Financial Administration Act -- RETENTION OF FEE BY BRITISH COLUMBIA ASSETS AND LAND CORPORATION REGULATION

B.C. Reg. 232/98
Treasury Board Regulation

Deposited July 6, 1998

This archived regulation consolidation is current to December 3, 2004 and includes changes enacted and in force by that date. For the most current information, click here.

Financial Administration Act

RETENTION OF FEE BY BRITISH COLUMBIA ASSETS
AND LAND CORPORATION REGULATION

Retention authorized

1 British Columbia Assets and Land Corporation (Incorporation No. 258741) ("BCALC") is authorized to retain the following amounts from all public money collected by BCALC in marketing and disposing of BC OnLine in accordance with the agreement between the Province, represented by the Minister of Finance and Corporate Relations and BCALC dated April 1, 1998 ("the Agreement") which is on file with the Minister of Finance and Corporate Relations:

(a) all "Eligible Expenses", as defined in the Agreement;

(b) 1.5% of "Net Revenue", as defined in the Agreement.

Estimate for calculation under 1 (b)

2 For the purposes of calculating the amount under section 1 (b), BCALC is authorized to include in the Gross Revenue, as defined in the agreement, from the disposition of BC OnLine an estimate, approved by Treasury Board, of the net present value of all amounts payable by the purchaser.

[Provisions of the Financial Administration Act, R.S.B.C. 1996, c. 138, relevant to the enactment of this regulation: section 14 (2)]