B.C. Reg. 328/2004, deposited July 8, 2004, pursuant to the LAND TAX DEFERMENT ACT [Sections 5 (1) (e) and (5) (a) and 18]. Order in Council 705/2004, approved and ordered July 7, 2004.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Land Tax Deferment Regulation, B.C. Reg. 57/98, is amended by adding the following sections:

Fire insurance required

5 For the purpose of section 5 (1) (e) of the Act, the eligible property must be supported by a valid fire insurance policy issued by an insurer authorized under the Financial Institutions Act, of an amount not less than the current assessed value determined by the British Columbia Assessment Authority for all residential class improvements to that property.

Minimum equity required

6 For the purpose of section 5 (5) (a) of the Act, the percentage is 75 percent of the current assessed value of the eligible property determined by the British Columbia Assessment Authority.

— R. THORPE, Minister of Provincial Revenue; G. BRUCE, Presiding Member of the Executive Council.

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