B.C. Reg. 26/2002, deposited February 20, 2002, pursuant to the REAL ESTATE ACT [section 80]. Regulation of the Superintendent of Real Estate, dated February 18, 2002.

Pursuant to section 80 of the Real Estate Act, the Superintendent of Real Estate orders that the attached regulation is made. — W. A. CLARK, Superintendent of Real Estate.

INDIVIDUAL EXEMPTION REGULATION No. 128

Definitions

1 In this regulation:

"exempted land" means the strata lots located on the ground floor of the building on the subdivided land, together with the proportional interests of those strata lots in the common property of the strata corporation;

"remainder" means development land that is not exempted land;

"subdivided land" means the land described as

PID 025-181-963
Lot A DL5957 KDYD
Plan KAP 70171

Exemption

2 An offer for sale or lease, the sale or lease and any assistance in the selling or leasing of the exempted land by or on behalf of Efficient Staff Housing Ltd., is exempt from Part 2 of the Real Estate Act on condition that

(a) the exempted land will only be sold or offered for sale, or leased or offered for lease, for commercial purposes,

(b) the exempted land is used only for commercial purposes,

(c) Efficient Staff Housing Ltd. will notify all purchasers or lessees at the time of an offer for sale or lease that the offering is exempt from Part 2 of the Real Estate Act and that they will not receive a prospectus or a disclosure statement under the Real Estate Act and will not have the benefit of any rights or protections afforded by Part 2 of the Act, and

(d) no part of the remainder is sold or offered for sale, or leased or offered for lease, in any manner that would require compliance with Part 2 of the Real Estate Act.

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