Act BEFORE repealed by 2007-14-225(a) effective May 31, 2007 (Royal Assent).
British Columbia Enterprise Corporation Financial Restructuring Act
[SBC 1987] CHAPTER 39
Assented to July 16, 1987
| Contents | ||
|---|---|---|
| 1 | Interpretation | |
| 2 | Transfer of assets and liabilities | |
| 3 | Assumption of other liabilities | |
| 4 | Orders | |
| 5–6 | Consequential and Related Amendments | |
| 7 | Commencement | |
Interpretation
1 In this Act
"buildings corporation" means British Columbia Buildings Corporation;
"company" means the British Columbia Enterprise Corporation;
"development corporation" means British Columbia Development Corporation.
1987-39-1.
Transfer of assets and liabilities
(a) all of the property and assets of the development corporation and all rights in relation to that property and those assets are transferred to and vested in the company, and
(b) all of the obligations and liabilities of the development corporation in relation to the property, assets and rights transferred under paragraph (a) are transferred to and assumed by the company, become its obligations and liabilities and become enforceable against it as if it had incurred them.
(2) On and after March 31, 1987, a reference to the development corporation in any commercial paper, contract, lease, licence, permit or other instrument or document, the rights and obligations under which have been transferred to, vested in or assumed by the company, shall be deemed to be a reference to the company.
(3) Every guarantee given or purported to have been given by the government for notes, bonds, debentures or other securities issued by the development corporation before the date of assent to this Act continues in full force and effect, and the government is liable accordingly.
1987-39-2.
Assumption of other liabilities
3 (1) On March 31, 1987, the indebtedness of the buildings corporation specified in an order under section 4 (b) is transferred to and assumed by the government, becomes its indebtedness and becomes enforceable against it as if it had incurred the indebtedness.
(2) On March 31, 1987, the government and the buildings corporation become jointly and severally liable for the indebtedness specified in an order under section 4 (c) and the government becomes liable to indemnify the buildings corporation against any and all claims of third parties in respect of the indebtedness.
(3) On and after March 31, 1987, any part of the indebtedness referred to in subsection (2), in respect of the period on and after March 31, 1987, that is paid by the buildings corporation to the persons to whom it is owed shall be treated as a debt due from the government to the buildings corporation.
1987-39-3.
Orders
4 The Lieutenant Governor in Council may, by order made before December 31, 1987,
(a) establish the value of property, assets and rights for the purpose of section 2 (1) (a),
(b) specify indebtedness of the buildings corporation for the purpose of section 3 (1), and
(c) specify other indebtedness of the buildings corporation for the purpose of section 3 (2).
1987-39-4.
Consequential and Related Amendments
[Note: See Table of Legislative Changes for the status of these provisions.]
| Section(s) | Affected Act | |
| 5 | Low Interest Loan Assistance Revolving Fund Act | |
| 6 | Small Business Development Act |
Commencement
7 (1) This Act comes into force by regulation of the Lieutenant Governor in Council and, when brought into force, shall be deemed to have come into force on March 31, 1987 and is retroactive to the extent necessary to give it effect on and after that date.
(2) An order in council under section 4 may be made retroactive to any time after March 30, 1987 and, where made retroactive, shall be deemed to have come into force and have effect on and after that time.
1987-39-7.