Vol. 46 No. 7 — 148/2003

Volume 46, No. 7
B.C. Reg. 148/2003

The British Columbia Gazette, Part II
April 8, 2003

B.C. Reg. 148/2003, deposited March 28, 2003, pursuant to the UNCLAIMED PROPERTY ACT [Section 17]. Order in Council 299/2003, approved and ordered March 28, 2003.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective April 1, 2003, the Unclaimed Property Regulation, B.C. Reg. 463/99, is amended as set out in the attached Schedule. — G. COLLINS, Minister of Finance; G. CAMPBELL, Presiding Member of the Executive Council.

Schedule

1 Section 1 (1) of the Unclaimed Property Regulation, B.C. Reg. 463/99, is amended

(a) in the definition of "database" by striking out "section 4 (a)" and "section 11 (a)" and substituting "section 4 (1) (a)" and "section 11 (1) (a)" respectively, and

(b) by adding the following definitions:

"administrator records" means all files and records the administrator is required to retain under section 5.1 (1);

"general inquiry summary" means an electronic summary, prepared and maintained by the administrator, of the inquiries received by the administrator relating to unclaimed money deposits or unclaimed property held by the administrator;

"general inquiry summary information" means any piece of information included in the general inquiry summary;

"holder files" means, in respect of unclaimed property transferred to the administrator under the Act or any other enactment, the group of records provided to the administrator by,

(a) if the unclaimed property is transferred by a ministry of the government under section 2.5 of the Act or under any other enactment, that ministry of the government, or

(b) if the unclaimed property is transferred by a holder under section 12 of the Act or under any other enactment, that holder;

"holder survey file" means, in relation to a person the administrator considers may be a holder of unclaimed property,

(a) the survey sent out by the administrator to that person,

(b) all related correspondence sent out by the administrator to that person,

(d) the summary made by the administrator of those responses;

"property claimant files" means the records provided to, or created by, the administrator in relation to a claim made to the administrator under section 4.2 of the Act;

"reasonable efforts summary" means an electronic chronology, prepared and maintained by the administrator, of the efforts made by the administrator in attempting to locate an owner of unclaimed property;

"reasonable efforts summary information" means any piece of information included in the reasonable efforts summary.

2 Section 2 is amended by striking out "section 2" and substituting "section 2 (1)".

3 Section 4 is amended

(a) in subsection (1) by striking out "section 4 (b)" and substituting "section 4 (1) (b)",

(b) in subsection (1) (b) by striking out "and" after subparagraph (i), by adding ", and" after subparagraph (ii) and by adding the following subparagraph:

(iii) the property identification number. , and

4 The following sections are added:

Fees payable to the administrator

4.1 For the purposes of section 5 (2) of the Act, the prescribed fee is 5% of the approved claim or $500, whichever is the lesser.

Appeal period

4.2 For the purposes of section 5.1 (3) of the Act, the prescribed period within which an appeal must be made to the Supreme Court is 6 months.

Record retention periods by the administrator

5.1 (1) For the purposes of section 7.2 of the Act,

(a) a property claimant file must be retained for

(i) 6 years from the date the administrator approves or disapproves of the claim, if the amount claimed is under $1 000,

(ii) 10 years from the date the administrator approves or disapproves of the claim, if the amount claimed is at least $1 000 but is under $25 000, and

(iii) 30 years from the date the administrator approves or disapproves of the claim, if the amount claimed is $25 000 or more;

(b) reasonable efforts summary information must be retained for 6 months from the time that that information is included in the reasonable efforts summary;

(c) general inquiry summary information must be retained for one year from the time that that information is included in the general inquiry summary;

(d) a holder survey file in relation to a person the administrator considers may be a holder of unclaimed property must be retained for 6 years from the time the first survey is sent out by the administrator to that person;

(e) an administrative record of the administrator must be retained for 7 years from the time the record is created;

(f) a holder file must be retained for 30 years from the date of its receipt by the administrator.

(2) Subject to subsection (3) of this section, administrator records that have been retained past the retention period prescribed in subsection (1) may be destroyed.

(3) Administrator records described in subsection (1) (a) (ii) or (iii) that have been retained past the applicable retention period prescribed in subsection (1) must be transferred to the government.

(4) The administrator must retain administrator records in their original form at the administrator's office until they are destroyed or transferred in accordance with subsection (2) or (3) respectively.

5 Section 6 is repealed.

6 The table in section 8 is repealed and the following substituted:

Class of
Property

Prescribed
Circumstances

Prescribed Date in
Relation to the Applicable
Circumstance

Prescribed Amount for
Each Class
of Property

Money received as a deposit, other than by a savings institution or as a deposit for an insurance premium, but only if there is a right to receive a cash refund of the deposit.

Any of the following circumstances:

(a)	a communication or cheque sent to the owner is returned undelivered to the holder after July 1, 2000;
(b)	an action required to be taken by the owner by a specified date after July 1, 2000, as indicated in a communication by the holder to the owner, is not taken by that date;
(c)	in the case of a cheque sent by the holder to the owner, a period of 3 years has passed since the later of
	(i)	July 1, 2000, and
	(ii)	the date the cheque was sent by the holder to the owner
and the cheque has not been cashed;
(d)	in the case of a deposit received by the holder, a period of 3 years has passed since the later of
	(i)	July 1, 2000, and
	(ii)	the date of receipt of the deposit by the holder
and the holder has not, in that period, received an indication by the owner of interest in the property.

(a)	the date on which the returned communication or cheque is received by the holder;
(b)	the specified date indicated in the communication;
(c)	the date of the day after the end of the 3 year period;
(d)	the date of the day after the end of the 3 year period.

$200

An amount paid in respect of a money order or similar instrument, other than a similar instrument issued by a bank or a company to which the Trust and Loan Companies Act (Canada) applies.

A period of 5 years has passed since the later of

(a)	July 1, 2000, and
(b)	the date of issue,
and the money order or similar instrument has not been redeemed.

the date of the day after the end of the 5 year period.

$500

Securities and their entitlements and money deposited to make a distribution.

Any of the following circumstances:

(a)	a communication or cheque sent to the owner is returned undelivered to the holder after July 1, 2000;
(b)	an action required to be taken by the owner by a specified date after July 1, 2000, as indicated in a communication by the holder to the owner, is not taken by that date;
(c)	in the case of a cheque sent by the holder to the owner, a period of 3 years has passed since the later of
	(i)	July 1, 2000, and
	(ii)	the date the cheque was sent by the holder to the owner
and the cheque has not been cashed;
(d)	a period of 3 years has passed since the later of
	(i)	July 1, 2000, and
	(ii)	the date of issue of the securities and their entitlements, or the date of the holder's receipt of money deposited to make a distribution, as the case may be,
and the holder has not, in that period, received an indication by the owner of interest in the property.

(a)	the date on which the returned communication or cheque is received by the holder;
(b)	the specified date indicated in the communication;
(c)	the date of the day after the end of the 3 year period;
(d)	the date of the day after the end of the 3 year period.

$200

The right to an amount due and payable by an insurer under the terms of an insurance policy, including a refund of premiums, but excluding an amount due and payable under the terms of a life insurance policy, an annuity, an endowment policy or a variable insurance contract relating to segregated funds.

Any of the following circumstances:

(a)	a communication or cheque sent to the owner is returned undelivered to the holder after July 1, 2000;
(b)	an action required to be taken by the owner by a specified date after July 1, 2000, as indicated in a communication by the holder to the owner, is not taken by that date;
(c)	in the case of a cheque sent by the holder to the owner, a period of 3 years has passed since the later of
	(i)	July 1, 2000, and
	(ii)	the date the cheque was sent by the holder to the owner
and the cheque has not been cashed.

(a)	the date on which the returned communication or cheque is received by the holder;
(b)	the specified date indicated in the communication;
(c)	the date of the day after the end of the 3 year period.

$200

The right to an amount due and payable by an insurer under the terms of a life insurance policy, an annuity, an endowment policy or a variable insurance contract relating to segregated funds.

A period of 3 years has passed since the later of

(a)	July 1, 2000, and
(b)	the date the obligation to pay arose.
the date of the day after the end of the 3 year period.

$1 000

The right to an amount distributable under a trust or fiduciary arrangement of any kind not referred to in the next item in this column.

Any of the following circumstances:

(a)	a communication or cheque sent to the owner is returned undelivered to the holder after July 1, 2000;
(b)	an action required to be taken by the owner by a specified date after July 1, 2000, as indicated in a communication by the holder to the owner, is not taken by that date;
(c)	in the case of a cheque sent by the holder to the owner, a period of 3 years has passed since the later of
	(i)	July 1, 2000, and
	(ii)	the date the cheque was sent by the holder to the owner
and the cheque has not been cashed;
(d)	a period of 3 years has passed since the later of
	(i)	July 1, 2000, and
	(ii)	the date the amount became payable or distributable,
	and, in that period,
	(iii)	the owner has not increased or decreased the principal,
	(iv)	the owner has not accepted payment of principal or interest, and
	(v)	the holder has not received an indication by the owner of interest in the property.

(a)	the date on which the returned communication or cheque is received by the holder;
(b)	the specified date indicated in the communication;
(c)	the date of the day after the end of the 3 year period;
(d)	the date of the day after the end of the 3 year period.

$200

The right to receive an amount distributable from a trust or custodial fund established under

(a)	a plan to provide education, health, welfare, vacation, severance, retirement or death benefits,
(b)	a share purchase, profit sharing, employee savings or supplemental employment insurance plan, or
(c)	a similar benefit plan.

A period of 5 years has passed, since the later of

(a)	July 1, 2000, and
(b)	the date the distribution of all or part of the fund became mandatory,
and, in that period,
(c)	the owner has not increased or decreased the principal,
(d)	the owner has not accepted payment of principal or interest, and
(e)	the holder has not received an indication by the owner of interest in the property.

the date of the day after the end of the 5 year period.

$1 000

7 Section 11 (1) is amended

(a) by striking out "section 11 (b)" and substituting "section 11 (1) (b)", and

(b) by striking out "and" at the end of paragraph (a), by adding ", and" at the end of paragraph (b) and by adding the following paragraph

8 Section 12 is repealed.