BILL 8 – 2003
EMPLOYEE INVESTMENT 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 7 of the Employee Investment Act, R.S.B.C. 1996, c. 112, is amended

(a) in subsection (2) by striking out "Minister of Finance and Corporate Relations" and substituting "minister responsible for the administration of the Income Tax Act", and

(b) by repealing subsection (3) (f).

2 Section 9 is amended by adding the following paragraph:

(b.1) is managed by a person who does not manage any other employee venture capital corporation, .

3 Section 12 is repealed and the following substituted:

Limits on equity capital

12 (1) The equity capital of an employee venture capital corporation, including the equity capital referred to in section 14, must not exceed $5 million if it is not a reporting issuer as defined in the Securities Act.

(2) If the Lieutenant Governor in Council considers it to be in the public interest, he or she, by order with or without conditions, may

(a) exempt an employee venture capital corporation specified in the order from the $5 million limit under subsection (1), and

(b) specify another limit applicable to that employee venture capital corporation.

4 Section 17 (1) (a) is amended by striking out "50% of the shares" and substituting "50% or more of the shares".

5 Section 19 (1) is amended by striking out ", any other employee venture capital corporations and any venture capital corporations registered under the Small Business Venture Capital Act,".

6 Sections 23 (3), 31 (1) and (2) and 40 (3) are amended by striking out "Minister of Finance and Corporate Relations" and substituting "Minister of Finance".

7 Section 24 (2) is amended by striking out "Minister of Finance and Corporate Relations" and substituting "minister responsible for the administration of the Income Tax Act".

8 Section 28 is amended

(a) in subsection (1) by striking out "section 3 or 15 (1) (a) to (e)" and substituting "section 3 or 9", and

(b) in subsection (3) by striking out "2 year period" and substituting "calendar year".

Commencement

9 Section 8 comes into force by regulation of the Lieutenant Governor in Council.