Approval for indemnities on behalf of government

1   An indemnity may only be given by or on behalf of the government if

(a) prior written approval has been given by the Minister of Finance, or

(b) the director of the Risk Management Branch of the Ministry of Finance, or a person specified by the director for the purpose of this section, has given prior written assurance that the proposal for the indemnity has been reviewed and accepted by the Risk Management Branch.

[en. B.C. Reg. 365/92.]

Approval for indemnities on behalf of government corporations

1.1   An indemnity may only be given by or on behalf of a government corporation if

(a) prior written approval has been given by the Minister of Finance,

(b) the director of the Risk Management Branch of the Ministry of Finance, or a person specified by the director for the purposes of this section, has given prior written assurance that the proposal for the indemnity has been reviewed and accepted by the Risk Management Branch, or

(c) the indemnity is given by the government corporation after the corporation has approved the giving of the indemnity following an approval process for which the Minister of Finance has given prior approval.

[en. B.C. Reg. 365/92.]

Approval for guarantees

2   (1) A guarantee may only be given by or on behalf of the government

(a) if prior written approval has been given by the Minister of Finance, or

(b) where the liability of the government under the guarantee is limited

(i) to $100 000 or less, if prior written approval of the minister has been obtained,

(ii) to an amount that exceeds $100 000 but does not exceed $1 million, if prior written approval of Treasury Board has been obtained, and

(iii) to an amount that exceeds $1 million, or is unlimited, if prior written approval of the Lieutenant Governor in Council, after consultation with Treasury Board, is obtained.

(2) A guarantee may only be given by or on behalf of a government corporation

(a) if prior written approval has been given by the Minister of Finance,

(b) where the liability of the government corporation under the guarantee is limited

(i) to $100 000 or less, if prior written approval of the corporation has been obtained,

(ii) to an amount that exceeds $100 000 but does not exceed $1 million, if prior written approval of Treasury Board has been obtained, and

(iii) to an amount that exceeds $1 million, or is unlimited, if prior written approval of the Lieutenant Governor in Council, after consultation with Treasury Board, is obtained, or

(c) if the guarantee is given by the government corporation after the corporation has approved the giving of the guarantee following an approval process for which the Minister of Finance has given prior approval.

(3) Subsection (1) does not apply and a guarantee may be given on behalf of the government by the Minister of Technology, Trade and Economic Development¹ where

(a) the Minister of State responsible for the area of the Province for which the guaranteed loan is made (the "area"), has, after consultation with the Minister of Technology, Trade and Economic Development, approved the guarantee,

(b) the liability of the government under the guarantee will not exceed $50 000,

(c) the total liability of the government for all guarantees made, in any fiscal year, by virtue of the authority of this subsection will not exceed $50 million, and

(d) all guidelines issued by Treasury Board with respect to guarantees given under the authority of this subsection have been complied with.

(3.1) Subsection (1) does not apply to a guarantee under the Home Mortgage Assistance Program Act and regulations.

(4) This section applies only to the giving of guarantees, where approval of the guarantee is not required under any Act or another regulation.

[am. B.C. Regs. 137/88; 366/88; 156/89, s. 1; 18/2000.]

Notification

3   Where the government or a government corporation has given a guarantee for $100 000 or less, the minister or government corporation, as the case may be, shall notify the Minister of Finance as soon as practicable.

[am. B.C. Reg. 139/89, s. (b).]

Disapplication of section 3

4   Section 3 does not apply to a guarantee under the Home Mortgage Assistance Program Act and regulations.

[en. B.C. Reg. 156/89, s. 2.]

Disapplication of section 1

5   Section 1 does not apply to an indemnity under the Excluded Employees (Legal Proceedings) Indemnity Regulation.

[en. B.C. Reg. 63/2012.]