1994 Legislative Session: 3rd Session, 35th Parliament
THIRD READING
The following electronic version is for informational purposes only.
The printed version remains the official version.
Certified correct as passed Third Reading on the
5th day of July, 1994
Ian D. Izard, Law Clerk.
HONOURABLE ANNE ENDWARDS
MINISTER OF ENERGY, MINES AND
PETROLEUM RESOURCES
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
1 The Petroleum Corporation Act., R.S.B.C. 1979, c. 324, is repealed.
2 (1) On the repeal of the Petroleum Corporation Act,
(a) the British Columbia Petroleum Corporation and B.C. Petroleum (Kitimat) Ltd. are dissolved and disestablished,
(b) the appointment of each director of the British Columbia Petroleum Corporation and B.C. Petroleum (Kitimat) Ltd. is terminated,
(c) all of the rights, property and assets of the British Columbia Petroleum Corporation and B.C. Petroleum (Kitimat) Ltd. are transferred to and vested in the government, and
(d) all of the debts, liabilities, obligations and covenants of the British Columbia Petroleum Corporation and B.C. Petroleum (Kitimat) Ltd. are transferred to and vested in the government.
(2) If a contract to which the British Columbia Petroleum Corporation or B.C. Petroleum (Kitimat) Ltd. is a party provides for the appointment of a person as agent of either of those corporations, the appointment, despite subsection (1), remains in effect in accordance with its terms and the principal is the government.
(3) The transfer and vesting under subsection (1) is deemed not to be an assignment or novation of any contract to which the British Columbia Petroleum Corporation or B.C. Petroleum (Kitimat) Ltd. is a party.
3 The Petroleum Corporation Fund is dissolved and any balance in the fund is transferred to the consolidated revenue fund.
4 Money required to be paid in respect of the debts, liabilities, obligations and covenants transferred to and vested in the government by section 2 (1) (d) may be paid out of the consolidated revenue fund.
Financial Information Act
5 Schedule 2 of the Financial Information Act, S.B.C. 1985, c. 8, is amended by striking out "British Columbia Petroleum Corporation".
6 Schedule 2 of the Freedom of Information and Protection of Privacy Act, S.B.C. 1992, c. 61, is amended
(a) by striking out "British Columbia Petroleum Corporation" from the column headed "Public Body" and by striking out "Chair of the Board of Directors" from the opposite column, and
(b) by striking out "British Columbia Petroleum Corporation (Kitimat)" from the column headed "Public Body" and by striking out "General Manager" from the opposite column.
7 Section 8 (3) of the Income Tax Act, R.S.B.C. 1979, c. 190, is repealed.
8 Section 1 of the Natural Gas Price Act, S.B.C. 1989, c. 74, is amended by repealing the definition of "corporation".
9 Section 9 (2.1) is amended by striking out "corporation" and substituting "British Columbia Petroleum Corporation".
10 Section 15 (2) (c) (iii) is amended by striking out "the corporation" and substituting "any person".
11 Section 16.1 is repealed.
12 Schedule B of the Pension (Public Service) Act, R.S.B.C. 1979, c. 318, is amended by striking out "British Columbia Petroleum Corporation".
13 Section 91 (2) (h) of the Petroleum and Natural Gas Act, R.S.B.C. 1979, c. 323, is amended by striking out "and whether or not the petroleum or natural gas is sold to the British Columbia Petroleum Corporation".
14 Section 93.1 (1) is amended in the definition of "corporation" by striking out "continued under section 2 of the Petroleum Corporation Act." and substituting "dissolved and disestablished under section 2 of the Petroleum Corporation Repeal Act."
15 Section 21 of the Utilities Commission Act, S.B.C. 1980, c. 60, is amended
(a) by repealing subsection (1) (b) (i) (A), and
(b) in subsection (4) (b) by striking out "the British Columbia Petroleum Corporation or".
16 Section 1 of the Vancouver Island Natural Gas Pipeline Act, S.B.C. 1989, c. 83, is amended
(a) by repealing the definition of "British Columbia Petroleum Corporation",
(b) by repealing the definition of "natural gas" and substituting the following:
"natural gas" means all fluid hydrocarbons, both before and after processing, which are not defined as petroleum, and includes hydrogen sulphide contained in them; , and
(c) by adding the following definition:
"petroleum" means crude petroleum and all other hydrocarbons, regardless of gravity, that are or can be recovered in liquid form from underground through a well by ordinary production methods; .
17 This Act comes into force by regulation of the Lieutenant Governor in Council.
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