Definitions

1   In this regulation:

"bankruptcy proceeding" means any of the following actions commenced in the Vancouver registry of the Supreme Court respecting the bankruptcy or receivership of a Skeena company:

(a) L033220;

(b) B041499;

(c) B041500;

(d) B041498;

(e) B041501;

"school tax" means

(a) taxes levied by the Province under section 119 of the School Act for a taxation year up to and including 2004, and interest and penalties on those taxes,

(b) penalties and interest on the taxes levied by the Province under section 119 of the School Act for the 2005 taxation year, and

(c) the proportion of taxes levied by the Province under section 119 of the School Act for 2005, calculated using the following formula:

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;

"Skeena company" means any of the following:

(a) New Skeena Forest Products Inc.;

(b) Orenda Forest Products Ltd.;

(c) Orenda Logging Ltd.;

(d) 9753 Acquisition Corp.

School tax remission

2   Authorization is given for the remission of school tax that

(a) was levied on land or improvements that are or were assets of a Skeena company in a bankruptcy proceeding, and

(b) remains, or will remain, uncollected by the municipality in which the land or improvements are located after the sale of the land or improvements to a purchaser and full administration of the estate and discharge of the trustee and the receiver in each bankruptcy proceeding.