Imposition of charge

1  A charge at the rate of $1 200 per acre is hereby imposed on each and every parcel of land for the area within the City of Penticton benefiting from the irrigation redevelopment under the provisions of ARDA.

 Diminution of charge

2  The charge as aforesaid shall be diminished by deducting 5% of the original charge each year commencing on this date of approval and continuing for 20 consecutive years.

 If lands are sold

3  If any lands are sold prior to the expiration of the charge, the amount remaining unpaid at the time of the sale shall be paid by the vendor to the City of Penticton if the land use changes from that for which the land was used at this date.

 Payment to the Province

4  Two thirds of the amount or amounts received by the city of Penticton under section 3 shall be paid to the Minister of Finance, Province of British Columbia, within 30 days of receipt thereof.

 Cancellation of notice of charge

5  Where the charge has been paid in full or ceased to exist by effluxion of time as to specified land, the Registrar of Titles, upon receipt of a certificate to that effect under the hand of the officials referred to in section 721 (3) of the Act, shall cancel the notice of the charge filed against the title to the land so specified.

[en. B.C. Reg. 125/69.]

 Written approval of inspector

6  Where the written approval referred to in section 721 (3) (b)¹ of the Act has been given in respect to a specific transaction, the Registrar of Titles may give effect thereto, subject to the charge created by this Act.

[en. B.C. Reg. 125/69.]