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Volume 48, No. 24

B.C. Reg. 344/2005

The British Columbia Gazette,

Part II

November 29, 2005

B.C. Reg. 344/2005, deposited November 29, 2005, pursuant to the FINANCIAL ADMINISTRATION ACT [Section 19]. Order in Council 846/2005, approved and ordered November 29, 2005.

On the recommendation of the undersigned, the Lieutenant

Governor, by and with the advice and consent of the Executive Council, orders

that the attached Skeena School Tax Remission Regulation is made.

— C. TAYLOR, Minister of Finance; W. OPPAL, Presiding Member of the Executive Council.

SKEENA SCHOOL TAX REMISSION REGULATION

Definitions

1 In this regulation:

"bankruptcy proceeding" means any of the

following actions commenced in the Vancouver registry of the Supreme Court

respecting the bankruptcy or receivership of a Skeena company:

(

a) L033220;

(

b) B041499;

(

c) B041500;

(

d) B041498;

(

e) B041501;

"school tax" means

(

a) taxes levied by the Province under

section 119 of

the School Act for a taxation year up to and including 2004, and interest

and penalties on those taxes,

(

b) penalties and interest on the taxes levied by the

Province under

section 119 of the School Act for the 2005 taxation year,

and

(

c) the proportion of taxes levied by the Province under

section 119 of the School Act for 2005, calculated using the following

formula:

the amount of tax levied by the Province under

section 119 of the School Act for the 2005 taxation year

where

T = the number of days of 2005 that have elapsed up to the completion

date of the sale of the land and improvements to which the tax relates;

"Skeena company" means any of the following:

(

a) New Skeena Forest Products Inc.;

(

b) Orenda Forest Products Ltd.;

(

c) Orenda Logging Ltd.;

(d) 9753 Acquisition Corp.

School tax remission

2 Authorization is given for the remission of

school tax that

(

a) was levied on land or improvements that are or were

assets of a Skeena company in a bankruptcy proceeding, and

(

b) remains, or will remain, uncollected by the

municipality in which the land or improvements are located after the sale of the

land or improvements to a purchaser and full administration of the estate and

discharge of the trustee and the receiver in each bankruptcy proceeding.

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