B.C. Reg. 56/2004, deposited February 23, 2004, pursuant to the SMALL BUSINESS VENTURE CAPITAL ACT [Sections 8 and 37]. Order in Council 153/2004, approved and ordered February 23, 2004.

On the recommendation of the undersigned, the Administrator, by and with the advice and consent of the Executive Council, orders that section 21 of the Small Business Venture Capital Regulation, B.C. Reg. 390/98, is repealed and the following substituted:

Annual maximum venture capital incentive

21 (1) With respect to venture capital tax credits for venture capital corporations to hold eligible investments in small businesses that have permanent establishments as determined under the Income Tax Act (Canada) or an eligible business corporation registered under Part 2 of the Act, the annual maximum venture capital incentive for the 1999 calendar year and for each subsequent calendar year except 2003 is

(a) $12 million,

(b) if the eligible investment is outside the Greater Vancouver Regional District or the Capital Regional District, a further $3 million in addition to the $12 million specified in paragraph (a), and

(c) if the eligible investment is substantially engaged in an activity prescribed under section 11 (1) (e), a further $5 million in addition to the $12 million specified in paragraph (a) and the $3 million specified in paragraph (b).

(2) For the 2003 calendar year, with respect to venture capital tax credits for venture capital corporations to hold eligible investments in small businesses that have permanent establishments as determined under the Income Tax Act (Canada) or an eligible business corporation registered under Part 2 of the Act, the annual maximum venture capital incentive is

(a) $16 million,

(b) if the eligible investment is outside the Greater Vancouver Regional District or the Capital Regional District, a further $3 million in addition to the $16 million specified in paragraph (a), and

(c) if the eligible investment is substantially engaged in an activity prescribed under section 11 (1) (e), a further $5 million in addition to the $16 million specified in paragraph (a) and the $3 million specified in paragraph (b).

— G. CAMPBELL, Presiding Member of the Executive Council.

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