BILL 15 – 2003
UNCLAIMED PROPERTY AMENDMENT ACT, 2003

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

1 Section 1 of the Unclaimed Property Act, S.B.C. 1999, c. 48, is amended

(a) by adding the following definitions:

"administration agreement" means an agreement entered into under section 2.1 (1) and includes any renewal of that agreement;

"administrator" means the person with whom the minister has entered into an agreement referred to in section 2.1 and who is appointed as the administrator under that agreement by the minister;

"charitable purposes" means purposes that, under the administration agreement, are specified as being charitable purposes; ,

(b) in the definition of "property" by adding "or" at the end of paragraph (f) and by repealing paragraph (g),

(c) by repealing the definition of "special account", and

(d) by repealing the definition of "unclaimed money deposit" and substituting the following:

"unclaimed money deposit" means money that

(a) has become an unclaimed money deposit under section 2,

(b) has been transferred to the administrator under section 12, or

(c) has been deemed under any other enactment to be an unclaimed money deposit,

but does not include any money provided to the administrator under the administration agreement that is, by that agreement, expressly determined not to constitute an unclaimed money deposit; .

2 The following sections are added:

Administration agreement

2.1 (1) The minister may enter into an agreement for the purposes of this Act with a person that the minister is satisfied is a not for profit entity and may, under that agreement, appoint that person as the administrator.

(2) The administrator is not an agent of the government.

(3) An agreement referred to in subsection (1) must

(a) be entered into for a specified term,

(b) require the administrator to establish and to update as required reasonable service standards, including standards relating to the quality of service to be provided by the administrator to the public, the standards of proof of ownership that will be required in relation to claims made against the unclaimed money deposits and the process by which disputes and appeals will be dealt with, and to publish those service standards in a manner that can be reasonably expected to bring the standards to the attention of the public,

(c) set out rights exercisable by the government on any breach of the agreement, and

(d) set out the circumstances and manner in which the administration agreement may be terminated, with or without compensation or penalty, and, subject to subsection (5), provide for the rights and obligations of the parties to the agreement in the event that the agreement is terminated.

(4) Unless the administration agreement is terminated sooner under subsection (3) (d), at the conclusion of the initial term or any renewal term of the agreement, the agreement will be renewed for a further term specified in the agreement unless,

(a) at least 12 months before the conclusion of the term of the agreement, the administrator or the government provides notice to the other party that the agreement is to terminate at the end of that term, or

(b) the parties agree to terminate the agreement at the end of that term or at any other specified date.

(5) Promptly after the agreement expires or is terminated, all of the rights of the administrator under section 4.1 (5) (b) and (c) vest in the government, and the administrator must promptly deliver to the government

(a) all information and records received by the administrator in respect of anything done or received under this Act by the administrator,

(b) all records created under this Act by the administrator,

(c) the total of all of the money received under this Act, another enactment or the administration agreement, less the amount of that money that was properly paid out in accordance with section 4.1 (2) (b), and

(d) unless the government and the administrator agree otherwise in writing, any other thing, or any other right or interest in any thing, that is licensed or otherwise provided to the administrator under this Act or the administration agreement, including, without limiting this, any software that is, or any rights or interests in software that are, licensed or otherwise provided to the administrator.

(6) The Lieutenant Governor in Council may, by regulation, designate a claim that has been or may be made by an owner in relation to an unclaimed money deposit and, in that event,

(a) the claim may be made to the government and, for that purpose, this Act, as it read before the coming into force of the Unclaimed Property Amendment Act, 2003, applies to the government and the claimant, and

(b) the administrator must not make any payment in respect of that claim.

(7) Money required to be paid by the government under subsection (6) may be paid out of the consolidated revenue fund without any appropriation other than this Act.

Strategic plans

2.2 (1) Within 3 months after entering into an administration agreement, and on or before the first day of each subsequent fiscal year of the administrator that falls in whole or in part within the term of the administration agreement, the administrator must

(a) prepare for that fiscal year a strategic plan that complies with subsection (2), and

(b) publish that strategic plan in a manner that can reasonably be expected to bring the plan to the attention of the public.

(2) The administrator must, in each strategic plan, set out its goals for the fiscal year for which the plan is prepared and for the following 2 fiscal years, including its goals in relation to uniting owners with their unclaimed property.

Annual reports

2.3 (1) Within 4 months after the end of each fiscal year of the administrator that falls in whole or in part within the term of an administration agreement, the administrator must

(a) prepare an annual report that complies with subsection (2),

(b) prepare financial statements for that fiscal year and have those financial statements audited,

(c) include those audited financial statements in the annual report, and

(d) publish that annual report in a manner that can reasonably be expected to bring the report to the attention of the public.

(2) The administrator must in each annual report referred to in subsection (1) report on

(a) the payments made by the administrator under section 4.1 (2) (b) (iv), and

(b) the goals set by the administrator under section 2.2 (2) and indicate how, if at all, those goals have been met.

Administrator must provide information to minister

2.4 In addition to any other reports and information the administrator is required to provide under this Act, the minister may request information, including, without limiting this, a copy of any audit prepared under section 7.1 (1), respecting the exercise by the administrator of the administrator's rights and duties under this Act and the administrator must promptly provide the requested information to the minister.

Payment of money by the government to the administrator

2.5 (1) Each ministry of the government must report to the administrator on all money within the ministry's possession or control that becomes an unclaimed money deposit after the coming into force of the Unclaimed Property Amendment Act, 2003.

(2) Each report under subsection (1) must

(a) be made for a reporting period of not more than one year,

(b) be made for a reporting period that,

(i) in the case of the first report to be made under this section, immediately follows the coming into force of the Unclaimed Property Amendment Act, 2003, and

(ii) in any other case, immediately follows the reporting period for which a previous report was provided under this section,

(c) report on all money within the ministry's possession or control that became an unclaimed money deposit within that reporting period,

(d) set out

(i) identifying information respecting the owners of those respective unclaimed money deposits,

(ii) the respective dates on which the amounts became unclaimed money deposits, and

(iii) any other information the ministry wishes to include,

(e) be provided to the administrator not more than one month after the end of the reporting period in respect of which the report is made, and

(f) include payment to the administrator of the unclaimed money deposits to which the report refers.

Liability

2.6 (1) Payment of unclaimed money deposits or unclaimed property to the administrator under this Act, another enactment or the administration agreement releases the government from any and all liability with respect to that money.

(2) Despite any law to the contrary and despite this or any other enactment, neither the government nor any employee, agent, minister or ministry of the government has

(a) any duty to instruct or supervise the administrator or any person who obtains any money from the administrator, or

(b) any duty of care with respect to any activity in relation to unclaimed money deposits that, after the administration agreement takes effect, is

(i) done by any person other than the government or any employee, agent, minister or ministry of the government, or

(ii) omitted to be done.

(3) Without limiting subsections (1) and (2) and despite this or any other enactment and any law to the contrary, no damages or compensation of any kind is payable by the government or by any employee, agent, minister or ministry of the government in respect of, and no legal proceeding for damages lies or may be commenced or maintained against the government or any employee, agent, minister or ministry of the government in respect of, the following:

(a) any payment of money by the government to the administrator under this Act, another enactment or the administration agreement;

(b) anything that is done by any person other than the government or an employee, agent, minister or ministry of the government in connection with money paid or to be paid by the government or any other person to the administrator under this Act, another enactment or the administration agreement, or anything that is omitted to be done in connection with that money, including, without limiting this, any payment of, or any failure to pay, some or all of that money;

(c) the failure by the government or any employee, agent, minister or ministry of the government to take any action against the administrator, including, without limiting this, any action to terminate the administration agreement, if the administrator or any person who obtains any money from the administrator breaches any provision of this Act, the regulations or the administration agreement;

(d) any information or record provided to the administrator by any person, including by the government and any employee, agent, minister or ministry of the government, that is incorrect, incomplete or otherwise unreliable.

(4) Subsections (1) and (3) do not apply in respect of any payment made in bad faith by the government to the administrator, or anything done or omitted to be done in bad faith by the government or any employee, agent, minister or ministry of the government.

3 Section 3 is amended by striking out "minister" and substituting "administrator".

4 Section 4 is amended

(a) by renumbering the section as section 4 (1),

(b) in subsection (1) by striking out "minister" and substituting "administrator",

(c) in subsection (1) (a) by striking out "an electronic or other" and substituting "a",

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

(b) include in the database

(i) the prescribed particulars for each unclaimed money deposit that meets or exceeds the prescribed amount, and

(ii) the prescribed particulars respecting information provided to the administrator under section 11 (2), and ,

(e) in subsection (1) (c) by striking out "electronic or other database available to the public," and substituting "database available to the public on an ongoing basis,", and

(f) by adding the following subsections:

(2) At least once in every 6 month period following the effective date of the administration agreement, the administrator must publicize the existence of and means of accessing the database in a manner that can be reasonably expected to bring the database to the attention of the public.

(3) The administrator is not liable for any loss, cost or damage suffered by any person as a result of any information included in or omitted from the database unless the inclusion or omission was in bad faith.

5 The following sections are added:

Uses to which unclaimed property may be put

4.1 (1) The administrator must prepare and maintain records respecting particulars of the money received by the administrator under this Act, another enactment or the administration agreement and its disposal.

(2) Subject to the administration agreement, the following rules apply to the money received under this Act, another enactment or the administration agreement:

(a) the administrator may invest the money in investments that a prudent investor would make and in no other investments, and any interest or other income earned on or as a result of those investments is deemed to be money received under this Act;

(b) the administrator may use the money for the following purposes:

(i) subject to section 2.1 (6) (b), payment of any claims or interest on claims payable under section 5 or 5.1 (4);

(ii) payment of the administrator's reasonable costs and expenses related to the administrator's role under this Act and the administration agreement;

(iii) payment to the government of any money payable under this Act or the administration agreement;

(iv) subject to subsection (3), payment for a charitable purpose;

(v) payment for any other purpose set out in the agreement.

(3) The administrator must not pay any money under subsection (2) (b) (iv) if the total of the following is below, or if that payment would cause the total of the following to fall below, the amount that is determined under the administration agreement for the purposes of this subsection:

(a) the portion of the money received under this Act, another enactment or the administration agreement that is held in cash;

(b) the portion of the money received under this Act, another enactment or the administration agreement that has, under subsection (2) (a), been invested in investments that can be converted to cash within 30 days after a request for that conversion.

(4) Exercise by the administrator of the rights provided to the administrator under subsection (2) (b) does not relieve the administrator from the obligation to provide the amount of an unclaimed money deposit to its owner, and without limiting this, an owner of an unclaimed money deposit may, whether or not the amount of that unclaimed money deposit has been paid out by the administrator, claim that amount from the administrator and sections 4.2 to 5.1 apply to that claim.

(5) Any person who receives money as a result of a payment made under subsection (2) (b) (iv) is deemed to have received that money, and any interest or other income earned by that person on that money, on the following terms:

(a) that money and any interest or other income earned by the person on that money must be used for a charitable purpose;

(b) the person must, promptly after the request of the administrator, return to the administrator any of that money, along with any interest or other income earned by the person on that money, that is not used for a charitable purpose;

(c) the person is liable to account to the administrator for any of that money, and any interest or other income earned by the person on that money, that is not used by the person for a charitable purpose.

Claims respecting money

4.2 (1) Subject to section 2.1 (6), a person who asserts a claim to an unclaimed money deposit may file a claim for that money with the administrator.

(2) A claimant must provide any information respecting the claim that the administrator may reasonably require.

(3) The administrator must consider the claim within a reasonable period and must, within that period,

(a) allow the claim if it is reasonable to consider the claimant to be the owner of the amount claimed,

(b) allow part of the claim if it is reasonable to consider the claimant to be the owner of that part of the amount claimed, or

(c) otherwise, disallow the claim.

6 Sections 5 to 8 are repealed and the following substituted:

Payment of claims

5 (1) Promptly after allowing a claim under section 4.2 (3) (a) or a part of a claim under section 4.2 (3) (b), the administrator must pay to the claimant the amount for which the claim was allowed, less any fee charged under subsection (2).

(2) The administrator may charge a claimant whose claim is allowed a fee that is not greater than the prescribed amount.

(3) Subject to section 5.1 (4), no interest or other income earned on money that constitutes an unclaimed money deposit accrues or is payable to an owner in respect of the period after the money became an unclaimed money deposit.

(4) A payment made under this section to a person discharges the administrator from liability to the person in respect of the money that became the unclaimed money deposit, but only to the extent of the payment.

(5) Payment under subsection (4) of an unclaimed money deposit by the administrator to a person who is not the owner does not relieve the administrator from the obligation to provide the amount of that unclaimed money deposit to its owner, and, without limiting this, an owner of an unclaimed money deposit that has been paid out in error by the administrator may claim that amount from the administrator and this section and sections 4.2 and 5.1 apply to that claim.

Disallowance of claims

5.1 (1) If the administrator disallows all or part of a claim filed under section 4.2 (1) or makes no finding in relation to the claim within a reasonable period, the claimant may appeal the disallowance or inaction in accordance with the appeal process established in the standards referred to in section 2.1 (3) (b).

(2) If a claimant is not satisfied with the outcome of the appeal process, the Supreme Court may, on application by the claimant or the administrator, determine the rights of the claimant under this section.

(3) An application to the court under subsection (2) must be brought within the appeal period prescribed by the regulations.

(4) If, under the appeal process or the application to the court, it is determined that the claimant is entitled to an amount, or an additional amount, on his or her claim, the administrator must promptly pay to the claimant that amount plus the interest and other income that was earned by the administrator on that amount from the date that the appeal was commenced to the date of the payment of the amount to which the claimant was found to be entitled.

Access to information and retention of records

6 (1) Subject to any contrary enactment or court order, the administrator has the right to any information that is in the custody or control of a public body if that information can reasonably be expected to assist the administrator in locating an owner, or determining the correct owner, of an unclaimed money deposit for the purposes of this Act.

(2) A public body that has custody or control of information to which the administrator is entitled under subsection (1) must disclose that information to the administrator on request.

(3) Each public body must meet the standards, set by regulation, respecting

(a) the collection and recording of information concerning any money that becomes an unclaimed money deposit, and

(b) the retention of records containing that information.

(4) Subject to subsections (5) and (6), the administrator may, to facilitate uniting persons with property in which they have a legal or beneficial interest, enter into an information-sharing agreement with one or more of the following:

(a) a public body;

(b) the government of Canada or of a province or another jurisdiction in Canada, or an agency of that government;

(c) the government of any other jurisdiction or an agency of that government;

(d) any person who, in any of those jurisdictions, carries out a similar role to that carried out by the administrator in British Columbia.

(5) The administrator may share information under an information-sharing agreement entered into under subsection (4) if the sharing of that information is necessary, in the opinion of the administrator, to facilitate uniting persons with property in which they have a legal or beneficial interest.

(6) An information-sharing agreement entered into under subsection (4) must be expressed to be for the purpose of uniting persons with property in which they have a legal or beneficial interest and must contain express language prohibiting the use of or sharing of any information covered by the agreement for any other purpose.

Special account

7 (1) The government may, in addition to any payments that may be made out of the Unclaimed Property Special Account under section 7 (4) or (5) of this Act as it read before the coming into force of section 6 of the Unclaimed Property Amendment Act, 2003, pay to the administrator, in accordance with the administration agreement, the whole or any portion of that account.

(2) If, at any time, as a result of the payments referred to in subsection (1) or otherwise, the balance in the Unclaimed Property Special Account becomes zero, the account is closed.

Audit

7.1 (1) For the purposes of this Act, the administrator must, at least once in each fiscal year, have its operations audited insofar as they relate to the administrator's compliance with the requirements of this Act.

(2) Without limiting subsection (1), the minister may, at any time, direct the Comptroller General to examine and report to the minister on the operations of the administrator.

Retention of records and information

7.2 The administrator must retain the prescribed records and information in the prescribed form, at the prescribed place and for the prescribed period.

Application of this Part

8 (1) This Part, other than sections 12 and 14, applies to a holder of property

(a) if, according to the holder's records, the last known address of the owner is in British Columbia and the prescribed circumstances referred to in section 9 (1) (a) that are applicable to the property occurred after July 1, 2000, or

(b) if the owner's address is unknown and the prescribed circumstances referred to in section 9 (1) (a) that are applicable to the property occurred in British Columbia after July 1, 2000.

(2) Sections 12 and 14 apply to any holder, including a holder referred to in subsection (1).

7 Section 11 is amended

(a) by renumbering the section as section 11 (1),

(b) in subsection (1) by striking out "A holder" and substituting "Subject to subsection (2), a holder",

(c) in subsection (1) (a) by striking out "an electronic or other" and substituting "a",

(d) in subsection (1) (b) and (c) by striking out "electronic or other",

(e) by adding the following paragraph:

(b.1) make reasonable efforts to ensure that the existence of the database and the means by which it may be accessed are known to the public; , and

(f) by adding the following subsection:

(2) A holder is deemed to have met the holder's obligations under subsection (1) (a) to (c) if the holder has provided to the administrator, with the administrator's consent, the particulars referred to in subsection (1) (b) for inclusion in the database referred to in section 4.

8 Section 12 is repealed and the following substituted:

Voluntary transfer of unclaimed property to the administrator

12 (1) A holder may transfer property to the administrator if the following conditions are met:

(a) the property is unclaimed property or is property to which sections 9 (1) and 10 would apply but for any reference to July 1, 2000 in the circumstances or applicable date prescribed for the purposes of section 9 (1);

(b) the property is money;

(c) the holder provides the administrator with any information relating to the property that may reasonably be requested by the administrator;

(d) the administrator consents to the transfer.

(2) The administrator's receipt for unclaimed property transferred by a holder under subsection (1) is an effective discharge to the holder for that property.

9 Section 15 (1) is repealed and the following substituted:

(1) For the purposes of this Act, the administrator may request a person who the administrator reasonably believes is a holder of property to provide to the administrator, within the time or at the intervals specified in the request, information that is not information contained in records destroyed by the holder in accordance with this Act and the regulations.

10 The following section is added to Part 4:

Rights unaffected by limitation periods

16.1 The expiration, before or after the coming into force of the Unclaimed Property Amendment Act, 2003, of a period of limitation in relation to unclaimed property or any person's rights in relation to that property does not

(a) affect the person's rights to claim, receive or recover the property from the administrator or a holder, as the case may be, whether or not those rights are derived from or are specified by contract, statute or court order,

(b) preclude the property from being or becoming unclaimed property, and

(c) affect any duty, arising under this Act, to

(i) provide any notice,

(ii) deliver any report,

(iii) maintain any records,

(iv) pay any amount, or

(v) pay or transfer the property.

11 Section 17 (2) is amended

(a) by adding the following paragraphs:

(c.1) designating a claim for the purposes of section 2.1 (6);

(f.1) prescribing an appeal period for the purposes of section 5.1 (3);

(g.1) respecting records and information that must be retained under section 7.2; ,

(b) in paragraph (d) by striking out "4, 7 (2) (a) and" and substituting "4 (1) (b) (i), 5 (2) and",

(c) in paragraph (f) by striking out "4 (b) and 11 (b)" and substituting "4 (1) (b) (ii) and 11 (1) (b)",

(d) in paragraph (g) by striking out "11 (d)" and substituting "11 (1) (d)",

(e) by repealing paragraph (l),

(f) in paragraph (m) by striking out "11 (e)" and substituting "11 (1) (e)", and

(g) in paragraph (n) by striking out "minister" and substituting "administrator".

 
Consequential Amendments

 
Business Corporations Act

12 Section 315 of the Business Corporations Act, S.B.C. 2002, c. 57, is amended

(a) by renumbering section 315 (1) as section 315 (1.1),

(b) by adding the following subsection:

(1) In this section, "administrator" has the same meaning as in the Unclaimed Property Act. ,

(c) in subsection (2) by striking out "subsection (1)" and substituting "subsection (1.1)", and

(d) in subsections (2) (b), (4) (b), (5) and (7) by striking out "minister" wherever it appears and substituting "administrator".

13 Section 337 is amended

(a) by renumbering section 337 (1) as section 337 (1.1),

(b) by adding the following subsection:

(1) In this section, "administrator" has the same meaning as in the Unclaimed Property Act. ,

(c) in subsection (2) by striking out "subsection (1)" and substituting "subsection (1.1)", and

(d) in subsections (2) (b), (4) (b), (5) and (7) by striking out "minister" wherever it appears and substituting "administrator".

 
Company Act

14 Section 294 of the Company Act, R.S.B.C. 1996, c. 62, is amended

(a) by renumbering section 294 (1) as section 294 (1.1),

(b) by adding the following subsection:

(1) In this section, "administrator" has the same meaning as in the Unclaimed Property Act. ,

(c) in subsections (1.1) and (2) by striking out "Minister of Finance and Corporate Relations" wherever it appears and substituting "administrator", and

(d) in subsection (2) by striking out "minister" in both places and substituting "administrator".

 
Credit Union Incorporation Act

15 Section 35 of the Credit Union Incorporation Act, R.S.B.C. 1996, c. 82, is amended

(a) by renumbering section 35 (1) as section 35 (1.1),

(b) by adding the following subsection:

(1) In this section, "administrator" has the same meaning as in the Unclaimed Property Act. ,

(c) in subsections (1.1) (c) (ii), (2) (b), (3) and (4) by striking out "Minister of Finance and Corporate Relations" and substituting "administrator",

(d) in subsection (2) by striking out "subsection (1) (c)" and substituting "subsection (1.1) (c)", and

(e) in subsection (4) by striking out "minister" and substituting "administrator".

 
Debt Collection Act

16 Section 9 (2) (d) of the Debt Collection Act, R.S.B.C. 1996, c. 92 , is amended by striking out "section 12 (1) (b) or (c)" and substituting "section 12 (1.1) (b) or (c)".

17 Section 12 is amended

(a) by renumbering section 12 (1) as section 12 (1.1),

(b) by adding the following subsection:

(1) In this section, "administrator" has the same meaning as in the Unclaimed Property Act. ,

(c) in subsection (1.1) (b) (ii) and (c) by striking out "Minister of Finance and Corporate Relations" and substituting "administrator", and

(d) in subsection (1.1) (b) (ii) and (c) by adding "deemed to be" after "the money is".

 
Employment Standards Act

18 Section 19 of the Employment Standards Act, R.S.B.C. 1996, c. 113, is amended

(a) by renumbering section 19 (1) as section 19 (1.1),

(b) by adding the following subsection:

(1) In this section, "administrator" has the same meaning as in the Unclaimed Property Act. ,

(c) in subsection (2) by striking out "subsection (1)." and substituting "subsection (1.1).",

(d) in subsection (4) by striking out "that minister" and substituting "the administrator", and

(e) in subsections (4) and (5) by striking out "minister charged with the administration of the Financial Administration Act" and substituting "administrator".

 
Financial Institutions Act

19 Section 37 of the Financial Institutions Act, R.S.B.C. 1996, c. 141, is amended

(a) by renumbering section 37 (1) as section 37 (1.1),

(b) by adding the following subsection:

(1) In this section, "administrator" has the same meaning as in the Unclaimed Property Act. ,

(c) in subsections (1) (c), (2), (3) and (4) by striking out "Minister of Finance and Corporate Relations" and substituting "administrator",

(d) in subsection (2) by striking out "subsection (1) (c)" and substituting "subsection (1.1) (c)", and

(e) in subsection (4) by striking out "minister" and substituting "administrator".

20 Section 85 is amended

(a) by renumbering section 85 (1) as section 85 (1.1),

(b) by adding the following subsection:

(1) In this section, "administrator" has the same meaning as in the Unclaimed Property Act. , and

(c) in subsections (4), (5) and (7) by striking out "Minister of Finance and Corporate Relations" and substituting "administrator".

 
Local Government Act

21 Section 416 (6) of the Local Government Act, R.S.B.C. 1996, c. 323, is amended by striking out "Minister of Finance and Corporate Relations." and substituting "administrator under the Unclaimed Property Act."

 
Public Guardian and Trustee Act

22 Section 27.1 of the Public Guardian and Trustee Act, R.S.B.C. 1996, c. 383, is amended

(a) by renumbering section 27.1 (1) as section 27.1 (1.1),

(b) by adding the following subsection:

(1) In this section, "administrator" has the same meaning as in the Unclaimed Property Act. ,

(c) in subsections (1.1) and (2) by striking out "Minister of Finance and Corporate Relations" and substituting "administrator", and

(d) in subsection (2) by striking out "subsection (1)" and substituting "subsection (1.1)".

 
Railway Act

23 Section 232 of the Railway Act, R.S.B.C. 1996, c. 395, is amended

(a) by renumbering section 232 (1) as section 232 (1.1),

(b) by adding the following subsection:

(1) In this section, "administrator" has the same meaning as in the Unclaimed Property Act. ,

(c) in subsections (1.1) and (2) by striking out "Minister of Finance and Corporate Relations" and substituting "administrator", and

(d) in subsection (2) by striking out "subsection (1)" and substituting "subsection (1.1)".

 
Real Estate Act

24 Section 17.2 of the Real Estate Act, R.S.B.C. 1996, c. 397, is amended

(a) by renumbering section 17.2 (1) as section 17.2 (1.1),

(b) by adding the following subsection:

(1) In this section, "administrator" has the same meaning as in the Unclaimed Property Act. ,

(c) in subsections (1.1) and (2) by striking out "Minister of Finance and Corporate Relations" and substituting "administrator", and

(d) in subsection (2) by striking out "subsection (1)" and substituting "subsection (1.1)".

Transitional -- Unclaimed Property Act

25 (1) Despite any other provision of the Unclaimed Property Act or the regulations made under that Act, if the prescribed circumstances referred to in section 9 (1) (a) of that Act that are applicable to property occurred after July 1, 2000 and before the date of the coming into force of section 6 of this Act, the "applicable date" referred to in sections 9 (1) (b) and (2) and 10 (1) and (2) of the Unclaimed Property Act is deemed, for that property, to be the date of the coming into force of section 6 of this Act.

(2) Section 16 (1) (a) and (b) of the Unclaimed Property Act does not apply to a holder in relation to property if the prescribed circumstances referred to in section 9 (1) (a) of that Act that are applicable to the property occurred after July 1, 2000 and before the date of the coming into force of section 6 of this Act.

Commencement

26 This Act comes into force by regulation of the Lieutenant Governor in Council.