Section 1 definition of "public body" was added by 2003-2-30, effective April 4, 2003 (BC Reg 160/2003) [2003-2-30 re-en by 2003-14-81, effective April 1, 2003].
Section 1 definition of "Minister of Finance and Corporate Relations" BEFORE amended by 2003-54-1, effective April 1, 2004 (BC Reg 11/2004).
"Minister of Finance and Corporate Relations" means the minister who has administration of this Act;
Section 1 definition of "government body", paragraph (c.1) BEFORE repealed by 2004-33-15, effective June 11, 2004 (BC Reg 252/2004).
(c.1) the British Columbia Institute of Technology,
Section 1 definition of "public money" BEFORE amended by 2005-3-1, effective March 3, 2005 (Royal Assent).
"public money" means all money received, held or collected by, for or on behalf of the government and includes
(a) revenues of the government,
(b) special funds,
(c) money borrowed by the government or received through the issue and sale of securities, and
(d) trust funds,
but does not include money received, held or collected by a government corporation other than by way of taxes or licence fees under an enactment;
Section 1 definition of "government body", paragraph (c) BEFORE amended by BC Reg 343/2006 under RS1996-440-12, effective December 4, 2006 (BC Reg 343/2006).
(c) a university or an institution as defined in the College and Institute Act, and
Section 1 definition of "pension fund", paragraph (a) BEFORE amended by 2007-23-19, effective April 1, 2007 [retro from May 31, 2007 (Royal Assent)].
(a) a pension fund established under the Legislative Assembly Allowances and Pension Act or continued under the Public Sector Pension Plans Act,
Section 1 definitions of "estimates" and "vote" BEFORE amended by 2011-9-12, effective April 1, 2011 [retro from June 2, 2011 (Royal Assent)].
"estimates" means the estimates of revenue and expenditure for a fiscal year presented to the Legislative Assembly, being
(a) the main estimates presented annually, and
(b) any supplementary estimates for the fiscal year;
"vote" means an appropriation under a Supply Act identified in the main or supplementary estimates as a vote.
Section 1 definition of "government body" BEFORE amended by 2012-7-55, effective November 23, 2012 (BC Reg 327/2012).
"government body" means
(a) a government corporation,
(b) a hospital district board, a board of school trustees or a francophone education authority as defined in the School Act,
(c) a university or an institution as defined in the College and Institute Act,
(c.1) [Repealed 2004-33-15.]
(c.2) the agency as defined in the Open Learning Agency Act, and
(d) any other local or Provincial public authority designated by regulation of the Lieutenant Governor in Council;
Section 1 definitions of "appropriation", "estimates", "special account" and "vote" BEFORE amended by 2016-5-45,Sch 7, effective March 10, 2016 (Royal Assent).
"appropriation" means
(a) an appropriation in a Supply Act,
(b) a provision in this or another Act that expressly
(i) authorizes or directs payment from or out of the consolidated revenue fund,
(ii) authorizes payment from or out of a special fund, or
(iii) dispenses with the need for another appropriation, or
(c) an appropriation by special warrant under section 24;
"estimates" means the estimates of revenue and expenditure for a fiscal year presented to the Legislative Assembly, being
(a) the main estimates presented annually, and
(b) any supplementary estimates for the fiscal year,
and includes any replacement of or revision to the estimates made before passage by the Legislative Assembly of the final Supply Act that relates to those estimates;
"special account" means an account in the general fund where the authorization to spend money from the account is located in an Act other than a Supply Act;
"vote" means an appropriation under a Supply Act identified in the estimates as a vote.
Section 1 definition of "special fund" BEFORE amended by 2016-5-45,Sch 7, effective March 10, 2016 (Royal Assent).
"special fund" means a fund designated as a special fund by the Lieutenant Governor in Council;
Section 3 (1) and (2) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(1) The committee of the Executive Council called the Treasury Board is continued and consists of the Minister of Finance and Corporate Relations as chair, and other members of the Executive Council appointed by the Lieutenant Governor in Council, one of whom must be designated in the appointment as vice chair.
(2) On the recommendation of the Minister of Finance and Corporate Relations, the Lieutenant Governor in Council may appoint a senior public officer as secretary to the Treasury Board.
Section 3 (1) BEFORE amended by 2009-14-9, effective October 29, 2009 (Royal Assent).
(1) The committee of the Executive Council called the Treasury Board is continued and consists of the Minister of Finance as chair, and other members of the Executive Council appointed by the Lieutenant Governor in Council, one of whom must be designated in the appointment as vice chair.
Section 5 (2) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(2) The Minister of Finance and Corporate Relations presides over the Ministry of Finance and Corporate Relations and is responsible to the Lieutenant Governor in Council for its direction.
Section 5 (1), (2), (4) and (5) BEFORE amended by 2003-54-3, effective April 1, 2004 (BC Reg 11/2004).
(1) There is a ministry of the public service of British Columbia called the Ministry of Finance and Corporate Relations.
(2) The Minister of Finance presides over the Ministry of Finance and Corporate Relations and is responsible to the Lieutenant Governor in Council for its direction.
(4) A deputy minister of the Ministry of Finance and Corporate Relations may be appointed under the Public Service Act.
(5) The Lieutenant Governor in Council may authorize a seal for the ministry that is known as the Seal of the Ministry of Finance and Corporate Relations.
Section 6 BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
6 (1) The Minister of Finance and Corporate Relations is responsible for
(a) the management and administration of the consolidated revenue fund,
(b) supervision of the revenues and expenditures of the government, and
(c) matters relating to the fiscal policy of the government.
(2) The Minister of Finance and Corporate Relations has, in addition to his or her responsibilities under subsection (1), the supervision, control and direction of all other matters relating to the financial affairs of the government that are not assigned by this or any other enactment to the Treasury Board or to any other person.
(3) Each minister is responsible for the administration of the financial affairs of his or her ministry, under the general direction of the Minister of Finance and Corporate Relations and the Treasury Board.
Section 6 (2) and (3) BEFORE amended by 2023-10-265, effective March 30, 2023 (Royal Assent).
(2) The Minister of Finance has, in addition to his or her responsibilities under subsection (1), the supervision, control and direction of all other matters relating to the financial affairs of the government that are not assigned by this or any other enactment to the Treasury Board or to any other person.
(3) Each minister is responsible for the administration of the financial affairs of his or her ministry, under the general direction of the Minister of Finance and the Treasury Board.
Section 7 BEFORE repealed by 2003-2-31, effective April 4, 2003 (BC Reg 160/2003).
Minister's approval required
7 (1) In this section, "public body" means
(a) a government corporation, and
(b) any other board, commission, council or other body of persons, whether or not incorporated, all the members of which or all the members of the board of management or board of directors of which are appointed by an Act, an order of the Lieutenant Governor in Council or a minister.
(2) Despite any other Act, but subject to subsection (3), a public body designated by the Minister of Finance and Corporate Relations must not retain, contract with or employ an auditor in that capacity without the prior approval of the Minister of Finance and Corporate Relations or a person designated by that minister.
(3) Subsection (2) does not apply if another enactment
(a) names the Auditor General, or
(b) empowers the Lieutenant Governor in Council to appoint a person
as auditor for the public body.
Section 8 (2) (c) (i) BEFORE amended by 2003-2-32, effective April 4, 2003 (BC Reg 160/2003).
(i) require from any officer or employee of a public body, as defined in the Auditor General Act, information and explanations necessary to enable the Comptroller General to determine whether public money disbursed or spent by the government has been or is being applied for the purpose for which it was appropriated, and
Section 8 (1) BEFORE amended by 2003-54-3, effective April 1, 2004 (BC Reg 11/2004).
(1) The Lieutenant Governor in Council must appoint a person to be Comptroller General in the Ministry of Finance and Corporate Relations, and the Comptroller General is an employee under the Public Service Act.
Section 8 (2) (d) BEFORE amended by 2007-9-74, effective June 21, 2007 (BC Reg 226/2007).
(d) may examine any person under oath with respect to any matter that, under any Act, the Comptroller General is required or authorized to check, examine or control, and for the purposes of the examination the Comptroller General has the powers, protection and privileges of a commissioner under sections 12, 15 and 16 of the Inquiry Act.
Section 9 (f) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(f) prepare the public accounts and any other financial statements and reports required of the Comptroller General by the Minister of Finance and Corporate Relations or Treasury Board;
Section 12 (3) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(3) The Minister of Finance and Corporate Relations
Section 13 BEFORE amended by 2003-54-3, effective April 1, 2004 (BC Reg 11/2004).
13 Trust funds must be paid into and maintained in accounts kept in the Ministry of Finance and Corporate Relations separately from the consolidated revenue fund.
Section 14 (1) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(1) A person who is employed in the collection or management of public money or who is charged with receiving public money, and any other person who collects or receives public money, must, unless another Act has a different requirement, pay all public money coming into the person's hands to the credit of the Minister of Finance and Corporate Relations.
Section 15 BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
15 (1) The Minister of Finance and Corporate Relations must establish accounts for the deposit of public money with savings institutions or other financial institutions he or she designates.
(2) A person must not open an account for the receipt and deposit of public money except as authorized by the Minister of Finance and Corporate Relations.
Section 15 (1) BEFORE amended by 2023-10-266, effective March 30, 2023 (Royal Assent).
(1) The Minister of Finance must establish accounts for the deposit of public money with savings institutions or other financial institutions he or she designates.
Section 16.1 (3) (j) BEFORE amended by 2019-8-13, effective January 1, 2020.
(j) information given by a debtor to the government for the purpose of receiving income or premium assistance, support services, a loan, a credit or a benefit;
Section 19 (1) (b) BEFORE amended by 2019-7-3(a), effective April 11, 2019 (Royal Assent).
(b) any forfeiture, fine or pecuniary penalty imposed or authorized to be imposed by an enactment, even though all or part of it is payable to another person.
Section 19 (2) BEFORE amended by 2019-7-3(b), effective April 11, 2019 (Royal Assent).
(2) A remission authorized under subsection (1) may be total or partial, conditional or unconditional, and a remission of an item referred to in subsection (1) (a) may be granted before, during or after the course of any proceeding for the recovery of the money and either before or after any payment of it has been made or has been enforced by process or execution.
Section 19.1 (4) BEFORE amended by 2008-40-97, effective July 1, 2008 (BC Reg 167/2008).
(4) Remission under subsection (2) is granted, for the period beginning on the effective date and ending immediately before the first day of the first calendar year that starts on or after the 12th anniversary of the effective date, on any other tax imposed or levied under an Act.
Section 19.1 (4) BEFORE amended by 2010-5-176, effective July 1, 2010.
(4) Remission under subsection (2) is granted, for the period beginning on the effective date and ending immediately before the first day of the first calendar year that starts on or after the 12th anniversary of the effective date, on any tax imposed or levied under an Act other than the enactments referred to in subsection (3) and the Carbon Tax Act.
Section 19.1 BEFORE repealed by 2013-1-74, effective April 1, 2013.
Nisg̱a'a remission
19.1 (1) In this section:
"effective date" means the date on which the Nisg̱a'a Final Agreement takes effect;
"former reserve lands" means lands that are
(a) described in paragraph 2 (b) of the Lands Chapter of the Nisg̱a'a Final Agreement, and
(b) within Nisg̱a'a Lands;
"Indian" has the same meaning as in section 2 (1) of the Indian Act (Canada);
"Nisg̱a'a Final Agreement" has the same meaning as in the Nisg̱a'a Final Agreement Act;
"Nisg̱a'a Lands" has the same meaning as in the Nisg̱a'a Final Agreement.
(2) Subject to subsection (5), remission is granted, for the applicable periods under subsection (3) or (4), on provincial tax imposed or levied in respect of
(a) the estate or interest of an Indian in former reserve lands,
(b) the personal property of an Indian situated on former reserve lands, and
(c) an Indian's ownership, occupation, possession or use of any property referred to in paragraph (a) or (b).
(3) Remission under subsection (2) is granted, for the period beginning on the effective date and ending immediately before the first day of the first month that starts after the 8th anniversary of the effective date, on any tax imposed or levied under any of the following:
(a) the Hotel Room Tax Act;
(b) section 4 of the Insurance Premium Tax Act;
(c) the Motor Fuel Tax Act;
(d) the Property Transfer Tax Act;
(e) the Social Service Tax Act;
(f) the Tobacco Tax Act.
(4) Remission under subsection (2) is granted, for the period beginning on the effective date and ending immediately before the first day of the first calendar year that starts on or after the 12th anniversary of the effective date, on any tax imposed or levied under an Act other than the enactments referred to in subsection (3), the Carbon Tax Act and the Consumption Tax Rebate and Transition Act.
(5) Remission under this section is granted only if the property referred to in subsection (2) (a) or (b), or the Indian in respect of the ownership, occupation, possession or use of the property referred to in subsection (2) (a) or (b), would, but for the Nisg̱a'a Final Agreement, be exempt from taxation by reason of the applicability of section 87 of the Indian Act (Canada).
(6) Money required to be paid by the government under this section may be paid out of the consolidated revenue fund.
Section 21 (2) BEFORE amended by 2003-3-11, effective March 12, 2003 (Royal Assent).
(2) Money required to be spent, loaned, invested or dealt with under section 14 (2), 16, 17, 18, 19, 24, 25, 26, 27 (1) (c), 36, 37, 40, 43 or 44, 56.1, 69 or 74 may be paid out of the consolidated revenue fund without any appropriation other than this subsection.
Section 21 (2) BEFORE amended by 2008-10-18, effective July 1, 2007 [retro from May 1, 2008 (Royal Assent)].
(2) Money required to be spent, loaned, invested or dealt with under section 4.2, 14 (2), 16, 17, 18, 19, 24, 25, 26, 27 (1) (c), 36, 37, 40, 43 or 44, 56.1, 69 or 74 may be paid out of the consolidated revenue fund without any appropriation other than this subsection.
Section 21 (2) BEFORE amended by 2015-9-1, effective March 31, 2015.
(2) Money required to be spent, loaned, invested or dealt with under section 4.2, 14 (2), 16, 17, 18, 19, 24, 25, 26, 27 (1) (c), (c.1) and (d), 36, 37, 40, 43 or 44, 56.1, 69 or 74 may be paid out of the consolidated revenue fund without any appropriation other than this subsection.
Section 21 (2) BEFORE amended by 2016-3-5, effective February 1, 2016 [retro from March 10, 2016 (Royal Assent)].
(2) Money required to be spent, loaned, invested or dealt with under section 4.2, 14 (2), 16, 17, 18, 19, 24, 25, 26, 26.1, 27 (1) (c), (c.1) and (d), 36, 37, 40, 43 or 44, 56.1, 69 or 74 may be paid out of the consolidated revenue fund without any appropriation other than this subsection.
Section 21 (2) BEFORE amended by 2016-5-45,Sch 7, effective March 10, 2016 (Royal Assent).
(2) Money required to be spent, loaned, invested or dealt with under section 4.2, 14 (2), 16, 17, 18, 19, 24, 25, 26, 26.1, 27 (1) (c), (c.1) and (d), 36, 37, 40, 43 or 44, 56.1, 69 or 74 may be paid out of the consolidated revenue fund without any appropriation other than this subsection.
Section 21 (2) BEFORE amended by 2017-10-13, effective April 21, 1997 [retro from November 2, 2017 (Royal Assent)].
(2) Money required to be spent, loaned, invested or dealt with under section 4.2, 14 (2), 16, 17, 18, 19, 24, 25, 26, 26.1, 26.2, 27 (1) (c), (c.1) and (d), 36, 37, 40, 43 or 44, 56.1, 69 or 74 may be paid out of the consolidated revenue fund without any appropriation other than this subsection.
Section 22 (3) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(3) Money received by the government as a deposit to ensure the doing of any act or thing must be held or disposed of in accordance with any directive of the Minister of Finance and Corporate Relations.
Section 23 (3) (c) BEFORE amended by 2004-14-15, effective April 1, 2004 [retro from April 29, 2004 (Royal Assent)].
(c) on the approval of the Treasury Board, the amount by which the credits or recoveries actually payable to or received by the government exceed the estimated credits or recoveries set out in the details related to that appropriation.
Section 23 (9) (b) BEFORE amended by 2004-14-15, effective April 1, 2004 [retro from April 29, 2004 (Royal Assent)].
(b) on the approval of the Treasury Board, the amount by which the receipts actually payable to or received by the government exceed the estimated receipts set out in the details related to that appropriation.
Section 23 (3) (c) BEFORE amended by 2010-2-14(a), effective April 1, 2010.
(c) unless otherwise directed by the Treasury Board, the amount by which the credits or recoveries actually payable to or received by the government exceed the estimated credits or recoveries set out in the details related to that appropriation.
Section 23 (9) (b) BEFORE amended by 2010-2-14(b), effective April 1, 2010.
(b) unless otherwise directed by the Treasury Board, the amount by which the receipts actually payable to or received by the government exceed the estimated receipts set out in the details related to that appropriation.
Section 23 BEFORE amended by 2016-5-45,Sch 7, effective March 10, 2016 (Royal Assent).
Supply Act appropriations
(2) A sum appropriated by a Supply Act must not be spent for any purpose other than those described in the estimates of revenue and expenditure, or in excess of the amounts contained in the estimates of revenue and expenditure.
(3) If a vote in the estimates of revenue and expenditure that is approved by the Legislature shows an item as a credit or a recovery, the vote is deemed to authorize expenditures equal to the aggregate of
(b) the estimated credits or recoveries set out in the details related to that appropriation, and
(c) unless otherwise directed by the Treasury Board, the amount by which
(i) the actual credits or recoveries as described in that appropriation that are recognized, in accordance with the accounting policies determined by the Treasury Board under section 4, as revenue of the government for the fiscal year to which the appropriation relates
exceed
(ii) the estimated credits or recoveries set out in the details related to that appropriation.
(4) An amount allocated by an appropriation in a Supply Act may be spent for any activity or standard object of expenditure that is within the general purposes of the appropriation.
(5) The Treasury Board may, by directive, limit the circumstances in which or specify conditions under which subsection (4) applies.
(6) to (8) [Repealed 1997-4-4.]
(9) If a Supply Act appropriates an amount for recoverable disbursements required for a purpose referred to in the estimates of revenue and expenditure, the appropriation is deemed to authorize the expenditure equal to the aggregate of
(a) the amount appropriated, and
(b) unless otherwise directed by the Treasury Board, the amount by which
(i) the actual receipts as described in that appropriation that are recognized, in accordance with the accounting policies determined by the Treasury Board under section 4, as receipts of the government for the fiscal year to which that appropriation relates
exceed
(ii) the estimated receipts set out in the details related to that appropriation.
Section 24 (2) BEFORE amended by 2001-29-31, effective August 16, 2001 (Royal Assent).
(2) If, while the Legislative Assembly is not in session, a matter arises for which an expenditure not foreseen or provided for or insufficiently provided for is urgently and immediately required for the public good, the Lieutenant Governor in Council,
(a) on the report of the appropriate minister that there is no appropriation for the expenditure or that the appropriation is exhausted or insufficient, and that the expenditure is urgently and immediately required for the public good, and
(b) on the recommendation of the Treasury Board,
may order a special warrant to be prepared for the signature of the Lieutenant Governor authorizing the payment of an amount the Lieutenant Governor in Council considers necessary out of the consolidated revenue fund.
Section 24 (2.1) BEFORE repealed by 2001-29-31, effective August 16, 2001 (Royal Assent).
(2.1) If a special warrant is issued for an expenditure that is additional to amounts already appropriated for the current fiscal year, within 2 days after the special warrant is issued the appropriate minister must make public in accordance with the Budget Transparency and Accountability Act a report that
(a) indicates when the minister became aware that the expenditure would be required,
(b) identifies the options that were considered by the minister in relation to the matter, and
(c) why the option of a special warrant was chosen.
Section 24 (1) definition of "appropriate minister" BEFORE amended by 2020-18-101(a), effective August 14, 2020 (Royal Assent).
"appropriate minister" means, in relation to
(a) an Act or a ministry, the minister charged with its administration,
(b) an appropriation, the minister who has charge of the appropriation, or
(i) the minister in whose portfolio the matter falls in the usual course of government business, or
(ii) in any case where there is doubt, the minister specified by the Lieutenant Governor in Council,
and "appropriate minister" includes a minister acting in the place of the appropriate minister, but does not include a deputy minister.
Section 24 (1) definition of "designated date" was added by 2020-18-101(b), effective August 14, 2020 (Royal Assent).
Section 24 (1) definition of "state of emergency" was added by 2020-19-21(a), effective August 14, 2020 (Royal Assent).
Section 24 (2) (a) BEFORE amended by 2020-18-101(c), effective August 14, 2020 (Royal Assent).
(a) during a general election of the members of the Legislative Assembly, and for the ensuing period ending 90 days after the first post-election appointment of the Executive Council, a matter arises for which an expenditure is required, or
Section 24 (2) (b) BEFORE amended by 2020-19-21(c), effective August 14, 2020 (Royal Assent).
(b) a natural disaster occurs in relation to which an expenditure is required
Section 24 (2) (a) BEFORE amended by 2020-22-3(a), effective December 17, 2020 (Royal Assent).
(a) during a general election of the members of the Legislative Assembly, and for the ensuing period ending 120 days after the designated date following the general election, a matter arises for which an expenditure is required,
Section 24 (3.1) BEFORE amended by 2020-22-3(b), effective December 17, 2020 (Royal Assent).
(3.1) If the main estimates for a fiscal year have been presented to the Legislative Assembly on or after March 22 of the preceding fiscal year and a Supply Act has not been enacted for that fiscal year by the beginning of the fiscal year, the Lieutenant Governor in Council, on the recommendation of Treasury Board, may order a special warrant to be prepared for the signature of the Lieutenant Governor authorizing the payment of an amount the Lieutenant Governor in Council considers necessary out of the consolidated revenue fund, which amount may not exceed 1/24 of the total amount of the votes of the main estimates presented to the Legislative Assembly for that fiscal year.
Section 24 (1) definition of "state of emergency" BEFORE amended by 2023-37-198, effective July 8, 2024 (BC Reg 190/2024).
"state of emergency" means a state of emergency declared under section 9 of the Emergency Program Act.
Section 25 (1) BEFORE amended by 2005-3-2, effective March 3, 2005 (Royal Assent).
(1) If under an Act, agreement or undertaking
(a) money is payable to the government, or
(b) money has been received by the government
for the purpose of, or as a contribution towards, expenditures to be made by the government, the Treasury Board may, by directive, authorize payments for those purposes out of the consolidated revenue fund of an amount equal to the amount payable to or received by the government.
Section 26.2 was enacted by 2016-3-6, effective February 1, 2016 [retro from March 10, 2016 (Royal Assent).
Section 27 (1) (c.1) was added by 2001-43-3, effective April 1, 2001 [retro from August 27, 2001 (Royal Assent)].
Section 27 (2) (b) (i) BEFORE amended by 2003-54-4, effective April 1, 2004 (BC Reg 11/2004).
(i) to honour an obligation of the government under a security, a guarantee or an indemnity, or
Section 27 (2) (b) (ii) BEFORE amended by 2007-14-201,Sch, effective December 1, 2007 (BC Reg 354/2007).
(ii) to make a payment authorized by or under the Crown Proceeding Act.
Section 27 (1) (d) BEFORE amended by 2008-10-19(a), effective July 1, 2007 [retro from May 1, 2008 (Royal Assent).]
(d) make regulations establishing amounts or allowances, to be paid out of an appropriation, for or in respect of out of pocket, travelling and other expenses incurred by persons in the discharge of official duties, with power to set different rates.
Section 27 (1.1) was added by 2008-10-19(b), effective July 1, 2007 [retro from May 1, 2008 (Royal Assent).]
Section 30 BEFORE amended by 2016-5-45,Sch 7, effective March 10, 2016 (Royal Assent).
Insurance and Risk Management Account
"account" means the Insurance and Risk Management Account continued under subsection (2);
"participants" means
(c) persons or public authorities, or classes of persons or public authorities, designated by regulation;
"regulations" means regulations made under subsection (8).
(2) The Insurance and Risk Management Account is continued as a special account for the purpose of providing insurance or risk management services, or both, to participants or for the benefit of participants.
(3) The government may, subject to the regulations,
(a) enter into agreements or make arrangements with participants, and
(b) enter into agreements for the benefit of participants
respecting insurance and risk management services to be provided in relation to the account.
(4) The following must be paid into the account:
(b) amounts paid by or in respect of participants under agreements or arrangements made under subsection (3);
(c) amounts required to be paid under the regulations;
(d) amounts appropriated for the account by a Supply Act.
(5) The following may be paid out of the consolidated revenue fund:
(a) amounts payable out of the account by the government in respect of an agreement or arrangement made under subsection (3);
(b) amounts required to be paid out of the account in accordance with the regulations.
(6) If an amount to be paid under subsection (5) is less than the balance in the account, it must be paid out of the account.
(7) If an amount to be paid under subsection (5) is greater than the balance in the account, the balance of the account must be paid out and the difference must be recorded as a deficit against the account.
(8) The Lieutenant Governor in Council may make regulations as follows:
(a) designating a person or public authority, or a class of persons or public authorities, as a participant;
(b) designating persons who may enter into agreements or make arrangements under subsection (3) on behalf of the government;
(c) respecting the terms and conditions under which an agreement or arrangement may be made under subsection (3);
(d) respecting amounts required to be paid into the account under subsection (4) or out of the account under subsection (5);
(e) respecting payments made under subsection (5) in the circumstances referred to in subsection (7).
(9) If a designation is made under subsection (8) (b), it may be a designation of a person by name or a designation of a title or office and, if a title or office is designated, the designation applies to every person holding or appointed to that title or office while that person holds that title or office.
Section 32 BEFORE re-enacted by 2004-4-1, effective April 1, 2004.
Requisitions for payments
32 (1) Money must not be paid out of an appropriation or trust funds without
(a) a requisition, and
(b) a certificate under section 33 if that section applies.
(2) A requisition for a payment out of an appropriation or trust funds must be in a form, accompanied by documents and certified in a way the Treasury Board directs.
(3) A requisition must not be made or given for a payment that
(a) would not be a lawful charge against an appropriation or trust fund,
(b) would result in an expenditure in excess of an appropriation or trust fund, or
(c) would reduce the balance available in an appropriation or trust fund so that it would not be sufficient to meet the commitments chargeable against it.
(4) No person other than the following persons can authorize a payment or give a certificate under section 33:
(a) a minister or deputy minister;
(b) the Speaker of the Legislative Assembly;
(c) the Auditor General;
(d) the Ombudsman;
(e) the Chief Electoral Officer;
(f) a person authorized by a directive of the Treasury Board;
(g) a person authorized by a person referred to in paragraphs (a) to (e) in accordance with directives of the Treasury Board.
(5) A person referred to in subsection (4) may authorize a payment or give a certificate under section 33 by written or electronic signature.
(6) The authority of a person referred to in subsection (4) (a) to (e) extends only to requisitions and certificates relating to payments from
(a) an appropriation for that part of the public service of which the person has charge, or
(b) trust funds of which the person has management.
(7) A directive of the Treasury Board under subsection (4) (f) may limit the authority of a person to specified amounts and circumstances.
(8) This section does not apply to the allocation of a non-cash expense.
Section 33 BEFORE re-enacted by 2004-4-1, effective April 1, 2004.
Certification of contract performance
33 A payment must not be made out of an appropriation or a trust fund for the performance of work, the supply of goods, the rendering of services or for any other purpose, whether or not under an agreement, unless a certificate is given by a person referred to in section 32 (4)
(a) that the work has been performed, the goods supplied, the service rendered or other conditions met, and that the price charged or amount to be paid is in accordance with the agreement or, if not specified by agreement, is reasonable, or
(b) that the payment is in accordance with the agreement if a payment is to be made before the completion of the work, the delivery of the goods, the rendering of the service, or the meeting of other conditions.
Section 34 BEFORE re-enacted by 2004-4-1, effective April 1, 2004.
Rejection and confirmation of requisitions
34 (1) If the Comptroller General transmits to the Treasury Board any requisition for a payment on which he or she desires direction, the Treasury Board may order that payment be made or refused subject to conditions it specifies.
(2) The Comptroller General may reject a requisition for a payment if he or she considers that the requirements of this or any other Act have not been complied with.
(3) If the Comptroller General
(a) rejects a requisition or otherwise declines to make a payment,
(b) disallows an item in an account, or
(c) refuses to give a certificate required by any enactment
he or she must, at the request of a person referred to in section 32 (4) (a) to (e), state his or her reasons in writing and transmit a copy of them to the Treasury Board.
(4) At the request of a person referred to in section 32 (4) (a) to (e), the Treasury Board may review the decision of the Comptroller General and may
(a) confirm the Comptroller General's decision, or
(b) on the certificate of the Attorney General that the requisition, payment, item or certificate referred to in subsection (3) would not contravene any enactment, order that payment be made subject to conditions the Treasury Board specifies.
Section 34 (1) (part) and (2) BEFORE amended by 2023-10-268, effective March 30, 2023 (Royal Assent).
(1) If, after receiving information under section 33.2 or otherwise, the Comptroller General considers that an expenditure or proposed expenditure does not comply with this or any other enactment, he or she may order
(2) If, after receiving information under section 33.2 or otherwise, the Comptroller General considers that a proposed payment does not comply with this or any other enactment, he or she may order that the payment may not be made.
Section 35 BEFORE re-enacted by 2004-4-1, effective April 1, 2004.
Statement by Comptroller General
35 The Comptroller General must for each fiscal year prepare a statement to be delivered by September 30 next following the end of the fiscal year to the Treasury Board and the Auditor General listing details of every case in which
(a) he or she has been overruled by the Treasury Board under section 34 (4),
(b) more money has been spent than was appropriated,
(c) a payment has been made for a purpose not authorized by the appropriation,
(d) a payment has been made without proper certification, or
(e) a payment has been made that in his or her opinion is in any other way irregular or unlawful.
Section 35 (a) and (e) BEFORE amended by 2023-10-269, effective March 30, 2023 (Royal Assent).
(a) he or she has been overruled by the Treasury Board under section 34 (4),
(e) an expenditure or payment has been made that in his or her opinion is in any other way materially irregular or unlawful.
Section 37 BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
37 If a person has received public money to be applied to any purpose, and has not applied it to that purpose within the time or in the way required, the Minister of Finance and Corporate Relations may demand repayment, and the money may be recovered from the person as a debt due to the government, and an equal sum may in the meantime be applied to the purpose to which the money ought to have been applied.
Section 39 BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
39 Payments from the consolidated revenue fund and trust funds must be made in a form, authenticated in a way and issued from a place directed by the Minister of Finance and Corporate Relations, and may be made by
(a) cheque or other banking instrument, or
(b) another method approved by the Treasury Board.
Section 40 (1) BEFORE amended by 2002-33-6(a), effective February 28, 2003 (BC Reg 34/2003).
(1) If money of the consolidated revenue fund is not immediately required for payments, it may, on terms and conditions the Minister of Finance and Corporate Relations considers advisable, be invested by that minister in one or more of the following:
(a) securities that are obligations of or guaranteed by Canada, a province or the United States of America;
(b) fixed deposits, notes, certificates and other short term paper of or guaranteed by a savings institution, including swapped deposit transactions in the currency of the United States of America;
(c) securities issued by the Municipal Finance Authority of British Columbia;
(d) commercial paper issued by a company incorporated under the laws of Canada or of a province, the securities of which are rated in the highest rating category by at least 2 recognized security rating institutions;
(e) financial options and financial futures, including currency and fixed income instruments.
Section 40 (4) BEFORE amended by 2002-33-6(b), effective February 28, 2003 (BC Reg 34/2003).
(4) If money of a trust fund is not immediately required for payments, it may, on terms and conditions the Minister of Finance and Corporate Relations considers advisable, be invested by the person having authority to invest the money,
(a) in any investment permitted under subsection (1), or
(b) subject to regulations of the Lieutenant Governor in Council, in any of the classes of investments permitted under section 15 of the Trustee Act.
Section 40 (6) to (8) BEFORE amended by 2002-33-6(c), effective February 28, 2003 (BC Reg 34/2003).
(6) Subject to subsection (8) and excepting money of the general fund, if the Minister of Finance and Corporate Relations has the authority to invest the money of a trust fund, special fund or other fund, other public money or the money of a government body or designated institution, that minister may invest or loan the money and in doing so must exercise the care, diligence and skill that a person of ordinary prudence would exercise in dealing with the property of another person.
(7) Money of a trust fund must not be invested or loaned under subsection (6) unless the trust fund is specified by regulation under subsection (8).
(8) The Lieutenant Governor in Council may, on recommendation by the trustees of a trust fund, by regulation, specify the trust fund as one to which subsection (6) applies.
Section 40 (2), (3), (5) and (9) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(2) If an asset that is an investment, other than an investment authorized under subsection (1), is transferred to the general fund from the British Columbia Endowment Fund, the Minister of Finance and Corporate Relations may retain that investment in the general fund until it matures or is otherwise realized.
(3) If an investment described in subsection (2) carries with it investment rights or obligations of any kind, the Minister of Finance and Corporate Relations may
(5) Despite any other enactment, a person who has authority to invest money of a trust fund, special fund or other fund, other public money or money of a government body or designated institution may, with the agreement of the Minister of Finance and Corporate Relations, place the money with that minister, as agent of the person, for investment.
(9) Subject to the regulations of the Lieutenant Governor in Council, if the Minister of Finance and Corporate Relations acquires securities through the exercise of an authority under this section or section 43 or 44 to invest the money of a trust fund, special fund or other fund, other public money or the money of a government body or designated institution, that minister may loan the securities if the loan is secured by collateral security satisfactory to that minister.
Section 41 BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
41 (1) The functions of the investment management corporation are to perform and exercise the following:
(a) investment powers, duties and functions of the Minister of Finance and Corporate Relations designated by the Lieutenant Governor in Council in respect of trust funds, funds of government bodies and funds of designated institutions;
(b) powers, duties and functions of the Minister of Finance and Corporate Relations that are delegated by that minister in respect of funds other than those funds referred to in paragraph (a).
(2) If a power, duty or function is designated under subsection (1), the power, duty or function may no longer be exercised or performed by the Minister of Finance and Corporate Relations.
Section 43 (1) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(1) Subject to the regulations, the Minister of Finance and Corporate Relations may establish and operate pooled investment portfolios in which the money from trust funds, special funds or other funds, other public money and the money of government bodies and designated institutions may be combined in common for the purpose of investment by means of investment units of participation in a pooled investment portfolio.
Section 43 (2) (a) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(a) empower the Minister of Finance and Corporate Relations to exercise, with respect to pooled investment portfolios, those powers that the Lieutenant Governor in Council considers necessary or advisable, including the power, subject to subsection (5), to require that money of a trust fund, special fund or other fund, other public money and money of a government body be placed with that minister for investment in one or more pooled investment portfolios, and
Section 43 (3), (4) and (5) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(3) Subject to subsections (5) and (6), if the Minister of Finance and Corporate Relations has the authority to invest money, that minister may invest the money in a pooled investment portfolio.
(4) The costs and expenses incurred by the Minister of Finance and Corporate Relations under section 44 (5) in operating or administering a pooled investment portfolio may be paid directly from the portfolio.
(5) The Minister of Finance and Corporate Relations must not invest or require the investment of the money of a government body in a pooled investment portfolio unless
Section 43 (5) (a) BEFORE amended by 2007-14-201,Sch, effective December 1, 2007 (BC Reg 354/2007).
(a) a power to invest money of the government body is conferred on that minister by or under another Act or another section of this Act,
Section 43 (6) BEFORE amended by 2007-14-201,Sch, effective December 1, 2007 (BC Reg 354/2007).
(6) If money to be invested in a pooled investment portfolio is subject to a restriction or condition on investments or loans, or both, that is established by or under an enactment, the money must only be invested in a pooled investment portfolio that is confined to the permitted investments or loans, or both.
Section 44 (2) to (6), (9), (11) and (12) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(2) The Lieutenant Governor in Council may, on the recommendation of the Minister of Finance and Corporate Relations, appoint a committee to advise that minister on policies respecting the exercise of the powers under sections 40 and 43 and this section and on other matters related to investments and loans.
(3) The Minister of Finance and Corporate Relations must prepare a report of the investment portfolio of the government, including loans made under sections 40 and 43 and this section, for each fiscal year to be laid before the Legislative Assembly at the same time as the public accounts.
(4) If the Minister of Finance and Corporate Relations holds an investment or loan under sections 40 or 43 or this section, that minister may
(5) If the Minister of Finance and Corporate Relations is authorized to make an investment or loan, or both, that minister may
(6) If money, other than money of a trust fund, is placed with the Minister of Finance and Corporate Relations under the authority of section 40 (5), the money does not, solely by reason of the placement, become money of a trust fund.
(9) The Minister of Finance and Corporate Relations must not, under section 40 or 43 or this section,
(11) If an investment or loan is made by the Minister of Finance and Corporate Relations or by a person authorized under subsection (5) (b), the interest of that minister in the investment or loan, as the case may be,
(12) Except with respect to powers, duties and functions designated under section 41 (1) (a), any delegation or direction issued by the Minister of Finance and Corporate Relations with respect to an investment or loan must be in writing and, in the case of a delegation or direction relating to an investment or loan of a trust fund, a copy of the delegation or direction must be provided to the trustees of that trust fund.
Section 44 (4) (part) BEFORE amended by 2018-39-10, effective April 21, 1997 [retro from October 31, 2018 (Royal Assent)].
(4) If the Minister of Finance holds an investment or loan under sections 40 or 43 or this section, that minister may
Section 45 (1) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(1) A power under an enactment to make loans, advances or direct equity investments from the consolidated revenue fund, despite any other enactment, must not be exercised by the government except by order of or in accordance with directives of the Lieutenant Governor in Council on the recommendation of the Minister of Finance and Corporate Relations.
Section 45 (2) BEFORE amended by 2003-54-5, effective April 1, 2004 (BC Reg 11/2004).
(2) Subsection (1) does not apply to the powers given by section 36 or 40.
Section 46 (3) BEFORE amended by 2023-10-270, effective March 30, 2023 (Royal Assent).
(3) A minister must maintain adequate records, in accordance with directives of the Treasury Board, in relation to public property for which his or her ministry is responsible and must comply with directives of the Treasury Board governing the custody and control of public property.
Section 47 (1), (4) to (6) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(1) If a service or the use of property is provided by the government to any person, the Minister of Finance and Corporate Relations may by directive set a fee or charge to be paid by the person to whom the service or the use of the property is provided.
(4) The Minister of Finance and Corporate Relations may deduct from
(5) The Minister of Finance and Corporate Relations may deduct from
(6) The Minister of Finance and Corporate Relations may deduct from
(a) the general fund, or
(b) special funds,
a financial services fee, as the Minister of Finance and Corporate Relations may approve, based substantially on the reasonable costs of providing the financial services.
Section 47 (4) (d) BEFORE amended by 2003-54-3, effective April 1, 2004 (BC Reg 11/2004).
(d) any other funds in respect of which management services are provided by the Ministry of Finance and Corporate Relations,
Section 47 (5) (b) BEFORE amended by 2003-54-3, effective April 1, 2004 (BC Reg 11/2004).
(b) any other funds, except the general fund or special funds, in respect of which financial services, other than management services, are provided by the Ministry of Finance and Corporate Relations,
Part 7, section 49 BEFORE repealed by 2004-14-16, effective March 31, 2004 [retro from April 29, 2004 (Royal Assent).
Part 7 — Provincial Treasury Revenue
Special account
49 (1) The account called Provincial Treasury Revenue is continued as a special account.
(2) The balance at the end of each fiscal year in the Provincial Treasury Revenue Program sub-vote of the Management of Public Funds and Debt vote in the public accounts must be transferred into the Provincial Treasury Revenue special account.
(3) Money may be paid out of the Provincial Treasury Revenue special account for the purposes of the Provincial Treasury Revenue Program.
Section 51 BEFORE re-enacted by 2003-54-6, effective April 1, 2004 (BC Reg 11/2004).
Borrowing money
51 (1) If this or another Act confers on the government the authority to borrow money, the Lieutenant Governor in Council may authorize the Minister of Finance and Corporate Relations to borrow the money.
(2) Securities may under this section be issued and sold at par or above or below par.
(3) If under subsection (1) the Lieutenant Governor authorizes the Minister of Finance and Corporate Relations to borrow money, the Lieutenant Governor in Council may
(a) authorize the issue and sale of securities, or any other arrangement for the borrowing, and
(b) authorize the Minister of Finance and Corporate Relations to determine the terms and conditions of the borrowing.
(4) Each authorization under subsection (1) must state the maximum amount that may be outstanding pursuant to that authorization.
(5) The Minister of Finance and Corporate Relations must as soon as practicable, but in no case later than 30 days after any of the proceeds of the borrowing have been received, deposit with the Provincial Secretary a statement of the amount borrowed, the rate of interest or the yield to the investor, and the terms and conditions pertaining to the borrowing transaction.
(6) Money required to pay for anything referred to in section 69 (a) to (f) in respect of a borrowing transaction under this section must be paid out of the consolidated revenue fund unless the payment is made from a sinking fund.
Section 52 BEFORE repealed by 2003-54-7, effective April 1, 2004 (BC Reg 11/2004).
Borrowings for relending to government bodies
52 The government may borrow money for the purpose of lending it to government bodies under section 54 (2)
(a) in response to a request from a government body under section 54 (1), and
(b) if the Minister of Finance and Corporate Relations anticipates that requests to borrow will be submitted under section 54 (1) and, on that basis, recommends to the Lieutenant Governor in Council that money be borrowed for that purpose.
Section 53 BEFORE re-enacted by 2003-54-8, effective April 1, 2004 (BC Reg 11/2004).
53 (1) Subject to any restrictions or limits on the borrowing authority of a government body, the Lieutenant Governor in Council may authorize the Minister of Finance and Corporate Relations to lend money under section 54 (2) to a specified government body or to a government body that is a member of a specified class of government body.
(2) An authorization under subsection (1) must state the maximum amount that may be outstanding and the currency of the money that may be lent under the authorization.
(3) If lending to a government body is authorized under subsection (1), any approval or determination required under any other Act by the Lieutenant Governor in Council or the Minister of Finance and Corporate Relations respecting the borrowing by the government body is not required.
Section 54 BEFORE re-enacted by 2003-54-8, effective April 1, 2004 (BC Reg 11/2004).
54 (1) In order to borrow money under this section, a government body must submit to the Minister of Finance and Corporate Relations a request to borrow that
(a) is in a form and contains information as required by the Minister of Finance and Corporate Relations,
(b) proposes the borrowing on terms that are within its authority to borrow and that are satisfactory to the Minister of Finance and Corporate Relations, and
(c) is made through a person who the Minister of Finance and Corporate Relations considers is authorized by the government body to make the request.
(2) If a government body for which lending is authorized under section 53 (1) submits a request under subsection (1), the Minister of Finance and Corporate Relations may lend money to the government body substantially in accordance with the terms of the request.
(3) The Minister of Finance and Corporate Relations may pay out of the consolidated revenue fund amounts to be lent under subsection (2), except that, if an amount to be lent is in a sinking fund established by the government for repayment of money borrowed under section 52, it must be paid out of that fund.
(4) In respect of a loan under subsection (2), the Minister of Finance and Corporate Relations may
(a) charge the government body a fee that the Minister of Finance and Corporate Relations considers reasonable in relation to the services provided by the government in connection with the loan,
(b) if the loan is made with money borrowed under section 52 (a) in response to a request to borrow under subsection (1) in respect of that loan, charge the government body all costs, expenses and charges that the Minister of Finance and Corporate Relations certifies are incurred in the negotiation or raising of the money borrowed under section 52 (a), including all costs relating to the issue, redemption, servicing, payment and management of the borrowing and any securities issued in respect of it, and
(c) deduct all or part of amounts that may be charged under paragraphs (a) and (b) from the proceeds of the loan to the government body.
(5) As soon as practicable but in no case later than 30 days after any of the proceeds of a loan under subsection (2) have been paid to the government body, the Minister of Finance and Corporate Relations must deposit with the Provincial Secretary a report stating the name of the government body to which the loan was made, the amount lent, the rate of interest or yield to the investor and the term and currency of the loan.
(6) If a government body makes a request under subsection (1) and then fails to borrow money substantially in accordance with the terms of the request, as determined by the Minister of Finance and Corporate Relations, the government body must pay to that minister any losses, as determined by that minister, suffered by the government that result from that failure.
Section 55 BEFORE repealed by 2003-54-9, effective April 1, 2004 (BC Reg 11/2004).
Government body authority regarding securities
55 (1) If a government body borrows money under section 54 (2), it may issue a security to the government which provides that payments will be made into a sinking fund established by the government for repayment of money borrowed under section 52.
(2) If a government body issues a security referred to in subsection (1) and another Act requires the government body to establish and fund a sinking fund for the purpose of repaying a security issued by it, that government body need not comply with the sinking fund requirements of the other Act to the extent that payment into the sinking fund referred to in the government body security satisfies the sinking fund requirements of that other Act.
(3) Despite any other Act, if money that is to be lent to a government body under section 54 (2) was borrowed by the government from the Canada Pension Plan Investment Fund, the government body may issue a security that provides for repayment and redemption on demand.
Section 56 BEFORE re-enacted by 2003-54-9, effective April 1, 2004 (BC Reg 11/2004).
Report respecting borrowings for government bodies
56 As soon as practicable after March 31 of each year, the Minister of Finance and Corporate Relations must lay before the Legislative Assembly a statement respecting the following:
(a) the amounts borrowed under section 52 since the last report under this section, together with the rate of interest or yield to the investor and the term and currency of each borrowing;
(b) the amounts lent to government bodies under section 54 (2) since the last report under this section, together with the rate of interest or yield to the investor and the term of each loan.
Section 56.1 (3) (b) BEFORE amended by 2001-3-6, effective March 29, 2001 (Royal Assent).
(b) include in the estimates of revenue and expenditure for a fiscal year the amount amortized under this section for that year.
Section 56.1 (1) and (2) BEFORE amended by 2002-7-2, effective March 28, 2002 (Royal Assent).
(1) In this section, "institution" means
(a) a board or a francophone education authority as defined in the School Act,
(b) a university or an institution as defined in the College and Institute Act,
(c) the British Columbia Institute of Technology,
(d) the agency as defined in the Open Learning Agency Act,
(e) a regional hospital district as defined in the Hospital District Act,
(f) the Health Facilities Association of British Columbia,
(g) British Columbia Transit,
(h) Rapid Transit Project 2000 Ltd., or
(i) any other organization designated by the Lieutenant Governor in Council.
(2) The Minister of Finance and Corporate Relations may make from the consolidated revenue fund a prepaid capital advance to an institution for its capital expenditures.
Section 56.1 (3) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(3) The Minister of Finance and Corporate Relations must
Section 56.1 definition of "institution", paragraph (c) BEFORE repealed by 2004-33-16, effective June 11, 2004 (BC Reg 252/2004).
(c) the British Columbia Institute of Technology,
Section 56.1 definition of "institution", paragraph (d) BEFORE amended by 2007-22-21, effective June 27, 2008 (BC Reg 187/2008).
(d) the agency as defined in the Open Learning Agency Act,
Section 56.1 (2) BEFORE amended by 2009-4-4(a), effective April 1, 1998 [retro from March 12, 2009 (Royal Assent)].
(2) The appropriate minister may make from the consolidated revenue fund a prepaid capital advance to an institution for its capital expenditures.
Section 56.1 (3) BEFORE repealed by 2009-4-4(b), effective April 1, 1998 [retro from March 12, 2009 (Royal Assent)].
(3) The Minister of Finance must
(a) amortize a prepaid capital advance made under this section in accordance with accounting practices approved by the Treasury Board, and
(b) include in the estimates of revenue and expenditure for a fiscal year the estimated amount to be amortized under this section for that year.
Section 56.1 BEFORE re-enacted by 2009-4-5, effective March 12, 2009 (Royal Assent).
Prepaid capital advance
56.1 (1) In this section:
"appropriate minister" means,
(a) in relation to an institution established under an Act, the minister charged with the administration of the Act, or
(b) in relation to any other institution, the minister specified by the Lieutenant Governor in Council;
"institution" means
(a) a board or a francophone education authority as defined in the School Act,
(b) a university or an institution as defined in the College and Institute Act,
(c) [Repealed 2004-33-16.]
(d) the Knowledge Network Corporation continued under the Knowledge Network Corporation Act,
(e) a regional hospital district as defined in the Hospital District Act,
(f) British Columbia Transit,
(g) Rapid Transit Project 2000 Ltd., or
(h) any other organization designated by the Lieutenant Governor in Council.
(2) The appropriate minister may make from the consolidated revenue fund a grant to an institution for its capital expenditures.
(3) [Repealed 2009-4-4.]
Section 57 (1) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(1) If the government has borrowed money under a provision of this Act that authorizes borrowing for a specified purpose and, after the money has been borrowed but before it has been used for the specified purpose, the Minister of Finance and Corporate Relations considers the money is not required for that purpose, the Lieutenant Governor in Council may authorize that money to be used for another purpose, as specified by the Lieutenant Governor in Council, for which this or another Act gives the government authority to borrow.
Section 57 BEFORE repealed by 2003-54-11, effective April 1, 2004 (BC Reg 11/2004).
Alternative use of borrowings
57 (1) If the government has borrowed money under a provision of this Act that authorizes borrowing for a specified purpose and, after the money has been borrowed but before it has been used for the specified purpose, the Minister of Finance considers the money is not required for that purpose, the Lieutenant Governor in Council may authorize that money to be used for another purpose, as specified by the Lieutenant Governor in Council, for which this or another Act gives the government authority to borrow.
(2) If money is used under subsection (1), it is deemed to have been borrowed for the purpose for which it is used at the time of that use.
Section 58 BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
58 Subject to the Act that confers the borrowing authority, the Lieutenant Governor in Council may authorize the Minister of Finance and Corporate Relations to borrow sums of money that are required for the repayment of any securities issued by the government that are maturing or have been called for redemption.
Section 58 BEFORE repealed by 2003-54-11, effective April 1, 2004 (BC Reg 11/2004).
Borrowings for redemption
58 Subject to the Act that confers the borrowing authority, the Lieutenant Governor in Council may authorize the Minister of Finance to borrow sums of money that are required for the repayment of any securities issued by the government that are maturing or have been called for redemption.
Section 59 BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
59 (1) If the Minister of Finance and Corporate Relations considers that the consolidated revenue fund is likely to be insufficient to meet the disbursements lawfully authorized to be made from it, and recommends to the Lieutenant Governor in Council that money be borrowed to ensure that the consolidated revenue fund will be sufficient for those purposes, the Lieutenant Governor in Council may authorize the Minister of Finance and Corporate Relations to borrow an amount not exceeding a maximum amount stated in the order in council.
(2) If money is borrowed under subsection (1), the Minister of Finance and Corporate Relations must lay before the Legislative Assembly, as soon as practicable after March 31 of each year, a statement of the amounts borrowed, the rate of interest or the yield to the investor and the term and currency of each borrowing.
Section 59 BEFORE repealed by 2003-54-11, effective April 1, 2004 (BC Reg 11/2004).
Borrowings for authorized disbursements
59 (1) If the Minister of Finance considers that the consolidated revenue fund is likely to be insufficient to meet the disbursements lawfully authorized to be made from it, and recommends to the Lieutenant Governor in Council that money be borrowed to ensure that the consolidated revenue fund will be sufficient for those purposes, the Lieutenant Governor in Council may authorize the Minister of Finance to borrow an amount not exceeding a maximum amount stated in the order in council.
(2) If money is borrowed under subsection (1), the Minister of Finance must lay before the Legislative Assembly, as soon as practicable after March 31 of each year, a statement of the amounts borrowed, the rate of interest or the yield to the investor and the term and currency of each borrowing.
Section 60 (1) (b) BEFORE amended by 2002-33-7, effective February 28, 2003 34/2003).
(b) borrow money for the purpose of investing it under section 40 for the benefit of the government in investments authorized under section 40 (1).
Section 60 (2) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(2) The Minister of Finance and Corporate Relations may, for the efficient management of the consolidated revenue fund, make arrangements with savings institutions for overdrafts and, for the purpose of securing any overdrafts under such an arrangement, may issue securities to the savings institution in a form, in an amount and on terms and conditions that minister considers appropriate.
Section 60 BEFORE repealed by 2003-54-11, effective April 1, 2004 (BC Reg 11/2004).
Borrowings for management and benefit of public money
60 (1) The government may
(a) borrow money for the efficient management of the consolidated revenue fund, and
(b) borrow money for the purpose of investing it under section 40 for the benefit of the government in investments authorized under section 40 (6).
(2) The Minister of Finance may, for the efficient management of the consolidated revenue fund, make arrangements with savings institutions for overdrafts and, for the purpose of securing any overdrafts under such an arrangement, may issue securities to the savings institution in a form, in an amount and on terms and conditions that minister considers appropriate.
Section 61 (3) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(3) If the government borrows money in a currency other than the currency of Canada or the United States of America, the Minister of Finance and Corporate Relations must lay before the Legislative Assembly, as soon as practicable after March 31 of each year, a statement of the amounts borrowed, the rate of interest or the yield to the investor and the term and currency of each borrowing.
Section 61 BEFORE repealed by 2003-54-11, effective April 1, 2004 (BC Reg 11/2004).
Borrowing in foreign currencies
61 (1) If this or another Act confers authority on the government to borrow money, the Lieutenant Governor in Council may authorize the borrowing in a specified currency.
(2) Each authorization under subsection (1) must state the maximum amount in the specified currency that may be outstanding pursuant to the authorization.
(3) If the government borrows money in a currency other than the currency of Canada or the United States of America, the Minister of Finance must lay before the Legislative Assembly, as soon as practicable after March 31 of each year, a statement of the amounts borrowed, the rate of interest or the yield to the investor and the term and currency of each borrowing.
Section 62 (1) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(1) The Lieutenant Governor in Council may authorize the Minister of Finance and Corporate Relations to change the form of any part of the public debt by substituting one class of security for another, but, unless a security bearing a lower rate of interest is substituted for one bearing a higher rate of interest, a substitution must not be made if the effect is to increase the principal amount of the public debt.
Section 62 BEFORE repealed by 2003-54-11, effective April 1, 2004 (BC Reg 11/2004).
Change in form of public debt
62 (1) The Lieutenant Governor in Council may authorize the Minister of Finance to change the form of any part of the public debt by substituting one class of security for another, but, unless a security bearing a lower rate of interest is substituted for one bearing a higher rate of interest, a substitution must not be made if the effect is to increase the principal amount of the public debt.
(2) If a security bearing a lower rate of interest is substituted for one bearing a higher rate of interest, the amount of the debt represented by the new security may be increased by a sum not exceeding the difference between the values of the respective securities at the date of substitution.
(3) A substitution under this section may be made by the sale of a new security and the purchase or redemption of an existing security from the proceeds.
(4) A substitution under this section must not be made unless
(a) the holder of the security for which another security is substituted consents, or
(b) the security is purchased or redeemed by or for the government.
Section 63 BEFORE re-enacted by 2003-54-11, effective April 1, 2004 (BC Reg 11/2004).
63 (1) The Lieutenant Governor in Council may provide
(a) for the creation, management and application of sinking funds, including the setting of terms and conditions that will apply to those sinking funds, with respect to securities issued by the government,
(b) for other means of ensuring the repayment of securities issued by the government, and
(c) in the case of securities issued subject to redemption in advance of maturity, for the redemption by call of securities issued by the government.
(2) The Lieutenant Governor in Council may delegate to the Minister of Finance and Corporate Relations the power to exercise the function referred to in subsection (1) (a) and (b).
(3) Any securities of the government acquired with money from a sinking fund established with respect to the securities may be cancelled, but if they are cancelled others must not be issued in substitution for them and the aggregate amount of that issue of securities must be reduced accordingly.
(4) Interest earned on a sinking fund must be applied for the benefit of that sinking fund and toward redemption of the securities secured by it.
(5) If the Minister of Finance and Corporate Relations considers that more money has been accumulated in a sinking fund than is needed, taking into account expected interest earnings, to repay the debt with respect to which it was established, the Lieutenant Governor in Council may direct
(a) that the surplus must be paid into the consolidated revenue fund, or
(b) if the sinking fund consists of money paid by government bodies under a security referred to in section 55 (1), that the surplus be paid to the government bodies that funded the sinking fund in proportion to the respective amounts to which each of them is entitled.
Section 64 BEFORE repealed by 2003-54-12, effective April 1, 2004 (BC Reg 11/2004).
Effect of recital
64 A recital or declaration in an order of the Lieutenant Governor in Council made under this or another Act authorizing the issue and sale of securities by the government, to the effect that the amount of the issue is necessary to realize the net sum required to be raised by way of loan, is conclusive evidence of that fact.
Section 65 BEFORE re-enacted by 2003-54-13, effective April 1, 2004 (BC Reg 11/2004).
65 (1) Securities issued by the government must be signed by the Minister of Finance and Corporate Relations, the Deputy Minister of Finance and Corporate Relations or another person designated by the Lieutenant Governor in Council, and the securities must be countersigned by
(a) an officer of the Ministry of Finance and Corporate Relations, or
(b) another person
designated by the Lieutenant Governor in Council.
(2) If a designation is made under subsection (1), it may be a designation of a person by the person's name or it may be a designation of a title or office and, if a title or office is designated, the designation applies to every person holding or appointed to that title or office while the person holds that title or office.
(3) The engraved, lithographed or printed signature of a person required to execute a security under this section is for all purposes the signature of that person and is binding on the government even though the person whose signature is reproduced may not have held office at the date of the securities or at the date of the delivery of them.
Section 66 BEFORE re-enacted by 2003-54-14, effective April 1, 2004 (BC Reg 11/2004).
66 (1) The Minister of Finance and Corporate Relations is the fiscal agent of the government for the purpose of borrowing by the government under this or another Act, and as fiscal agent that minister may arrange all details and do, transact and execute all deeds, matters and things required for the borrowing.
(2) The Minister of Finance and Corporate Relations may appoint additional persons to act as fiscal agents for the purposes referred to in subsection (1) under the direction of the Minister of Finance and Corporate Relations and may set their remuneration.
(3) The Minister of Finance and Corporate Relations may appoint one or more registrars or transfer agents to perform under that minister's direction services in respect of the registration or transfer of securities and may set their remuneration or compensation.
(4) Every fiscal agent, registrar and transfer agent must, as often as required by the Minister of Finance and Corporate Relations, give to that minister an accounting, in a form and containing information specified by that minister, of all his or her transactions as fiscal agent, registrar or transfer agent.
Section 69 (a) to (f) BEFORE amended by 2003-54-16, effective April 1, 2004 (BC Reg 11/2004).
(a) to pay interest on securities issued by the government;
(b) to provide and maintain a sinking fund or other means of ensuring the repayment of securities issued by the government;
(c) to redeem or repay the principal amount of securities issued by the government;
(d) to pay a premium in connection with the redemption or repayment of securities issued by the government;
(e) for the remuneration and compensation of fiscal agents, registrars and transfer agents whose services are engaged in connection with any matter related to securities issued by the government;
(f) for all costs, expenses and charges incurred in the negotiation or raising of loans by the government or in the issue, redemption, servicing, payment and management of loans by the government and of securities issued in respect of those loans.
Section 70 (1) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(1) The Minister of Finance and Corporate Relations must maintain a system of books and records for all of the following purposes:
Section 71 BEFORE repealed by 2003-54-17, effective April 1, 2004 (BC Reg 11/2004).
Orders for securities
71 (1) The Lieutenant Governor in Council may make orders for the management of the public debt.
(2) Without limiting subsection (1), the Lieutenant Governor in Council may make orders as follows:
(a) for the inscription, registration, transfer, management and redemption of securities;
(b) for the surrender of securities and the substitution for them of securities of a similar total amount and class, but of a different denomination or form;
(c) for converting securities of one class into securities of another class;
(d) for reissuing, reinstating or otherwise dealing with lost, stolen, destroyed, damaged, defaced or mutilated securities or interest coupons, and for the payment of them;
(e) for examining, cancelling or destroying debentures or other government securities and interest coupons that have been redeemed;
(f) for the custody and protection of securities and of materials used in their production.
Section 72 (8) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(8) The Minister of Finance and Corporate Relations must, as soon as possible after the beginning of each fiscal year, lay before the Legislative Assembly a report respecting the guarantees and indemnities approved by the Lieutenant Governor in Council or the Treasury Board during the preceding fiscal year.
Section 75 (1) (b) and (c) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(b) appointing the Minister of Finance and Corporate Relations as fiscal agent for a government corporation;
(c) defining the role and powers of the Minister of Finance and Corporate Relations as fiscal agent for a government corporation;
Section 76 (1) and (2) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(1) Without limiting an authority given in this or any other Act but subject to any restriction, limit or condition prescribed under section 79 (1) (a), the Minister of Finance and Corporate Relations may enter into the following agreements on behalf of the government:
(2) The Minister of Finance and Corporate Relations may pay out of the consolidated revenue fund amounts required to be paid by the government in respect of an agreement under subsection (1), unless those amounts are paid from a sinking fund or by other means of payment.
Section 77 (1) (a), (b) and (c) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(a) government bodies may, for the efficient management of their money, enter into offset banking agreements referred to in section 76 (1) (a) (ii) with the Minister of Finance and Corporate Relations;
(b) government bodies may, subject to any express restriction or limit on their authority, for the purpose of reducing risks or maximizing benefits in relation to their borrowings, lendings or investments, enter into agreements referred to in section 76 (1) (b) and (c) with or through the agency of the Minister of Finance and Corporate Relations;
(c) the Minister of Finance and Corporate Relations may enter into agreements referred to in paragraphs (a) and (b) on behalf of the government.
Section 77 (2) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(2) The Minister of Finance and Corporate Relations may pay out of the consolidated revenue fund amounts required to be paid by the government in respect of agreements under subsection (1), unless those amounts are paid from a sinking fund or by other means of payment.
Section 78 (1) and (2) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(1) Without limiting an authority given by this or any other Act, but subject to any restriction, limit or condition prescribed under section 79 (1) (e), a designated institution and the Minister of Finance and Corporate Relations on behalf of the government may enter into the following agreements with each other:
(2) The Minister of Finance and Corporate Relations may pay out of the consolidated revenue fund amounts required to be paid by the government in respect of agreements under subsection (1), except if those amounts are paid by other means.
Section 79 (1) (d) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(d) designate institutions that are substantially publicly funded, or classes of institutions that are substantially publicly funded, as institutions with which the Minister of Finance and Corporate Relations may enter into agreements under section 78 (1);
Section 79.2 BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
79.2 (1) Without limiting an authority given in this or any other Act, the Minister of Finance and Corporate Relations may enter into commodity derivatives on behalf of the government.
(2) The Minister of Finance and Corporate Relations may pay out of the consolidated revenue fund amounts required to be paid by the government in respect of a commodity derivative entered into under subsection (1), unless those amounts are paid by other means.
Section 79.3 (2) and (4) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(2) Subject to any restriction, limit or condition established under subsection (3), a government body specified under that subsection may enter into commodity derivatives, including commodity derivatives with or through the agency of the Minister of Finance and Corporate Relations.
(4) At the request of a government body specified under subsection (3), the Minister of Finance and Corporate Relations may act as its agent in exercising the authority given to that body under subsection (2).
Section 80 BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
80 (1) If the Minister of Finance and Corporate Relations has reason to believe that a person
(a) has received public money for the government and has not duly paid it over to the government,
(b) has received public money for which the person is accountable to the government and has not duly accounted for it, or
(c) has in the person's possession public money applicable to a purpose and has not applied it to that purpose,
the Minister of Finance and Corporate Relations may state an account between that person and the government showing the amount of money not paid over, accounted for or applied, and may by notice require that person within a reasonable time
(d) to pay the money to the government,
(e) to account for the money, or
(f) to apply it to its purpose, and to furnish to the Minister of Finance and Corporate Relations vouchers that the person has done so.
(2) In a proceeding for the recovery of public money, a copy of the account stated by the Minister of Finance and Corporate Relations and certified by that minister is evidence that the amount stated in it, with interest, is due and payable to the government without proof of the appointment or signature of that minister, and the amount and interest, including interest to the date of recovery, may be recovered as a debt due to the government.
Section 82 (1) BEFORE amended by 2003-54-2, effective April 1, 2004 (BC Reg 11/2004).
(1) If a person refuses or neglects to deliver an account, statement, return or proper voucher to the officer or ministry to whom the person is required under any Act to deliver it, the Minister of Finance and Corporate Relations may direct the person to deliver it within a stated time, not less than 14 days after the date of service of the direction on the person.
Section 83 BEFORE amended by 2003-59-18, effective January 23, 2004 (B.C. Reg 11/2004).
83 (1) If a person ("the debtor") owes money to the government, and the Minister of Finance and Corporate Relations receives information that another person ("the third party") is or is about to become indebted to the debtor, the Minister of Finance and Corporate Relations may demand of the third party that all or part of the money payable by the third party to the debtor be paid to the Minister of Finance and Corporate Relations on account of the debtor's liability to the government.
(2) The third party must pay the money demanded under subsection (1) to the Minister of Finance and Corporate Relations promptly after the later of
(a) receipt of the demand, or
(b) the due date of the liability to the debtor,
and the receipt of the Minister of Finance and Corporate Relations for money so paid discharges the liability of the third party to the debtor to the extent of the amount acknowledged by the receipt.
(3) A third party who, after receipt of a demand under this section,
(a) fails to pay the money to the Minister of Finance and Corporate Relations as required under subsection (2), or
(b) pays the money to the debtor,
is personally liable to the government to the extent of the lesser of
(c) the person's indebtedness or the amount of the indebtedness paid by the person to the debtor, and
(d) the amount owed to the government by the debtor, including any interest and penalty.
(4) If a demand is made on a third party under this section, the Minister of Finance and Corporate Relations must, in the same manner and at the same time, notify the debtor of the demand and give the debtor the particulars of it.
Section 83 (1) to (4) BEFORE amended by BC Reg 5/10 under RS1996-238-11(3), effective January 14, 2010 (BC Reg 5/2010).
(1) If a person ("the debtor") owes money to the government, and the Minister of Provincial Revenue receives information that another person ("the third party") is or is about to become indebted to the debtor, the Minister of Provincial Revenue may demand of the third party that all or part of the money payable by the third party to the debtor be paid to the Minister of Provincial Revenue on account of the debtor's liability to the government.
(2) The third party must pay the money demanded under subsection (1) to the Minister of Provincial Revenue promptly after the later of
(a) receipt of the demand, or
(b) the due date of the liability to the debtor,
and the receipt of the Minister of Provincial Revenue for money so paid discharges the liability of the third party to the debtor to the extent of the amount acknowledged by the receipt.
(3) A third party who, after receipt of a demand under this section,
(a) fails to pay the money to the Minister of Provincial Revenue as required under subsection (2), or
(b) pays the money to the debtor,
is personally liable to the government to the extent of the lesser of
(c) the person's indebtedness or the amount of the indebtedness paid by the person to the debtor, and
(d) the amount owed to the government by the debtor, including any interest and penalty.
(4) If a demand is made on a third party under this section, the Minister of Provincial Revenue must, in the same manner and at the same time, notify the debtor of the demand and give the debtor the particulars of it.