(AMENDMENT). and until his successor has been duly elected. The term of office of all Commissioners of Police for the said municipality elected at any annual election held after the year 1924 shall be governed by the "Municipal Act." from proceeds of 8. From and out of the moneys hereafter received from any and Fund to be created all sales heretofore or hereafter made by The Corporation of the sales. District of South Vancouver of any or all of the lands which reverted to the said Corporation at tax sales held in the years 1915, 1916, 1917, 1918, 1919, 1920, 1921, and 1922, and which have become the property of the Corporation, there shall be created a fund which shall be deposited in some chartered bank to be designated by the Council by resolution, and the Treasurer of the said Deposit of proceeds Corporation shall forthwith deposit all such moneys as and when received to the credit of the said fund. of sales. moneys deposited 9. The moneys deposited in the said fund, together with such Application of interest as may accrue thereon, shall be used for the following pur- in fund. poses and for no other, that is to say: (a.) Half of the moneys deposited in said fund shall be applied in and towards paying and retiring in the order of their maturity the debentures issued by the said Corporation pursuant to the by-law known as "South Vancouver Treasury Certificates Redemption By-law," passed by the Council of the said Corporation on the twentieth day of December, 1922, and the by-law known as "South Vancouver $670,000 Debenture By-law," passed by the Council of the said Corporation on the sixteenth day of January, 1923: (b.) The remaining half of the moneys deposited in the said fund and all interest on any and all moneys at any time in the said fund shall be used and applied, firstly, in making up deficiencies in the sinking funds of the then outstanding debentures of the said Corporation issued prior to the year 1923, pro rata according to the respective amounts of such deficiencies until all such deficiencies have been fully made up; and, secondly, by depositing the remainder to the credit of the respective sinking funds of the then outstanding debentures of the said Corporation issued prior to the year 1923, in the same proportion as each sinking fund bears to the total sinking funds then accrued. VICTORIA, B.C.: Printed by WILLIAM H. CULLIN, Printer to the King's Most Excellent Majesty. 1923. An Act to consolidate certain Taxes due the City of H1 [Assented to 21st December, 1923.] IS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows: 1. This Act may be cited as the "Vancouver Tax Consolidation Short title. Act, 1923." 2. Notwithstanding anything contained in the "Vancouver Incorporation Act, 1921," all general taxes, local improvement taxes, and other charges in arrears, delinquent, and unpaid on the thirty-first day of December, 1923, appearing on the tax rolls of the City of Vancouver, against any parcel or parcels of land within the said City of Vancouver, including general taxes, local improvement taxes, and other charges levied in the year 1920 (if any), which might have been included in the upset price of any land sold for arrears of taxes in the year 1923, and which are authorized to be deducted from such upset price by section 3 hereof, together with interest thereon, as provided by the said Act, to the thirty-first day of December, 1923 (the aggregate amount of which taxes, charges, and interest shall be known as the "capital sum"), shall be consolidated, and the time for payment thereof shall be extended over a period of eight years, payable in eight equal annual instalments, the first of which instalments shall be payable in the year 1924; and the lands and improvements upon which such taxes and charges are in arrears shall not be sold for taxes at any sale for taxes during the period of such extension so long as the conditions of this Act shall be complied with. 3. No parcel or parcels of any such land shall be deemed to be or to have been liable for tax sale in the year 1923 for taxes, local Payment of instalment of capital sum outstanding with interest and current year's taxes removes liability to sale. Six per centum interest payable on capital sum. Collector may receive taxes in become due. improvement taxes, or other charges levied in the year 1920; and the amount of all such taxes, local improvement taxes, and other charges levied against any parcel or parcels of land in the year 1920, with interest thereon, shall, if such land has been sold at the 1923 tax sale prior to this Act coming into effect, be forthwith deducted from the upset price of such land, and shall be refunded to the person paying such upset price, together with interest thereon as provided by the by-law under which such sale shall have been made, so that the owners can redeem such parcel or parcels of land without payment of the said taxes levied in the said year 1920; and the amount of all such taxes, local improvement taxes, and other charges levied in the said year 1920 and so deducted from the said upset price as aforesaid (together with the tax-sale costs and interest incidental to the said sale, if the said taxes so deducted represented all the taxes in the said upset price) shall be entered, or reinstated and re-entered, on the tax rolls of the City of Vancouver as unpaid taxes, and shall be included in the consolidation hereby effected as part of the capital sum. 4. If the owner of any parcel of land mentioned in section 2 hereof shall have paid to the said city in any year, before the passing of the by-law providing for the annual tax sale of lands in the said city for delinquent taxes, the instalment of the capital sum which shall become due and payable in that year, together with interest on the whole capital sum then outstanding computed at the rate of six per centum per annum to the date of the payment of the said instalment, and shall have also paid all general taxes, local improvement taxes, and other charges levied and payable in such year, then such parcel of land shall not be liable to be sold by the city at any sale for taxes held in such year. 5. The said capital sum shall bear interest at the rate of six per centum per annum, and interest on the whole capital sum outstanding shall be due and payable when and at the same time as any instalment of the said capital sum is paid up to the date of payment thereof: Provided, however, that if any owner shall pay to the city the whole of the said capital sum before the passing of the by-law providing for the annual tax sale of land in the said city for the year 1924, he shall receive a rebate of any interest on interest compounded in the capital sum when making such payment. 6. If the owner of any parcel of land shall have paid in or before order in which they the year in which it becomes due the hereinbefore-mentioned annual instalment of the capital sum and interest payable in such year, then and in such event the acceptance by the Collector of the city, during such time as any instalment or instalments of the capital sum shall remain unpaid, of taxes levied subsequent to the delinquent taxes included in the said capital sum shall not be deemed to be a contra vention of the provisions of the said "Vancouver Incorporation Act, 1921," as to priority in which he shall receive taxes, and the Collector in such event is authorized to receive such taxes subsequently levied, in the order in which the same become due, notwithstanding that any instalment or instalments of the capital sum shall remain unpaid. 7. It shall be competent for any owner to pay in advance in any Owner may pay year one or more of the annual instalments of the capital sum. 8. (1.) If, before the passing of the by-law providing for the annual tax sale of lands in the said city for delinquent taxes, default shall be made by the owner of any such parcel of land in the due and full payment in or for any year of any of the instalments of the capital sum and interest required to be paid as herein provided, together with all the general taxes, local improvement taxes, and other charges levied in such year, the parcel of land in respect of which default shall have been made shall be put up for sale and sold in such year at the annual sale of land for taxes, for the total amount of general taxes, local improvement taxes, and other charges levied in respect of such parcel of land and remaining unpaid, including all unpaid instalments of the capital sum and interest thereon; and all the provisions of the said "Vancouver Incorporation Act, 1921," in respect to the sale of land for taxes shall thereupon apply to such parcel of land: Provided, however, that no such parcel of land shall be liable for sale at any sale for taxes in the said city as aforesaid until the expiration of two full years after the year in which the taxes longest in arrears in, or of the said capital sum, shall have been levied. (2.) Provided further, however, that if the person so in default shall, before such parcel is sold for taxes as aforesaid, pay to the city the following amounts:- (a.) The full amount of the instalments of capital sum and interest in default: (b.) All general taxes and local improvement taxes and charges levied against such parcel of land in the then current year: (c.) All costs, charges, and expenses (if any) chargeable in respect of the intended sale of such parcel,— then such parcel shall thereupon be exempt from such sale, unless or until another or further default be made in respect thereof, in which event the provisions of this section shall again be applicable from time to time so often as any such default shall occur. (3.) When and so soon as any parcel of land shall have been sold for taxes at any annual tax sale as aforesaid the provisions of this Act shall no longer apply to such parcel of land. 9. If default shall have been made, as set out in the preceding section hereof, in respect of any parcel of land against which the taxes longest in arrears in the said capital sum shall have been annual instalments in advance. Default in payment current taxes in any of instalment and year before passing of tax-sale by-law renders property liable to tax sale. Person may with draw property from sale by certain payments. Provisions of Act property sold at cease to apply to tax sale. Default in respect of property less than two years in arrears removes same from pro visions of Act. |