Definitions

1  In this regulation:

"LWBC" means Land and Water British Columbia Inc. (Incorporation No. 258741);

"Water Regulation" means the Water Regulation, B.C. Reg. 204/88.

 Retention authorized

2  (1)  LWBC is authorized to retain all of the following from public money collected or received by LWBC under Schedule A to the Water Regulation:

(a) application fees in Part 1;

(b) annual rentals in Part 2;

(c) fees and charges under items 13 to 25 in Part 4.

(2)  Subject to subsection (3), LWBC is authorized to retain a percentage of annual rentals in Part 3 and of penalties under item 26 in Part 4 of Schedule A to the Water Regulation collected or received during each of the three fiscal years beginning in 2003 and ending in 2006, as follows:

(a) 11.5% in the fiscal year 2003/04;

(b) 11% in the fiscal year 2004/05;

(c) 7.5% in the fiscal year 2005/06.

(3)  Subsection (2) does not apply to annual rentals in Part 3 or penalties under item 26 in Part 4 of Schedule A to the Water Regulation that are collected or received from British Columbia Hydro and Power Authority, Brilliant Power Funding Corporation, Arrow Lakes Power Development Corporation, Brilliant Expansion Power Corporation, Alcan Smelters and Chemicals Limited, Teck Cominco Metals Ltd. and Aquila Networks Canada (British Columbia) Ltd.