BILL 23 – 2012
FINANCE STATUTES AMENDMENT ACT, 2012

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

Business Corporations Act

1 Section 1 (1) of the Business Corporations Act, S.B.C. 2002, c. 57, is amended

(a) by adding the following definitions:

"community contribution company" means a company that has, in its notice of articles, the statement referred to in section 51.911 (1);

"community contribution report" means a report produced under section 51.96 (2); , and

(b) in the definition of "court" by adding ", 408 (1.01)" after "404 (1)" in both places.

2 Sections 10 (3) (d) (ii) (A), 21 (1) (b), 263 (3) (c) (i), 266 (4) (b) (ii), 275 (2) (b) (i) (C) (I), 302 (2) (b) (ii) (A), 355 (2) (c), 357 (c) and 366 (1) (b) are amended by adding `or, if the company is a community contribution company, "B.C. Community Contribution Company Ltd.",' after `"B.C. Ltd."'.

3 Section 28 (1) (c) is repealed and the following substituted:

(c) any of the following requirements:

(i) in the case of an unlimited liability company, the requirements set out in section 51.21;

(ii) in the case of a community contribution company, the requirements set out in section 51.921, .

4 Section 42 (1) is amended

(a) by adding the following paragraph:

(q.1) if the company is a community contribution company, a copy of each community contribution report; , and

(b) in paragraph (r) by adding the following subparagraph:

(v) paragraph (q.1).

5 Section 43 (1) is amended by striking out "(q) or (r) (ii), (iii) or (iv)" and substituting "(q), (q.1) or (r) (ii), (iii), (iv) or (v)".

6 Section 46 (4) is amended by striking out "public company" and substituting "public company, a community contribution company".

7 Section 51.21 (3) is amended by adding the following paragraph:

(a.1) a federal corporation entitled or required to use those words or that abbreviation, .

8 The following Part is added:

Part 2.2 — Community Contribution Companies

Definitions

51.91  (1) In this Part:

"associate" has the same meaning as in section 192 (1);

"community purpose" means a purpose beneficial to

(a) society at large, or

(b) a segment of society that is broader than the group of persons who are related to the community contribution company,

and includes, without limitation, a purpose of providing health, social, environmental, cultural, educational or other services, but does not include any prescribed purpose;

"qualified entity" means

(a) a community service cooperative as defined in the Cooperative Association Act,

(b) a registered charity as defined in section 248 (1) of the Income Tax Act (Canada), or

(c) a prescribed entity or class of entities;

"related" has the meaning set out in subsection (2);

"transfer" means to transfer by any method and includes pay, spend, distribute, dispose, assign, give, sell, grant, charge, convey, bequeath, devise, lease, divest, release and agree to do any of those things.

(2) For the purposes of this Part, a person is related to a community contribution company if the person is

(a) a director, officer or shareholder of the company,

(b) a person who beneficially owns shares of the company,

(c) an associate or affiliate of the company,

(d) a director or officer of another corporation if that other corporation is itself related to the company, or

(e) an associate or affiliate of a person referred to in any of paragraphs (a) to (d).

Notice of articles of community contribution company

51.911  (1) A company is a community contribution company if its notice of articles contains the following statement:

This company is a community contribution company, and, as such, has purposes beneficial to society. This company is restricted, in accordance with Part 2.2 of the Business Corporations Act, in its ability to pay dividends and to distribute its assets on dissolution or otherwise.

(2) If it is authorized to do so by the regulations, a community contribution company may, in accordance with the regulations, alter its notice of articles to remove the statement referred to in subsection (1), and if the notice of articles is altered to remove that statement, the company ceases to be a community contribution company.

Community purposes

51.92  One or more of the primary purposes of a community contribution company must be community purposes and those community purposes must be set out in its articles.

Corporate name

51.921  (1) A community contribution company must have the words "Community Contribution Company" or the abbreviation "CCC" as part of its name.

(2) For all purposes, the words "Community Contribution Company" are interchangeable with the abbreviation "CCC".

(3) A person must not use in British Columbia any name of which "Community Contribution Company" or "CCC" is a part unless the person is

(a) a community contribution company,

(b) a federal corporation entitled or required to use those words or that abbreviation, or

(c) a prescribed person or class of persons.

Directors and officers

51.93  (1) Despite section 120, a community contribution company must have at least 3 directors.

(2) Without limiting section 142 (1), a director or officer of a community contribution company, when exercising the powers and performing the functions of a director or officer of the company, as the case may be, must act with a view to the community purposes of the company set out in its articles.

(3) Section 137 does not apply to a community contribution company.

Transfer of assets prohibited

51.931  (1) A community contribution company must not transfer any of its money or other assets other than

(a) for fair market value,

(b) to a qualified entity,

(c) in furtherance of the company's community purposes,

(d) for transfers contemplated by this Part, including, without limitation, dividends, distributions on dissolution, redemptions or purchases of shares or other reductions of capital, or

(e) for transfers that are

(i) of a type authorized by the regulations, and

(ii) in accordance with the regulations.

(2) Except as permitted under subsection (1), no part of the money or other assets of a community contribution company is to be transferred during the company's existence or on its dissolution to a person related to the company.

(3) Despite section 195, a community contribution company must not transfer any of its money or other assets by way of financial assistance

(a) to persons who are related to the company unless

(i) the persons are qualified entities, or

(ii) the financial assistance is provided to persons within a prescribed class of persons in prescribed circumstances, or

(b) to any other persons unless the provision of that financial assistance is in furtherance of the company's community purposes.

(4) Nothing in this section prevents a community contribution company from transferring money or other assets in the ordinary course of business if the value of the assets transferred is or could reasonably be expected to be equal to the fair market value of the goods or services acquired in return by the company.

Restrictions on dividends and interest

51.94  (1) A community contribution company must not declare a dividend unless

(a) the declaration is in accordance with the regulations, and

(b) the company first obtains approval of the dividend by ordinary resolution.

(2) Without limiting subsection (1), a community contribution company may in its articles further constrain the declaration of dividends.

(3) A community contribution company must not pay, in relation to a debenture issued by it or any of its other debts, a rate of interest that is related to the company's profits unless

(a) the regulations authorize payments of that type, and

(b) the payment is in accordance with the regulations.

Redemption or purchase of shares or reduction of capital

51.941 A community contribution company must not make a payment to redeem or purchase its own shares, or to otherwise reduce the company's capital attributable to shares of the company, unless the payment is in accordance with the regulations.

Distribution of assets on dissolution of
community contribution company

51.95  (1) In this section, "distributable assets", in relation to a community contribution company that is to be dissolved, means the company's money and other assets that remain after payment or provision for payment has been made of

(a) all of the company's liabilities and the costs, charges and expenses properly incurred in relation to the dissolution, and

(b) any money that, under the regulations, must be paid to shareholders of the company on dissolution before making a transfer referred to in subsection (2) (b).

(2) Despite section 330 (m), before a community contribution company is dissolved, the liquidator of the company must

(a) comply with the prescribed requirements, if any, and

(b) subject to subsection (3), transfer to one or more qualified entities all or the prescribed percentage of the company's distributable assets.

(3) If, when a community contribution company dissolves, the articles or a resolution of the company specify one or more qualified entities for the purposes of this section, the liquidator must transfer all or the prescribed percentage of the company's distributable assets referred to in subsection (2) (b) to those qualified entities in accordance with the directions, if any, respecting distribution set out in the articles or resolution.

(4) On the dissolution of a community contribution company, any asset that was held by the company in joint tenancy is deemed to be held by the company and the other joint tenant as tenants in common.

No waiver of financial statements

51.951  Section 200 does not apply to a community contribution company.

Community contribution report

51.96  (1) In this section, "publish", in relation to a community contribution report, has the same meaning as in section 1 (1) and, for that purpose, a reference in that definition to a company's financial statements or an auditor's report is deemed to be a reference to the community contribution report.

(2) The directors of a community contribution company must annually produce and publish, at or before the date in each year by which the annual general meeting is required to be held under section 182 (1), a report that discloses, in the prescribed manner, the following in relation to the company's most recently completed financial year:

(a) a fair and accurate description of the manner in which the company's activities during that financial year benefited society;

(b) the assets, including the amounts of money, that were transferred during that financial year in furtherance of the company's community purposes;

(c) the purposes for which the transfers referred to in paragraph (b) were made;

(d) the amounts of the dividends that were declared during that financial year;

(e) the assets, including the amounts of money, that were transferred during that financial year for redemptions or purchases of shares or other reductions of capital;

(f) if, during that financial year, the company

(i) transferred, in accordance with section 51.931 (1) (a), any money or other assets with a fair market value in excess of the prescribed amount,

(ii) transferred, in accordance with section 51.931 (1) (b), any money or other assets to a qualified entity, or

(iii) transferred, in accordance with section 51.931 (3), any money or other assets by way of financial assistance,

the details of that transfer, including the identity of the transferee, the purpose of the transfer and the amount, or a fair estimate of the amount, transferred;

(g) any other information required by the regulations.

(3) The directors of a community contribution company must ensure that, before a community contribution report is published, the report is

(a) approved by the directors, and

(b) signed by one or more directors to confirm that the approval required by paragraph (a) of this subsection was obtained.

(4) Promptly after a community contribution report is published, the directors of the community contribution company must post the report on the company's publicly accessible website, if any.

Alteration of notice of articles to become
community contribution company

51.97  (1) A company may become a community contribution company by altering its notice of articles to include the statement referred to in section 51.911 (1).

(2) A company must not alter its notice of articles under subsection (1) of this section unless all of the shareholders, whether or not their shares otherwise carry the right to vote, authorize the following by a unanimous resolution:

(a) the alteration referred to in subsection (1);

(b) a change of the company's name in accordance with section 263 (3) to a name that complies with section 51.921 (1) and Division 2 of Part 2;

(c) an alteration to the articles to adopt community purposes for the purposes of section 51.92.

Amalgamation resulting in community contribution company

51.98  (1) Despite section 269, a corporation must not amalgamate with a community contribution company unless the amalgamation results in an amalgamated community contribution company.

(2) If an amalgamation is proposed to result in an amalgamated community contribution company and the amalgamation is not to be effected under section 273 or 274,

(a) sections 270 (1) (b) and 271 do not apply, and

(b) the amalgamation agreement must be adopted by a unanimous resolution of all of the shareholders of each amalgamating company, whether or not their shares otherwise carry the right to vote.

Amalgamation into foreign jurisdiction and continuation
out of British Columbia prohibited

51.99  Division 4 of Part 9 and sections 308 to 311 do not apply to a community contribution company.

9 Section 154 (1) is amended by adding the following paragraph:

(f) in the case of a director of a community contribution company, to do an act contrary to Part 2.2 as a result of which act the company has transferred any of its money or other assets to any person.

10 Section 237 (1) is amended in the definition of "payout value" by striking out "or" at the end of paragraph (b), by adding "or" at the end of paragraph (c) and by adding the following paragraph:

(d) in the case of a dissent in respect of a community contribution company, the value of the notice shares set out in the regulations, .

11 Section 238 (1) (a) is repealed and the following substituted:

(a) under section 260, in respect of a resolution to alter the articles

(i) to alter restrictions on the powers of the company or on the business the company is permitted to carry on, or

(ii) without limiting subparagraph (i), in the case of a community contribution company, to alter any of the company's community purposes within the meaning of section 51.91; .

12 Section 248 (3) is amended by striking out "or" at the end of paragraph (c), by adding ", or" at the end of paragraph (d) and by adding the following paragraph:

(e) without limiting paragraphs (a) to (d), in the case of a community contribution company, the affairs of the company are being or have been conducted in a manner that is contrary to

(i) the company's community purposes, within the meaning of section 51.91, or

(ii) the restrictions or requirements imposed on community contribution companies under this Act.

13 Section 260 is repealed and the following substituted:

Shareholders may dissent

260  Any shareholder of a company may send to the company a notice of dissent, under Division 2 of Part 8, in respect of any resolution under section 259 (1)

(a) to alter restrictions on the powers of the company or on the business the company is permitted to carry on, or

(b) without limiting paragraph (a), in the case of a community contribution company, to alter any of the company's community purposes within the meaning of section 51.91.

14 Section 266 (1) (a) (ii) is amended by striking out "section 12 (1) and (2)," and substituting "section 12 (1) and (2) and, if the converted company is to be a community contribution company, section 51.92,".

15 Section 270 (2) (d) (i) is amended by adding "and, if the amalgamated company is to be a community contribution company, section 51.92," after "section 12 (1) and (2)".

16 Section 302 (1) (c) is amended by striking out "section 12 (1) and (2)." and substituting "section 12 (1) and (2) and, if the continued company is to be a community contribution company, section 51.92."

17 Section 355 is amended

(a) by repealing subsection (1) and substituting the following:

(1) If, for any reason, a company has been dissolved, an application for restoration under this Division may be made,

(a) in the case of an application for the restoration of an unlimited liability company, to the court, or

(b) in any other case, to the registrar or to the court. , and

(b) in subsection (2) (c) by striking out "after" and substituting `or, in the case of an unlimited liability company, "B.C. Unlimited Liability Company" after'.

18 Section 360 (4) (a) is repealed and the following substituted:

(a) the information required under section 357 or, in the case of an unlimited liability company,

(i) the information required under section 357 (a), (b), (d) and (e), and

(ii) the name reserved for the company and the reservation number given for it, or a statement that the name by which the company is to be restored is the name created by adding "B.C. Unlimited Liability Company" after the incorporation number of the company, .

19 Section 366 (1) (b) is amended by striking out "after" and substituting `or, in the case of an unlimited liability company, "B.C. Unlimited Liability Company" after'.

20 Section 378 (4) (a) is amended by striking out "subsection (3)," and substituting "subsection (3) or section 422 (7),".

21 Section 407 is amended by striking out "by this Act," and substituting "by this Act or any other enactment,".

22 Section 408 is amended

(a) in subsection (1) by striking out "a record is filed" and substituting "a record, other than a court order referred to in subsection (1.01) of this section, is filed",

(b) in subsection (1) (a) by striking out "requirements of this Act and the regulations," and substituting "applicable requirements,",

(c) in subsection (1) (b) by adding "or in any other register kept by the registrar" after "the corporate register",

(d) by adding the following subsection:

(1.01) A person may file with the registrar a court order that affects information recorded in the corporate register or in any other register kept by the registrar. ,

(e) in subsections (1.1) and (2) (d) by striking out "under this Act," and substituting "under this Act or any other enactment,",

(f) in subsection (2) by striking out "any other provision of this Act," and substituting "this Act or any other enactment,",

(g) in subsection (2) (b) by striking out "the requirements of this Act or the regulations," and substituting "one or more of the applicable requirements,",

(h) in subsection (3) by striking out "requirements of this Act and the regulations." and substituting "applicable requirements.", and

(i) by adding the following subsection:

(4) In this section, "applicable requirements" means,

(a) in the case of a record being submitted for filing under this Act, the requirements under this Act, or

(b) in the case of a record being submitted for filing under another enactment, the requirements under

(i) that enactment, and

(ii) this Part.

23 Section 409 is amended

(a) in subsection (3) by striking out "under this Act." and substituting "under this Act or any other enactment.", and

(b) by repealing subsection (4) and substituting the following:

(4) Despite this Act or any other enactment, if, before a future dated filing affecting a corporation takes effect, the corporation is dissolved or its registration is cancelled, the future dated filing is deemed to be withdrawn when the corporation is dissolved or its registration is cancelled.

24 Section 411 is amended

(a) in subsection (1) by striking out "under this Act, or was, under a former Companies Act," and substituting "under this Act or any other enactment,",

(b) in subsection (1.1) by striking out "on behalf of a company" and substituting "on behalf of a corporation",

(c) in subsection (1.1) (a) by striking out "the company" and substituting "the corporation is a company and",

(d) in subsection (1.1) (b) by striking out "the company" and substituting "the corporation",

(e) in subsection (1.1) (b) (i) and (ii) by striking out "a fee required under section 431" and substituting "a fee payable to the registrar", and

(f) in subsection (3) by striking out "under this Act." and substituting "under this Act or any other enactment."

25 Section 412 (2) (b) is amended by adding "or any other register kept by the registrar" after "the corporate register".

26 Section 413 is amended by striking out "this Act" and substituting "this Act or any other enactment".

27 Section 415 is amended

(a) by adding "or in any other register kept by the registrar" after "information in the corporate register", and

(b) by striking out "omission in the corporate register." and substituting "omission in that register."

28 Section 415.1 is amended by striking out "in the corporate register, or on any record issued under this Act by the registrar," and substituting "in the corporate register or in any other register kept by the registrar, or in any record issued by the registrar,".

29 Section 416 is amended by adding the following paragraph:

(a.1) conduct a search of any other register kept by the registrar according to

(i) the name, incorporation number or registration number of a corporation, or

(ii) any other prescribed criteria, .

30 Section 418 (4) is amended by striking out "under this Act," and substituting "under this Act or any other enactment,".

31 Section 419 is amended

(a) in subsection (1) by striking out "corporate register." and substituting "corporate register or any other register kept by the registrar.", and

(b) in subsection (2) by striking out "registrar under this Act," and substituting "registrar,".

32 Section 422 is amended

(a) in subsection (5) by striking out "subsection (3)," and substituting "subsection (3) or, if an application for extension is filed under subsection (5.1), at any time after the expiry of the extended period that results from that filing,", and

(b) by adding the following subsections:

(5.1) A company or an extraprovincial company referred to in subsection (5) may file with the registrar an application for extension in the form established by the registrar and, with that filing, the period after which the registrar may dissolve the company or cancel the registration of the foreign entity as an extraprovincial company is extended

(a) for a period of 6 months, or

(b) if the registrar provides written notice to the company or extraprovincial company indicating that a longer period has been allowed, for the longer period referred to in the notice.

(5.2) A company or an extraprovincial company must not file more than one application for extension in relation to any one notice published under subsection (3) in relation to the company or extraprovincial company.

(7) After its registration as an extraprovincial company has been cancelled under this section, a foreign entity must cease carrying on business in British Columbia.

33 Section 426 is amended

(a) in subsection (1) (a) by adding "51.96 (3)," after "49 (3),",

(b) by repealing subsection (1) (b) and substituting the following:

(b) contravenes section 375 (1) or 422 (7), ,

(c) in subsection (1) by adding the following paragraph:

(d.1) fails to publish or post a community contribution report in accordance with section 51.96 (2) or (4), as the case may be, or publishes or posts a community contribution report that does not comply with the Act or regulations, , and

(d) in subsection (2) by striking out "24, 27 or 51.21 (3)" and substituting "24, 27, 51.21 (3) or 51.921 (3)".

34 Section 426 (2) is amended by striking out "24 or 51.21 (3)" and substituting "24, 27, or 51.21 (3)".

35 Section 428 (1) is amended by adding "(d.1)," after "(d),".

36 Section 431 is repealed and the following substituted:

Fees

431  There must be paid to the registrar, in respect of each matter set out in Column 1 of the Schedule to this Act, the fee set out opposite that matter in Column 2 of that Schedule or, if another enactment establishes a fee in respect of that matter, that fee, and payment of the applicable fee is a condition precedent to the registrar filing any record and taking any other action in respect of that matter.

37 Section 432 is amended

(a) in subsections (2) (c), (3) (c) and (4) (a) and (e) by striking out "the corporate register" and substituting "any register kept by the registrar",

(b) in subsection (2) (f) by striking out "format for the purposes of this Act, with power to prescribe different manners, methods and requirements for different records, information and situations;" and substituting "format, with power to prescribe different manners, methods and requirements for different records, information, entities and situations;",

(c) by repealing subsection (3) (f) and substituting the following:

(f) respecting the verification of information contained in any register kept by the registrar or of records filed with the registrar; ,

(d) in subsection (4) (c) by striking out "registrar under this Act;" and substituting "registrar;",

(e) in subsection (4) (d) by striking out "established under this Act;" and substituting "kept by the registrar;",

(f) in subsection (5) (a) by striking out "for filing under this Act, including prescribing different manners or methods for different records, information and situations, including regulations requiring or permitting records and information that, under this Act, are required" and substituting "for filing, including prescribing different manners or methods for different records, information, entities and situations, including regulations requiring or permitting records and information that, under this Act or any other enactment, are required",

(g) in subsection (5) (b) by striking out "under this Act," and substituting "under this Act or any other enactment,", and

(h) by adding the following subsection:

(9.1) Without limiting the ability of the Lieutenant Governor in Council to make regulations respecting community contribution companies under any other subsection of this section, the Lieutenant Governor in Council may make the following regulations respecting community contribution companies:

(a) prescribing one or more purposes for the purposes of the definition of "community purpose" in section 51.91;

(b) prescribing entities or classes of entities for the purposes of paragraph (c) of the definition of "qualified entity" in section 51.91;

(c) respecting the alteration of the notice of articles of a community contribution company to remove the statement referred to in section 51.911 (1);

(d) prescribing persons or classes of persons for the purposes of section 51.921 (3) (c);

(e) respecting transfers contemplated by section 51.931 (1) (e) or (3);

(f) respecting dividends that may be declared by a community contribution company, including regulations respecting the amount and frequency of dividends;

(g) respecting interest contemplated by section 51.94 (3);

(h) respecting a community contribution company's redemption or purchase of shares or other reduction of capital under section 51.941;

(i) respecting the manner in which the value of notice shares is to be determined in relation to a dissent by a shareholder of a community contribution company;

(j) respecting the dissolution of a community contribution company, including, without limitation, prescribing

(i) a percentage for the purposes of section 51.95 (2) (b),

(ii) the amounts that must be paid to shareholders of the company on dissolution before making the transfer referred to in section 51.95 (2) (b), and

(iii) duties that the liquidator of the company must perform;

(k) prescribing, for the purposes of section 51.96,

(i) information that must be included in a community contribution report,

(ii) the amount referred to in section 51.96 (2) (f) (i), and

(iii) the manner in which the community contribution report must disclose the required information.

38 Item 15 of the Schedule is amended in Column 1 by striking out "other than a transition application or a post-restoration transition application," and substituting "other than a transition application, a post-restoration transition application or a record the filing of which is required or permitted under another enactment,".

Cooperative Association Act

39 Section 1 (1) of the Cooperative Association Act, S.B.C. 1999, c. 28, is amended in the definition of "memorandum" by striking out "association with all amendments," and substituting "association,".

40 Section 11 (b) is amended by striking out "file the memorandum and rules in the office of the registrar" and substituting "file with the registrar 2 copies of the memorandum and rules".

41 Section 15 is amended

(a) in subsection (1) by striking out "if satisfied that the material filed meets the requirements of this Part," and substituting "if the memorandum appears to the registrar to comply with this Part,",

(b) in subsection (1) (a) by striking out "register" and substituting "file", and

(c) by repealing subsection (2) and substituting the following:

(2) The registrar must retain one copy of the memorandum and rules and return the other copy, certified as having been filed with the registrar, to the applicants.

42 Sections 15 (1) (c), 185 (2) and 189 (3) are amended by striking out "in the Gazette" and substituting ", in the Gazette or in any other prescribed manner,".

43 Section 18 is amended by striking out "registered," and substituting "filed,".

44 Section 22 (a) is amended by striking out "2 months" and substituting "56 days".

45 The following section is added:

Rules of association respecting termination
of rights or membership

35.1  (1) In this section:

"agreement" means an agreement between an association and a member, and includes an occupancy agreement;

"occupancy agreement" means an agreement, between a housing cooperative and a member, relating to the member's

(a) possession or occupancy of residential premises, or

(b) use of the property of which those premises form part.

(2) Despite any provision to the contrary in an agreement or in the rules of an association,

(a) a breach by a member of an association of an agreement or of the rules of the association does not constitute a termination of the member's membership, whether or not the rules of the association or the terms of the agreement provide that the breach constitutes a deemed withdrawal of the member's membership, and

(b) if the membership of a member referred to in paragraph (a) is to be terminated, it must be terminated under section 34 or 35, as the case may be, and sections 36 to 39.

(3) Without limiting subsection (2) of this section, if a member of a housing cooperative has, as a result of that membership, a right to possession or occupancy of residential premises, the housing cooperative must not terminate the member's right to possession or occupancy unless the member's membership is first terminated in accordance with sections 35 and 36 to 39.

(4) If an association's rules contain a provision that does not accord with this section, the association must amend the provision at its next general meeting so that the provision accords with this section or, if that next general meeting is to take place within one month after the coming into force of this section, at the general meeting to follow that next general meeting.

46 Section 36 (2) is amended

(a) by striking out "the directors must deliver written notice of the outcome to the member." and substituting "the directors must,", and

(b) by adding the following paragraphs:

(d) subject to paragraph (e), deliver written notice of the outcome to the member, or

(e) serve written notice of the outcome on the member if

(i) membership in a housing cooperative is being terminated for non-payment of rent, occupancy charges or other money due by the member to the housing cooperative in respect of residential premises, and

(ii) the resolution is passed by the required majority.

47 Section 37 is amended

(a) by repealing subsections (1), (3) and (5) and substituting the following:

(1) If the directors of an association resolve under section 36 to terminate a person's membership in the association, the person may, unless the person is a member of a housing cooperative whose membership was terminated for non-payment of rent, occupancy charges or other money due by the member to the housing cooperative in respect of residential premises, appeal the termination at the next meeting of the association by delivering a notice of appeal to the association within 7 days after delivery of written notice referred to in section 36 (2) (d).

(3) If a person's membership in a housing cooperative is terminated, the person may appeal the termination to the court

(a) within the following time period:

(i) if the membership was terminated for non-payment of rent, occupancy charges or other money due by the member to the housing cooperative in respect of residential premises, within 30 days after the date on which the notice referred to in section 36 (2) (e) was served on the person;

(ii) if the membership was terminated for any other reason, within 30 days after the date on which the notice referred to in subsection (2.1) (a) (i) of this section was served on the person, and

(b) on any one or more of the following grounds:

(i) the housing cooperative failed to observe the principles of natural justice in terminating the membership;

(ii) the decision of the housing cooperative is not reasonably supported by the facts;

(iii) the decision of the housing cooperative is not authorized by section 35.

(5) An appeal to the court under subsection (3) may be a new hearing and the court may hear all the evidence the court considers relevant, including, but not limited to, the evidence of the housing cooperative and of the person, and the court

(a) must do one of the following:

(i) despite section 39, restore the membership in the housing cooperative of the person whose membership was terminated, with the restoration to be effective on and after a date specified by the court, and, if an application has been made under section 172.1, make an order of possession in favour of the member;

(ii) confirm the resolution by which the termination was effected or confirmed, and, if an application has been made under section 172, make an order of possession in favour of the housing cooperative, and 

(b) may make any other order that the court considers appropriate. ,

(b) in subsection (2) by striking out "who, under and within the time limited by subsection (1), appeals the termination of the membership," and substituting "who, being entitled to do so under subsection (1), appeals the termination of the membership under and within the time limited by subsection (1),", and

(c) in subsection (2) (b) (i) by striking out "any of the reasons referred to in section 35 (3)," and substituting "a reason referred to in section 35 (3) (b) (ii),".

48 Section 67 (3) is repealed and the following substituted:

(3) A resolution under subsection (1) does not take effect until certified copies of the resolution and the court order have been filed with the registrar.

49 Section 69 is amended

(a) in subsection (1) by striking out "and registered by",

(b) in subsection (2) by striking out "accepting for", and

(c) by repealing subsection (3) and substituting the following:

(3) The registrar must publish, in the Gazette or in any other prescribed manner, notice of a change of name.

50 Section 126 is amended

(a) in subsection (1) by striking out "registrar and containing the prescribed information." and substituting "registrar.", and

(b) in subsection (2) by striking out "registrar and containing prescribed information that is current to the most recent anniversary date." and substituting "registrar."

51 Section 128 (1) (t) is amended by striking out "registered in the office of" and substituting "filed with".

52 Section 133 (1) is amended

(a) by striking out "one or more of" and substituting "one or both of", and

(b) by repealing paragraph (c).

53 Sections 134 and 135 (1) (b) are amended by striking out "list, investment shareholder list or debentureholder list" and substituting "list or investment shareholder list".

54 Section 139 is amended

(a) in subsection (1) by striking out ", in duplicate," and substituting "2 copies of", and

(b) by repealing subsection (2) and substituting the following:

(2) The registrar must retain one copy of a special resolution referred to in subsection (1) that has been filed with the registrar and return the other copy, certified as having been filed with the registrar, to the association.

55 The following Division is added to Part 9:

Division 3 — Corporate Mistakes

Remedying corporate mistakes

159.3  (1) In this section, "corporate mistake" means an omission, defect, error or irregularity that has occurred in the conduct of the business or affairs of an association as a result of which

(a) a breach of a provision of this Act or the regulations has occurred,

(b) there has been default in compliance with the memorandum or rules of the association,

(c) proceedings at or in connection with any of the following have been rendered ineffective:

(i) a meeting of members or investment shareholders;

(ii) a meeting of the directors or a committee of directors, or of an executive committee within the meaning of section 47;

(iii) any assembly purporting to be a meeting referred to in subparagraph (i) or (ii), or

(d) a resolution that is, or a record that purports to be, one of the following has been rendered ineffective:

(i) a resolution of the members of an association referred to in

(A) paragraph (a) of the definition of "ordinary resolution", or

(B) paragraph (a) of the definition of "special resolution";

(ii) a resolution of the investment shareholders referred to in paragraph (c) of the definition of "separate resolution";

(iii) a resolution of directors passed in accordance with section 77 (3).

(2) Despite any other provision of this Act, the court, either on its own motion or on the application of any interested person, may make an order to correct or cause to be corrected, to negative or to modify or cause to be modified the consequences in law of a corporate mistake or to validate any act, matter or thing rendered or alleged to have been rendered invalid by or as a result of the corporate mistake, and may give ancillary or consequential directions the court considers necessary.

(3) The court must, before making an order under this section, consider the effect that the order might have on the association and on its directors, officers, creditors, members and investment shareholders. and on beneficial owners of membership shares or investment shares of the association.

(4) Unless the court orders otherwise, an order made under subsection (2) does not prejudice the rights of any third party who acquired those rights

(a) for valuable consideration, and

(b) without notice of the corporate mistake that is the subject of the order.

56 Section 170 (1) and (2) is amended by striking out "Part" and substituting "Division".

57 Section 173 (1) (b) and (c) is amended by striking out "liabilities, costs, charges and expenses," and substituting "liabilities and the costs, charges and expenses properly incurred in the dissolution or winding up,".

58 Sections 173 (2), 178.1 (4) and 196 (1) are amended by striking out "liabilities, costs," and substituting "liabilities and the costs,".

59 Section 180 is amended by adding the following subsection:

(4) If the registration of an extraprovincial corporation as an extraprovincial association is cancelled under this Act, the extraprovincial corporation must cease carrying on business in British Columbia under a name that includes the word "cooperative" or any expression, word or abbreviation that indicates or implies that the extraprovincial corporation is an association or cooperative, or is organized on a cooperative basis.

60 Section 181.1 (1) (a) is amended by striking out "complete and".

61 Section 181.4 (3) is amended

(a) in paragraph (a) by striking out "a notice, in duplicate," and substituting "with the registrar 2 copies of a notice", and

(b) by repealing paragraph (b) and substituting the following:

(b) the registrar must retain one copy and forward the other copy, certified as having been filed with the registrar, to the address of the previous attorney.

62 Section 181.41 (2) is repealed and the following substituted:

(2) There must be filed with the registrar 2 copies of a notice of change in the address of the head office in British Columbia of an extraprovincial association, and the registrar must retain one copy of the notice and forward the other copy, certified as having been filed with the registrar, to the previous head office in British Columbia.

63 Section 182 is amended in the definition of "charter"

(a) by striking out "and every amendment of them applying to the foreign cooperative, and also" and substituting "and also includes", and

(b) by striking out "settlement and every amendment of them;" and substituting "settlement;".

64 Section 183 is amended by striking out "deliver to the registrar for filing an instrument of continuation in duplicate" and substituting "file with the registrar 2 copies of an instrument of continuation".

65 Section 194.24 (1) (d) is amended by striking out "liabilities, costs, charges and expenses properly incurred in the winding up," and substituting "liabilities and the costs, charges and expenses properly incurred in the dissolution or winding up,".

66 Section 194.26 (1) (b) (i) is amended by striking out "publication," and substituting "manner,".

67 Section 194.34 is amended

(a) in subsection (1) by striking out "register" and substituting "file", and

(b) in subsection (2) by striking out "registration" and substituting "filing".

68 Section 194.39 (2) is repealed and the following substituted:

(2) The registration of an extraprovincial association is cancelled 3 months after the filing of the account and return referred to in subsection (1).

69 Section 194.4 (1) and (2) is amended by striking out "registered".

70 Section 197.7 is amended

(a) in subsection (1) by striking out "accepted for filing by" and substituting "filed with", and

(b) in subsection (2) by striking out "accept for filing" and substituting "file".

71 Section 199 (d) is amended by striking out "180 (1) or (2)" and substituting "180 (1), (2) or (4)".

72 Division 1 of Part 16 is repealed.

Credit Union Incorporation Act

73 Section 107.2 of the Credit Union Incorporation Act, R.S.B.C. 1996, c. 82, as enacted by section 61 of the Finance Statutes Amendment Act, 2011, S.B.C. 2011, c. 29, is repealed.

Finance Statutes Amendment Act, 2011

74 Sections 13 and 14 of the Finance Statutes Amendment Act, 2011, S.B.C. 2011, c. 29, are repealed.

Financial Institutions Act

75 Section 2 (2) of the Financial Institutions Act, R.S.B.C. 1996, c. 141, as enacted by section 65 of the Finance Statutes Amendment Act, 2011, S.B.C. 2011, c. 29, is repealed and the following substituted:

(2) Except as expressly provided in this Act or the Credit Union Incorporation Act and except insofar as sections 31, 144, 145 and 236 and Part 12 of the Business Corporations Act apply to credit unions by virtue of their application to corporations generally, the Business Corporations Act does not apply to credit unions.

76 Section 205 is amended by striking out "commission may" and substituting "superintendent may".

77 Section 207 (1) is repealed and the following substituted:

(1) The Lieutenant Governor in Council may, after consultation with the chair of the commission, appoint an individual as the Superintendent of Financial Institutions.

78 Section 261 is amended by adding the following subsection:

(4) The Lieutenant Governor in Council may, after consultation with the directors of the deposit insurance corporation, appoint an individual as the chief executive officer of that corporation.

Partnership Act

79 The Partnership Act, R.S.B.C. 1996, c. 348, is amended

(a) by repealing the headings to Parts 1 and 2,

(b) by adding the following heading before section 1:

Part 1 — Interpretation , and

(c) by adding the following heading after section 1:

Part 2 — The Nature of Partnership .

80 Section 1 is amended

(a) by adding the following definitions:

"business" includes every trade, occupation or profession;

"general partnership" means a partnership that

(a) has British Columbia as its governing jurisdiction, and

(b) is neither a limited partnership nor a limited liability partnership;

"governing jurisdiction" means, in relation to a partnership, the jurisdiction the laws of which govern the interpretation of the partnership agreement;

"sole proprietorship" means a person who under section 88 (1) is required to file a registration statement; , and

(b) by repealing the definitions of "business name" and "firm name" and substituting the following:

"business name" means,

(a) in the case of a firm, its firm name, and

(b) in the case of a sole proprietorship, the name under which its business is carried on or is to be carried on;

"firm name" means the name under which the business of a firm is carried on or is to be carried on; .

81 The following section is added to Part 2:

Definitions

1.1  In this Part:

"court" includes every court and judge having jurisdiction in the case;

"partnership property" means property and rights and interests in property

(a) originally brought into the partnership stock,

(b) acquired, whether by purchase or otherwise, on account of the firm, or

(c) acquired for the purposes and in the course of the partnership business.

82 Section 6 is repealed.

83 Section 51 (2) is amended

(a) by adding "be in the form established by the registrar and must" before "state the following:",

(b) by repealing paragraph (a) and substituting the following:

(a) the name that is reserved under section 89, by way of a reservation that is in effect when the certificate is filed, to be the firm name of the limited partnership; , and

(c) by adding the following paragraph:

(a.1) the location, when the certificate is filed, of the registered office required by section 54; .

84 Sections 53 (1), 100 and 118 (1) are amended by striking out "business name" and substituting "firm name".

85 Section 54 (5) is repealed.

86 Section 70 (1) (a) is amended by striking out "name" and substituting "firm name".

87 Section 70 is amended

(a) in subsection (1) by adding the following paragraph:

(a.1) there is a change in the location of the limited partnership's registered office; ,

(b) in subsection (2) by striking out "a revised form of certificate incorporating the amendment and certified as correct under subsection (3) of this section is filed" and substituting "the amendment, in the form established by the registrar and certified as correct under subsection (3) of this section, is filed", and

(c) by adding the following subsection:

(2.1) If an amendment to a certificate is required under this section as a result of the change of a firm name, the new firm name must be reserved under section 89 by way of a reservation that is in effect when the amendment is filed.

88 Section 80 is amended

(a) by repealing subsection (2) and substituting the following:

(2) If persons form a limited partnership in and under the laws of a jurisdiction outside British Columbia, the limited partnership must not be registered in British Columbia under the name under which they carry on business outside British Columbia unless

(a) the jurisdiction is designated by the Lieutenant Governor in Council, and

(b) they file with the registrar

(i) a declaration in the form established by the registrar,

(ii) a true copy of the original certificate of limited partnership or equivalent document and of all amendments to it verified by the proper authority of the jurisdiction in which the limited partnership was formed, and

(iii) evidence to the satisfaction of the registrar that the limited partnership still exists as a limited partnership in the jurisdiction where it was formed. , and

(b) by adding the following subsection:

(2.1) A declaration submitted to the registrar for filing under subsection (2) must state the following:

(a) the name that is reserved under section 89, by way of a reservation that is in effect when the declaration is filed, to be the firm name of the limited partnership after it is registered in British Columbia;

(b) the location, when the declaration is filed, of the registered office required by section 54;

(c) the general nature of the business carried on or intended to be carried on;

(d) the full name and residential address of each general partner who is an individual and the name and address of each general partner who is not an individual.

89 The heading to Part 4 is amended by adding "SOLE" before "PROPRIETORSHIPS".

90 Section 80.1 is repealed and the following substituted:

Definition

80.1  In this Part, "registration statement" means

(a) a registration statement

(i) in the form established by the registrar, and

(ii) submitted to the registrar in paper form, or

(b) information

(i) required by the registrar for a registration, and

(ii) submitted to the registrar in any manner established by the registrar.

91 Section 81 is amended

(a) in subsection (1) by striking out "unless the firm has been registered as a limited liability partnership under Part 6," and substituting "unless the firm has been registered under Part 3 as a limited partnership or under Part 6 as a limited liability partnership,",

(b) in subsection (2) by striking out "submit, in the prescribed manner," and substituting "submit", and

(c) by adding the following subsection:

(2.1) A registration statement submitted to the registrar under subsection (2) must state the following:

(a) the name that is reserved under section 89, by way of a reservation that is in effect when the registration statement is filed, to be the firm name of the firm;

(b) the general nature of the business carried on or intended to be carried on;

(c) the full name and residential address of each partner who is an individual and the name and address of each partner that is not an individual.

92 Section 83 is repealed and the following substituted:

Amendment of registration statement

83  (1) If, at any time, information included in a registration statement under section 81 or this section changes, the firm must promptly file an amendment to the registration statement, in the form established by the registrar, indicating the change.

(2) If an amendment to a registration statement is required under subsection (1) of this section as a result of the change of a firm name, the new firm name must be reserved under section 89 by way of a reservation that is in effect when the amendment is filed.

(3) If an amendment is filed under subsection (1) of this section, section 81 (3) applies to the amendment and, for that purpose, a reference in section 81 to a registration statement is deemed to be a reference to that amendment.

93 Section 86 is amended

(a) in subsection (1) by striking out "in the prescribed manner," and substituting "in the manner established by the registrar,", and

(b) by repealing subsection (2) and substituting the following:

(2) A notice under subsection (1) must be in the form established by the registrar.

94 Section 87 (1) is amended by striking out "under the name and style of their partnership or firm." and substituting "under the firm name of their firm."

95 Section 88 is repealed and the following substituted:

Duty of sole proprietorship to file registration statement

88  (1) A person who

(a) is engaged in business for trading, manufacturing or mining purposes,

(b) is not associated in partnership with any other person or persons, and

(c) uses as the person's business name

(i) a name or designation other than the person's own name, or

(ii) the person's own name with the addition of

(A) "and Company", or

(B) another word or phrase indicating a plurality of members in the business,

must file a registration statement with the registrar within 3 months after the day on which the business name is first used.

(2) A registration statement filed with the registrar under subsection (1) must state the following:

(a) the name that is reserved under section 89, by way of a reservation that is in effect when the registration statement is filed, to be the business name of the sole proprietorship;

(b) the general nature of the business carried on or intended to be carried on;

(c) the person's full name and residential address or, if the person is not an individual, the person's name and address.

96 Section 89 is repealed and the following substituted:

Reserving names

89  (1) A person wishing to reserve a business name for the purposes of this Act must apply to the registrar.

(2) After receiving an application to reserve a business name under subsection (1), the registrar may reserve the business name for a period of 56 days from the date of reservation or any longer period that the registrar considers appropriate.

(3) After receiving a request for the extension of a reservation of a business name, the registrar may, if that request is received before the expiry of that reservation, extend that reservation for the period that the registrar considers appropriate.

(4) The registrar must not reserve a business name under this section unless that business name complies with the prescribed requirements and with the other requirements set out in this Act or the registrar is otherwise authorized by the regulations to reserve the business name.

(5) A business name of which the registrar for good and valid reasons disapproves contravenes the requirements set out in this Act.

97 Section 90 is amended

(a) in subsection (1) by striking out "declarations" and substituting "registration statements, certificates and declarations",

(b) in subsection (2) by striking out "styles" and substituting "firm names",

(c) in subsection (2) by striking out "declarations" and substituting "registration statements, certificates or declarations",

(d) in subsections (3) and (5) by striking out "each declaration." and substituting "the applicable registration statement, certificate or declaration.",

(e) in subsection (4) by striking out "declaration" and substituting "registration statement, certificate or declaration",

(f) in subsection (5) by striking out "style" and substituting "firm name", and

(g) by repealing subsection (6) and substituting the following:

(6) The registrar need not comply with this section in relation to any record or information that is retained by the registrar in a form contemplated by section 90.2 (2) (b) (i), whether that record or information was submitted to the registrar for filing in paper form or in any other manner established by the registrar.

98 Section 90.3 (a) is amended

(a) by repealing subparagraph (i) and substituting the following:

(i) the firm name of a firm, , and

(b) by adding the following subparagraphs:

(iii) the business name of a sole proprietorship, or

(iv) the name of a sole proprietor, .

99 Section 92 (3) is amended

(a) by repealing paragraph (c), and

(b) by adding the following paragraphs:

(f) respecting business names, including, without limitation, prescribing the requirements names must meet before being available for reservation or use under this Act;

(g) respecting the reservation of business names.

100 Section 93 is amended

(a) in paragraph (a) by striking out "registration of a business name of a sole proprietor or of a general partnership and certification of a true copy of the registration" and substituting "filing a registration statement in relation to a sole proprietorship or a general partnership and certification of a true copy of the registration statement",

(b) in paragraph (b) by striking out "certificate of limited partnership and certification of a true copy of the registration" and substituting "certificate or declaration of limited partnership and certification of a true copy of the certificate or declaration", and

(c) in paragraph (j) by striking out "reservation of a name." and substituting "reservation of a business name."

101 Section 93 is amended

(a) by repealing paragraph (d), and

(b) in paragraph (l) by striking out "under Part 6" and substituting ", certificate or declaration".

102 Section 94 is amended by repealing the definitions of "general partnership" and "governing jurisdiction".

103 Section 95 (1) is amended by striking out "section 1 and".

104 Section 96 (4) (a) is repealed and the following substituted:

(a) set out

(i) the firm name of the partnership that is applying to be registered as a limited liability partnership, and

(ii) the name that is reserved under section 89, by way of a reservation that is in effect when the registration statement is filed, to be the firm name of the partnership after it is registered as a limited liability partnership, .

105 Section 111 is amended by adding the following subsection:

(1.1) If an amendment to a registration statement is required under subsection (1) as a result of the change of a firm name, the new firm name must be reserved under section 89 by way of a reservation that is in effect when the amendment is filed.

106 Section 115 (4) (a) is repealed and the following substituted:

(a) set out

(i) the firm name of the foreign partnership that is applying to be registered as an extraprovincial limited liability partnership, and

(ii) the name that is reserved under section 89, by way of a reservation that is in effect when the registration statement is filed, to be the firm name of the foreign partnership after it is registered as an extraprovincial limited liability partnership, .

107 Section 131 (2) (f) is amended by striking out "names" and substituting "firm names".

Pension Benefits Standards Act

108  Section 2 of the Pension Benefits Standards Act, R.S.B.C. 1996, c. 352, is amended

(a) in subsection (1) by striking out "The minister must designate" and substituting "The Lieutenant Governor in Council may appoint", and

(b) in subsection (2) by striking out "the chief administrative officer".

Auditor General Act Related Amendments

British Columbia Innovation Council Act

109 Section 16 (4) of the British Columbia Innovation Council Act, R.S.B.C. 1996, c. 415, is repealed and the following substituted:

(4) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the council, the council must appoint a person authorized to be an auditor of a company under section 205 of the Business Corporations Act to audit and report on the accounts of the council at least once each year.

British Columbia Transit Act

110 Section 23 (4) of the British Columbia Transit Act, R.S.B.C. 1996, c. 38, is repealed and the following substituted:

(4) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the authority, the authority must appoint, with the approval of the Lieutenant Governor in Council, an auditor to audit the accounts of the authority at least once each year.

(4.1) The costs of the audit referred to in subsection (4) must be paid by the authority.

College and Institute Act

111 Section 55 of the College and Institute Act, R.S.B.C. 1996, c. 52, is repealed and the following substituted:

Audit

55  Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of an institution, the institution must appoint an auditor to audit the accounts of the institution at least once each year.

Columbia Basin Trust Act

112 Section 27 (1) of the Columbia Basin Trust Act, R.S.B.C. 1996, c. 53, is repealed and the following substituted:

(1) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the corporation, the corporation must appoint an auditor to audit the accounts of the corporation.

First Peoples' Heritage, Language and Culture Act

113 Section 8 (4) of the First Peoples' Heritage, Language and Culture Act, R.S.B.C. 1996, c. 147, is repealed and the following substituted:

(4) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the corporation, the corporation must appoint an auditor to audit, at least once each fiscal year, the financial statements for the preceding fiscal year.

Flood Relief Act

114 Section 4 (2) of the Flood Relief Act, R.S.B.C. 1996, c. 151, is repealed and the following substituted:

(2) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the board, the Lieutenant Governor in Council must appoint an auditor to audit the accounts of the board at least once each year.

Forensic Psychiatry Act

115 The Forensic Psychiatry Act, R.S.B.C. 1996, c. 156, is amended by adding the following section:

Audit

10.1  Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the commission, the commission must appoint an auditor to audit the accounts of the commission at least once each year.

Gaming Control Act

116 Section 10 (3) of the Gaming Control Act, S.B.C. 2002, c. 14, is repealed and the following substituted:

(3) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the lottery corporation, the directors of the lottery corporation must appoint an auditor to audit the accounts of the lottery corporation at least once each year.

(3.1) The costs of the audit referred to in subsection (3) must be paid by the lottery corporation.

Health Authorities Act

117 Section 10 (4) of the Health Authorities Act, R.S.B.C. 1996, c. 180, is repealed and the following substituted:

(4) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of a board, the board must appoint an auditor who is authorized to be the auditor of a company under sections 205 and 206 of the Business Corporations Act to audit the accounts of the board at least once each year.

(4.1) The costs of the audit referred to in subsection (4) must be paid by the board.

Hydro and Power Authority Act

118 Section 28 (2) of the Hydro and Power Authority Act, R.S.B.C. 1996, c. 212, is repealed and the following substituted:

(2) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the authority, the authority must appoint an auditor to audit the accounts of the authority at least once each year.

(2.1) The costs of the audit referred to in subsection (2) must be paid by the authority.

Industry Training Authority Act

119 Section 6 (4) of the Industry Training Authority Act, S.B.C. 2003, c. 34, is repealed and the following substituted:

(4) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the authority, the Minister of Finance must appoint an auditor to audit and report on the accounts of the authority at least once each year.

Insurance Corporation Act

120 Section 23 (2) of the Insurance Corporation Act, R.S.B.C. 1996, c. 228, is repealed and the following substituted:

(2) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the corporation, the Lieutenant Governor in Council must appoint an auditor

(a) to audit the accounts of the corporation at least once each year, and

(b) to report to the minister on the annual financial statement.

Insurance for Crops Act

121 Section 2 of the Insurance for Crops Act, R.S.B.C. 1996, c. 229, is repealed and the following substituted:

Audit of corporation

2  Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of a corporation established under this Act, the Lieutenant Governor in Council must appoint an auditor to audit the accounts of the corporation at least once each year.

School Act

122 Section 158 of the School Act, R.S.B.C. 1996, c. 412, is amended

(a) by repealing subsection (1) and substituting the following:

(1) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the board of a school district, the board of the school district must appoint an auditor to audit the accounts of the board. ,

(b) in subsection (3) by adding "and the Auditor General is not appointed in accordance with the Auditor General Act" after "neglects to appoint an auditor", and

(c) by adding the following subsection:

(5) Sections 159 and 160 do not apply if the auditor of the board of a school district is the Auditor General appointed in accordance with the Auditor General Act.

Transportation Act

123 Section 33 (4) of the Transportation Act, S.B.C. 2004, c. 44, is repealed and the following substituted:

(4) Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of the authority, the Lieutenant Governor in Council must appoint an auditor to audit the accounts of the authority at least once each year.

(4.1) The costs of the audit referred to in subsection (4) must be paid by the authority.

University Foundations Act

124 Section 13 of the University Foundations Act, R.S.B.C. 1996, c. 471, is repealed and the following substituted:

Annual audit required

13  Unless the Auditor General is appointed in accordance with the Auditor General Act as the auditor of a foundation, the board must appoint an auditor who is authorized to be the auditor of a company under sections 205 and 206 of the Business Corporations Act to audit the accounts of the foundation at least once each year.

Commencement

125  The provisions of this Act referred to in column 1 of the following table come into force as set out in column 2 of the table: