Copyright © Queen's Printer,

Victoria, British Columbia, Canada

Licence

Disclaimer

Volume 45, No. 13

B.C. Reg. 198/2002

The British Columbia Gazette,

Part II

July 16, 2002

B.C. Reg. 198/2002, deposited July 12, 2002, pursuant to the CORPORATION CAPITAL TAX ACT

[section 7.1] and the CORPORATION CAPITAL TAX AMENDMENT ACT, 2002 [Sections 12 and 35]. Order in Council 602/2002, approved and ordered July 11, 2002.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, retroactive to February 19, 2002,

(

a) section 12 of the Corporation Capital Tax Amendment Act,

2002 , S.B.C. 2002, c. 10, is brought into force by this regulation, and

(b)

section 1 (5) of the Corporation Capital Tax Regulation, B.C. Reg. 79/96, is amended by adding the following

definitions:

"asset securitization guidelines" means the guidelines, issued by the Superintendent of Financial Institutions (Canada), respecting asset securitization;

"capital adequacy guidelines" means the guidelines, issued by the Superintendent of Financial Institutions (Canada), respecting the maintenance by banks of adequate capital;

"capital deductions" means, in respect of the Canadian banking business of an authorized foreign bank, the total of all amounts, each of which

(

a) if the bank was a bank listed in

Schedule II to the

Bank Act (Canada), is an amount required under the capital adequacy guidelines to be deducted at the end of the year from the bank's capital in determining the amount of capital available to satisfy the requirement of the Superintendent of Financial Institutions (Canada) that capital equal a particular proportion of risk weighted assets and exposures, but

(

b) is not an amount in respect of a loss protection facility required under the asset securitization guidelines to be deducted from the bank's capital;

"subordinated indebtedness" means the indebtedness of an authorized foreign bank in respect of its Canadian banking business evidenced by an instrument that, by its terms, provides that the indebtedness will, in the event of the insolvency or winding-up of the bank, be subordinate in right of payment to all deposit liabilities of the bank and all other liabilities of the bank except those that, by their terms, rank equally with or are subordinate to that indebtedness; . — B. BARISOFF,

Minister of Provincial Revenue ; G. CAMPBELL, Presiding Member of the Executive Council.

Copyright © 2002: Queen's Printer, Victoria, British Columbia, Canada