"Point in Time" Act Content

HYDRO AND POWER AUTHORITY ACT
[RSBC 1996] CHAPTER 212

Section 3(2) BEFORE amended by 2003-54-27, Schedule A effective April 1, 2004 (BC Reg 11/04).

(2) The Minister of Finance and Corporate Relations is the fiscal agent of the authority.

Section 7(a) BEFORE repealed by 2001-31-1 effective August 16, 2001 (Royal Assent).

(a) hold, acquire or become interested in any share, stock, bond, debenture or other security of a company that generates or supplies power,

Section 12(9) to (13) were added by 2003-1-2 effective February 27, 2003 (Royal Assent).

Section 12(1)(i) BEFORE repealed by 2004-23-14(a) effective April 29, 2004 (Royal Assent).

(i) require a person who owns, operates or controls a power site, power project or power plant to furnish to the authority, within the time specified in the demand, the particulars specified in the demand of the power site, power project or power plant;

Section 12(2)(c) BEFORE amended by 2004-23-14(b) effective April 29, 2004 (Royal Assent).

(c) amalgamates in any manner with or enters into partnership with a firm or person, or

Section 12(3) BEFORE amended by 2004-23-14(c) effective April 29, 2004 (Royal Assent).

(3) If the authority amalgamates with or enters into partnership with a firm or person, this Act applies as if the amalgamated corporation or the partnership were the authority.

Section 12(5) BEFORE amended by 2004-23-14(d) effective April 29, 2004 (Royal Assent).

(5) If the authority acquires all of the property, assets or undertaking of or amalgamates in any manner with or enters into partnership with a firm or person, then despite the Land Title Act, all of the interests of that firm or person registered in a land title office are deemed to be registered interests of the authority, or the amalgamated corporation, or the partnership, as the case may be, and the registrar must accordingly make all necessary amendments to the register, and the amendments constitute registration under the Land Title Act in favour of the authority, the amalgamated corporation or the partnership, as the case may be.

Section 12(13) BEFORE repealed by 2004-23-14(e) effective April 29, 2004 (Royal Assent).

(13) Subsections (3) and (5) do not apply to any partnership created by, under or in furtherance of an agreement designated under subsection (9).

Section 13 BEFORE repealed by 2004-23-15 effective April 29, 2004 (Royal Assent).

Compliance with requirement

13 A person who owns, operates or controls a power site, power project or power plant and who is required to furnish particulars under section 12 (1) must comply with that requirement.

Section 21(10), (16), (20), (21)(a) and (b) and (22) BEFORE amended by 2003-54-27, Schedule A effective April 1, 2004 (BC Reg 11/04).

(10) The notes, bonds, debentures and other securities of the authority must be in a form determined by the directors of the authority or on behalf of the authority by the Minister of Finance and Corporate Relations as fiscal agent for the authority.

(16) The Minister of Finance and Corporate Relations, as fiscal agent of the authority, may arrange all details and do, transact and execute all deeds, matters and things that are required during the negotiation of a loan or for placing a loan.

(20) The sum referred to in subsection (18) must be paid to the Minister of Finance and Corporate Relations, who must

(a) act as trustee for the authority,

(b) establish one or more appropriate sinking fund trustee accounts, and

(c) subject to subsection (21), invest that sum and the interest earned on it in investments permitted for a trust fund under section 40 (4) of the Financial Administration Act.

(21) Despite anything in this Act, the authority may make other provisions approved by the Lieutenant Governor in Council for

(a) the payment by the authority to the Minister of Finance and Corporate Relations as trustee for the authority of a sinking fund for the repayment at or before maturity of all or any part of any securities issued by the authority, and

(b) the application by the Minister of Finance and Corporate Relations on behalf of the authority of all or any part of the sinking fund paid under paragraph (a) and any interest earnings on it to the purchase, and, in the case of securities issued subject to redemption in advance of maturity, to the redemption by call of the securities.

(22) The Minister of Finance and Corporate Relations must apply the sinking fund referred to in subsection (21) in accordance with the provisions approved under that subsection, and any securities purchased or redeemed may be retained in the sinking fund, and, if retained, may be cancelled on the authorization of the Lieutenant Governor in Council.

Section 21(18) to (23) BEFORE repealed by 2004-23-15 effective April 29, 2004 (Royal Assent).

(18) The authority, except in the case of temporary loans of a term not exceeding 5 years and of issues of securities repayable in installments of principal, must set aside a sum that, together with interest compounded annually on it at a rate determined by the Lieutenant Governor in Council, would be sufficient, irrespective of the date or dates of maturity of the securities being issued, to provide a sinking fund for the repayment in full of any securities issued by the authority

(a) within a period not exceeding 50 years from the date of them, or

(b) in the case of securities issued by the authority under subsection (5) (a) other than for repaying or renewing a temporary loan in whole or in part, within a period not exceeding 50 years from the date of original issue of the securities being repaid, refunded or renewed.

(19) The authority must set aside the sum referred to in subsection (18) in each year of the maximum period 50 years referred to in subsection 18 (a) and (b).

(20) The sum referred to in subsection (18) must be paid to the Minister of Finance, who must

(a) act as trustee for the authority,

(b) establish one or more appropriate sinking fund trustee accounts, and

(c) subject to subsection (21), invest that sum and the interest earned on it in investments permitted for a trust fund under section 40 (4) of the Financial Administration Act.

(21) Despite anything in this Act, the authority may make other provisions approved by the Lieutenant Governor in Council for

(a) the payment by the authority to the Minister of Finance as trustee for the authority of a sinking fund for the repayment at or before maturity of all or any part of any securities issued by the authority, and

(b) the application by the Minister of Finance on behalf of the authority of all or any part of the sinking fund paid under paragraph (a) and any interest earnings on it to the purchase, and, in the case of securities issued subject to redemption in advance of maturity, to the redemption by call of the securities.

(22) The Minister of Finance must apply the sinking fund referred to in subsection (21) in accordance with the provisions approved under that subsection, and any securities purchased or redeemed may be retained in the sinking fund, and, if retained, may be cancelled on the authorization of the Lieutenant Governor in Council.

(23) When authorized by the Lieutenant Governor in Council, the authority may defer for a period not exceeding 10 years its payments for sinking fund purposes required under subsections (18) and (19), and the sums required for the sinking fund account are payable during the remainder of the maximum period of 50 years referred to in those subsections.

Section 22 BEFORE amended by 2003-54-27, Schedule A effective April 1, 2004 (BC Reg 11/04).

22 Despite anything in this Act, the authority may, in the bylaw or resolution under section 21, authorize the Minister of Finance and Corporate Relations or, with the concurrence of the Minister of Finance and Corporate Relations, authorize the Minister of Finance of Canada to determine any matter required to be determined under section 21 for

Section 22 BEFORE amended by 2004-23-16 effective April 29, 2004 (Royal Assent).

22 Despite anything in this Act, the authority may, in the bylaw or resolution under section 21, authorize the Minister of Finance or, with the concurrence of the Minister of Finance, authorize the Minister of Finance of Canada to determine any matter required to be determined under section 21 for

(a) borrowing money from the Canada Pension Plan Investment Fund established under the Canada Pension Plan, and

(b) issuing and selling to the Receiver General and Minister of Finance of Canada for the credit of the Canada Pension Plan Investment Fund debentures as security for the loans.

Section 23(2) and (3) BEFORE amended by 2003-54-27, Schedules A and B effective April 1, 2004 (BC Reg 11/04).

(2) The guarantee under subsection (1) must bear the manual, engraved, lithographed or printed signature of the Minister of Finance and Corporate Relations, or the manual, engraved, lithographed or printed signature or signatures of the other officer or officers of the Ministry of Finance and Corporate Relations of British Columbia designated by the Lieutenant Governor in Council.

(3) The engraved, lithographed or printed signature of the Minister of Finance and Corporate Relations or of any other officer 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 notes, bonds, debentures or other securities or at the date of the delivery of them, and despite any change in any of the persons holding the office between the time when the signature is affixed and the date of delivery of the notes, bonds, debentures or other securities.

Section 24(2)(a) and (b) BEFORE amended by 2003-54-27, Schedules A and B effective April 1, 2004 (BC Reg 11/04).

(a) the Minister of Finance and Corporate Relations, or

(b) an officer of the Ministry of Finance and Corporate Relations,

Section 25(g) BEFORE amended by 2003-54-27, Schedule A effective April 1, 2004 (BC Reg 11/04).

(g) the value, as determined by the Minister of Finance and Corporate Relations, of sinking fund balances attributable to the authority.

Section 26 BEFORE repealed by 2004-23-15 effective April 29, 2004 (Royal Assent).

United States dollars

26 For calculating the sum to be set aside for sinking fund under section 21 (18) and (19) for securities payable in United States dollars, one dollar in lawful money of Canada may be deemed to be the equivalent of one dollar in lawful money of the United States of America.

Section 28(1) BEFORE amended by 2003-54-27, Schedule A effective April 1, 2004 (BC Reg 11/04).

(1) The Minister of Finance and Corporate Relations may direct the Comptroller General of British Columbia to examine and report to the Treasury Board on any or all of the financial and accounting operations of the authority.

Section 28(2) BEFORE amended by 2004-23-17 effective April 29, 2004 (Royal Assent).

(2) The accounts of the authority must at least once in every year, be audited and reported on by an auditor or auditors appointed by the Lieutenant Governor in Council, and the costs of the audit must be paid by the authority.

Section 28(3) BEFORE repealed by 2004-23-15 effective April 29, 2004 (Royal Assent).

(3) The Lieutenant Governor in Council must appoint the auditors and the bankers of the authority, who hold office during pleasure.

Section 29 BEFORE repealed by 2004-23-15 effective April 29, 2004 (Royal Assent).

Annual report

29 (1) The authority must make to the Lieutenant Governor in Council an annual report containing clear and comprehensive financial statements made up to March 31 last preceding.

(2) If the Legislature is then in session, the report must be laid before it at once, otherwise within 15 days after the opening of the next session.

(3) The Financial Information Act applies to the authority.

Section 32(7)(d) BEFORE repealed by 2001-30-16 effective September 1, 2002 per 2001-30-17 as amended by 2002-10-34.

(d) the Corporation Capital Tax Act;

Section 32(7)(v.1) was added by 2002-64-8 effective October 31, 2002 (Royal Assent).

Section 32(7)(f) BEFORE repealed by 2003-46-22 effective May 29, 2003 (Royal Assent).

(f) the Economic Development Electricity Rate Act;

Section 32(8) was added by 2003-44-18 effective July 25, 2003 (BC Reg 306/03).

Section 32(7)(c) BEFORE amended by 2003-70-170 effective March 29, 2004 (BC Reg 64/04).

(c) section 128 of the Company Act;

Section 32(7)(k) BEFORE amended by 2003-54-22 effective April 1, 2004 (BC Reg 11/04).

(k) sections 4.1, 52 to 55, 77 and 79 of the Financial Administration Act;

Section 32(7)(w.1) was added by 2003-39-93 effective April 1, 2004 (BC Reg 136/04).

Section 32(7)(k.1) was added by 2004-23-18 effective April 29, 2004 (Royal Assent).

Section 32(7)(i) BEFORE amended by 2003-53-154(a) effective July 8, 2004 (BC Reg 317/04).

(i) the Environment Management Act;

Section 32(7)(y) BEFORE repealed by 2003-53-154(b) effective July 8, 2004 (BC Reg 317/04).

(y) the Waste Management Act;

Copyright (c) 2004: Queen’s Printer, Victoria, British Columbia, Canada