONS 14 and 15: [Employee Investment Act, amend sections 5 (1) and 14 (1)] make additional

equity approvals discretionary, not mandatory.

SECTION 16: [Employee Investment Act, re-enacts

section 15]

clarifies that tests for eligible investment must be met at the time of investment;

broadens eligible investments to include other types of risk capital securities;

allows for a greater variety of corporate and business structures to be recognized as eligible for investment;

allows for greater flexibility if an owner of an eligible business is retiring.

SECTION 17: [Employee Investment Act, amends

section 16] allows lending and acquiring

of securities if it involves eligible securities of an affiliate or an associate which

is an eligible business.

SECTION 18: [Employee Investment Act, amends

section 17 (1)] makes the

section consistent with other references as in

section 19 of the Act.

SECTION 19: [Employee Investment Act, repeals

section 21] repeals the section.

SECTION 20: [Employee Investment Act, repeals and replaces

section 22 (1) (c)] allows for

a wider range of investment that is supportive of eligible businesses and

investee businesses.

SECTION 21: [Employee Investment Act, amends

section 31 (2)] deletes an unnecessary

reference to a

section of the Income Tax Act (Canada).

SECTION 22: [Employee Investment Act, amends

section 40] makes changes consequential

to the amendments to

section 15 of the Act and allows the administrator to

issue tax credit certificates over time on large share purchases.

Hospital Act

(Ministry of Health)

SECTION 23: [Hospital Act, amends

section 56 (3) (b) (ii)] corrects an error.

Labour Relations Code

(Ministry of Labour)

SECTION 24: [Labour Relations Code, repeals

section 103] repeals

section 103 of the

Labour Relations Code, which establishes a process of grievance dispute resolution that is partially funded by the government when adopted by the parties.

Municipalities Enabling and Validating Act (No. 2)

(Ministry of Municipal Affairs and Housing)

SECTION 25: [Municipalities Enabling and Validating Act (No. 2), enacts

section 37]

authorizes The Corporation of the City of Victoria to enter into exceptional

agreements for the leasing and operation of municipal property for the

construction and operation of an arena.

Pension Benefits Standards Act

(Ministry of Labour)

SECTION 26: [Pension Benefits Standards Act, re-enacts

section 5]

makes pension standards legislation of a designated province or Canada

apply in British Columbia to persons in British Columbia who are members

or former members of a pension plan administered in the designated

province or Canada, and allows the regulatory authority in the designated

province or Canada to administer the adopted pension legislation on behalf

of the British Columbia members and former members;

allows the Minister of Labour to enter into an agreement with a designated

enforcement of pension standards legislation;

allows the British Columbia Superintendent of Pensions to administer the

British Columbia Pension Benefits Standards Act on behalf of persons

outside British Columbia if that other jurisdiction has adopted the British

Columbia Pensions Benefits Standards Act into its pension legislation and

has authorized the superintendent to administer the adopted legislation.

SECTION 27: [Pension Benefits Standards Act, adds

section 48 (2.1)] provides the Superintendent of Pensions with flexibility in applying the termination provisions of

section 48 of the Pension Benefits Standards Act in cases where employer

contributions have ceased because the plan has only deferred vested members

or beneficiaries.

SECTION 28: [Pension Benefits Standards Act, adds

section 49 (3)] authorizes the Superintendent of Pensions to terminate an approval given under

section 48 (2.1) (

c) of the Pension Benefits Standards Act .

Property Transfer Tax Act

(Ministry of Finance and Corporate Relations)

SECTION 29: [Property Transfer Tax Act, amends

section 1 (1)] adds a definition.

SECTION 30: [Property Transfer Tax Act, enacts

section 1.1]

requires that the value of land with industrial improvements be determined

using values as determined under the Assessment Act or by a qualified

appraiser;

identifies appraiser qualifications;

establishes principles that an appraiser must follow when determining, for

tax purposes, the appraised value of land with industrial improvements;

exempts from the application of

section 1.1 (1) of the Property Transfer Tax

Act a lease agreement with an unexpired term of 30 years or less.

Real Estate Act

(Ministry of Finance and Corporate Relations)

SECTION 31: [Real Estate Act, repeals and replaces

section 78 (3)] confirms rescission

rights for purchasers of time share interests and of subdivided land.

Small Claims Act

(Ministry of Attorney General)

SECTION 32: [Small Claims Act, re-enacts

section 5] provides that appeals may be taken

only from orders of the Provincial Court made by a judge after a trial.

SECTION 33: [Small Claims Act, re-enacts

section 12] provides that an appeal from a Small

Claims hearing is to be a hearing on the record to correct errors of fact or law

unless the Supreme Court otherwise orders.

SECTION 34: [Transitional] provides that partial funding by the government will continue

for grievances that were referred to a mediator before the introduction of this

Bill.

SECTION 35: [Transitional] provides that an appeal filed before September 1, 1997 will

continue to be dealt with as a new trial under sections 5 and 12 of the Small

Claims Act as those sections read before the coming into force of sections 32

and 33 of this Bill.

Copyright © 1997: Queen's Printer, Victoria, British Columbia, Canada