BILL M 208 – 2001: CROWN CORPORATION PROTECTION ACT

2001 Legislative Session: 5th Session, 36th Parliament
FIRST READING

The following electronic version is for informational purposes only.
The printed version remains the official version.

MR. KASPER

BILL M 208 – 2001

CROWN CORPORATION PROTECTION ACT

Preamble

Whereas Crown Corporations have been a fundamental part of the economic development of British Columbia over the past 40 years;

Whereas Crown Corporation assets and activity have provided the infrastructure to facilitate the economic growth in British Columbia;

Whereas B.C. citizens have contributed and built Crown Corporations with their financial contributions and labour.

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

Purpose

This act will formally acknowledge that the Corporations are owned by shareholders, qualified electors, and that as such, shareholders have direct input on matters of privatization and deregulation.

Definitions

"Crown Corporations" shall mean:

British Columbia Assessment Authority
British Columbia Assets and Land Corporation
British Columbia Buildings Corporation
British Columbia Ferry Corporation
British Columbia Hydro and Power Authority
British Columbia Lottery Corporation
British Columbia Pension Corporation
BCR Group of Companies
British Columbia Transit
BC Investment Management Corporation
BC Transportation Financing Authority
Columbia Power Corporation
Fisheries Renewal BC
Forest Renewal BC
Insurance Corporation of British Columbia
Okanagan Valley Tree Fruit Authority
Pacific National Exhibition
PavCo (BC Pavilion Corporation)
Tourism British Columbia
Victoria Line Ltd.

"shareholder" shall mean all qualified electors who are registered with Elections BC.

1. Initiative

Before the privatization of Crown Corporations is considered by government, at least 10 per cent (10%) of shareholders must initiate a request for the privatization of said Crown Corporation.

2. Referendum

Once a successful initiative has been held, a referendum must be conducted under the Referendum Act prior to allowing the privatization of the Crown Corporation.

3. Commencement

This Act comes into force by regulations of the Lieutenant Governor in Council.

Explanatory Note

This Bill requires 10% of shareholders to initiate a request for privatization prior to the government considering privatization of the Crown Corporation. The government must further conduct a referendum before the privatization takes place.