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B.C. Reg. 567/2004, deposited December 13, 2004, pursuant to the CREDIT UNION INCORPORATION ACT [Section 108] and the FINANCIAL INSTITUTIONS ACT [Sections 158 (5) and 289 (4)]. Order in Council 1228/2004, approved and ordered December 11, 2004.
On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective December 31, 2004, the following regulations are amended as set out in the attached Schedule:
(a) Credit Insurance Commission Exemption Regulation, B.C. Reg. 149/97;
(b) Credit Union Extraprovincial Business of Subsidiaries Regulation, B.C. Reg. 310/90;
(c) Designation of Provinces Regulation, B.C. Reg. 321/90.
— G. M. COLLINS, Minister of Finance; S. BOND, Presiding Member of the Executive Council.
Schedule
1 Section 2 of the Credit Insurance Commission Exemption Regulation, B.C. Reg. 149/97, is amended by striking out "paragraph (c) of section 2" and substituting "section 2 (1) (b.1), (c), (g), (i) and (2)".
2 Section 1 of the Credit Union Extraprovincial Business of Subsidiaries Regulation, B.C. Reg. 310/90, is amended by adding the following definition:
"financial leasing" means leasing property by means of a direct financing lease as defined in the Handbook of the Canadian Institute of Chartered Accountants, as amended from time to time; .
3 Section 2 (f) is repealed and the following substituted:
(f) the provision of data processing or information services related to financial institutions, but the total direct and indirect investment in any subsidiary carrying on those services outside British Columbia must not exceed 1% in the aggregate of the credit union's assets; .
4 Section 2 of the Designation of Provinces Regulation, B.C. Reg. 321/90, is repealed and the following substituted:
2 For the purpose of section 158 (5) of the Act, the following provinces are designated for extraprovincial trust corporations:
(a) Alberta;
(b) Manitoba;
(c) New Brunswick;
(d) Nova Scotia;
(e) Ontario;
(f) Quebec;
(g) Saskatchewan.
Copyright © 2004: Queen's Printer, Victoria, British Columbia, Canada