2017 Legislative Session: 6th Session, 40th Parliament

FIRST READING

The following electronic version is for informational purposes only.

The printed version remains the official version.

MR. ANDREW WEAVER

BILL M 205 – 2017

PROPERTY LAW AND LAND TITLE AMENDMENT ACT, 2017

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

This Bill will amend the Property Law Act , by adding a definition of the agricultural land reserve as defined under the Agricultural Land Commission Act , and restricting foreign nationals and foreign corporations from holding land within the agricultural land reserve above a maximum acreage.

Land Title Act

Section 1 of the Land Title Act, R.S.B.C. 1996, c. 250, is amended by adding the

following

definitions:

"agricultural land reserve" means land designated as an agricultural land reserve under the Agricultural Land Commission Act , S.B.C. 2002, c. 36 and includes an agricultural land reserve under a former Act;

"foreign corporation" means a corporation that is one of the following:

(

a) a corporation that is not incorporated in Canada;

(

b) unless the shares of the corporation are listed on a Canadian stock exchange,

a corporation that is incorporated in Canada and is controlled by one or more of the

following:

(

i) a foreign national;

(ii) a corporation that is not incorporated in Canada;

(iii) a corporation that would, if each share of the corporation's capital stock

that is owned by a foreign national or by a corporation described in paragraph (

a) of this definition were owned by a particular person, be controlled by the particular

person;

"foreign entity" means a foreign national or a foreign corporation;

"foreign national" means an individual who is a foreign national as defined in

section 2 (1) of the

Immigration and Refugee Protection Act (Canada); .

Property Law Act

Section 1 of the Property Law Act, R.S.B.C. 1996, c. 377, is amended by adding the

following words and phrases:

"agricultural land reserve";

"foreign corporation";

"foreign entity";

"foreign national"; .

Section 39 of the Act is repealed and the following is substituted:

Foreign ownership

(1) A person who is not a Canadian citizen has the same capacity to acquire and dispose

of land in British Columbia as if he or she were a Canadian citizen, except as specified

in subsections (3) and (4).

(2) A person must not be disturbed in the possession or precluded from the recovery

of land in British Columbia merely because of the citizenship or lack of citizenship

of some person from or through whom he or she may derive title, except as specified

in subsections (3) and (4).

(3) A foreign national shall not have an aggregate holding of land within the agricultural

land reserve in excess of five acres, unless the person first receives permission

to do so from the Lieutenant Governor in Council.

(4) A foreign corporation shall not have an aggregate holding of land within the

agricultural land reserve in excess of five acres, unless the corporation first receives

permission to do so from the Lieutenant Governor in Council.

Explanatory Note

This Bill will amend the Property Law Act , by adding a definition of the agricultural land reserve as defined under the Agricultural Land Commission Act , and restricting foreign nationals and foreign corporations from holding land within

the agricultural land reserve above a maximum acreage.

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c) Queen's Printer, Victoria, British Columbia, Canada