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Volume 45, No. 16

B.C. Reg. 249/2002

The British Columbia Gazette,

Part II

September 10, 2002

B.C. Reg. 249/2002, deposited September 6, 2002, pursuant to the FINANCIAL INFORMATION ACT [section 5]. Order in Council 813/2002, approved and ordered September 5, 2002.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Financial Information Regulation, B.C. Reg. 371/93, is amended as set out in the attached Schedule. — G. COLLINS,

Minister of Finance ; G. CAMPBELL, Presiding Member of the Executive

Council .

Schedule

section 3 of the Financial Information Regulation, B.C. Reg. 371/93, is amended by striking out "section 2 (1) and (2)" and substituting "section 2".

section 4 is amended

(

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

(1) The amount prescribed for the purposes of

(a)

section 2 (3) (a) (

i) of the Act is $75 000, and

(b)

section 2 (3) (b) (

i) of the Act is $25 000. , and

(

b) in subsection (2) by striking out "sections 2 (2) (e) (i)" and substituting "sections 2 (3) (a) (i)".

section 5 is amended by striking out "section 2 (5)" and substituting "section 2 (6)".

section 1 (1) of

Schedule 1 is amended

(

a) by adding "and (3)" after "section 2 (2)", and

(

b) in paragraph (

f) by striking out "that exceeds $10 000".

section 6 of

Schedule 1 is amended

(

a) by adding the following

definitions:

"notice period " means the length of time from the date on which notice of termination is given to an employee until the date on which employment will terminate;

"severance agreement" means an agreement, in respect of a severance payment made in lieu of a notice period, between an employee and employer, that May provide for one or more of the following:

(

a) a lump sum payment or periodic payments;

(

b) payment based on the employee's base salary, benefits and length of service;

(

c) compensation, except compensation in the form of an early retirement incentive plan.,

(

b) in subsection (2) (

b) and (

c) by striking out "$50 000" and substituting "$75 000", and

(

c) in subsection (6) by striking out "Unemployment Insurance" and substituting "Employment Insurance" and by striking out "Receiver General of Canada" and substituting "Receiver General for Canada".

section 7 (1) (

a) and (

b) of

Schedule 1 is amended by striking out "$10 000" and substituting "$25 000".

section 9 of

Schedule 1 is amended

(

a) by repealing subsections (1) and (2) and substituting the following:

(1) A Statement of Financial Information prepared by a corporation, other than a municipality, must be approved by its board of directors or, if the corporation has a governing body by a different name, by its governing body.

(2) A Statement of Financial Information prepared by a municipality must be approved by its council and by the officer assigned responsibility for financial administration under the

Local Government Act . ,

(

b) in subsection (3) by striking out "the treasurer, in the case of a municipality," and substituting ", in the case of a municipality, the officer assigned responsibility for financial administration under the

Local Government Act ", and

(

c) in subsection (4) by adding "or the governing body" after "directors".

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