Forest Act

FOREST ACCOUNTS RECEIVABLE INTEREST
 REGULATION

[includes amendments up to B.C. Reg. 14/99]

Definitions

1 In this regulation:

"money owed" means money owed to the government under the Forest Act, the former Act, the Forest Practices Code of British Columbia Act or a regulation under any of them;

"monthly payment plan" means a written contract between the Director, Revenue Branch, Ministry of Forests and the holder of an agreement referred to in section 12 of the Forest Act, under which written contract that holder is required to make scheduled payments against money owed;

"statement of account" means a statement of money owed addressed to the person who owes the money.

[am. B.C. Reg. 14/99, s. 1.]

Application

2 This regulation does not apply to money owed by

(a) Canada,

(b) a corporation as defined in the Financial Information Act,

(c) a municipality or regional district to which a grant under the Local Government Grants Act may be made,

(d) another government or government agency under a contract that specifically provides for interest, or

(e) under a monthly payment plan.

[am. B.C. Reg. 14/99, s. 2.]

Interest

3 (1) Money owed bears interest at the rate prescribed under the Interest Rate under Various Statutes Regulation, B.C. Reg. 386/92, from the date of a statement of account.

(2) Subsection (1) is subject to section 130 (1) (b) of the Forest Act in relation to money owed under section 108 of that Act.

Method of calculation

4 Interest on money owed must be

(a) compounded every 28 days, and

(b) calculated on the number of days since the last compounding of interest or, if interest has not been compounded before, since the date of the statement of account.

[Provisions of the Forest Act, R.S.B.C. 1996, c. 157, relevant to the enactment of this regulation: sections 130 and 151 (1) and (1.1)]

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