Definitions

1   In this regulation:

"tax" means

(a) school taxes levied by the Province under section 119 of the School Act and interest and penalties on those taxes, and

(b) taxes collectable under the Taxation (Rural Area) Act;

"trustee" means the trustee in the bankruptcy of Port Alice Specialty Cellulose Inc. in Vancouver Supreme Court Registry Action No. B014848, Estate No. 11-247933;

"2005 portion" means the proportion of tax imposed or levied for the 2005 taxation year calculated as follows:

where

T = the number of days of 2005 that have elapsed up to the completion date of the sale of the land and improvements to which the tax relates;

"village" means the Village of Port Alice.

Tax remission

2   Authorization is given for the remission of the tax for a taxation year up to and including 2004, and the 2005 portion, that

(a) was levied on land or improvements that are or were assets of the trustee in the bankruptcy of Port Alice Specialty Cellulose Inc., and

(b) remains, or will remain, uncollected by the village or the Surveyor of Taxes, as applicable, after the sale of the land or improvements to a purchaser and full administration of the estate of Port Alice Specialty Cellulose Inc. and discharge of the trustee.