Licensing Act."

[Assented to 19th December, 1925.]

IS MAJESTY, by and with the advice and consent of the
Legislative Assembly of the Province of British Columbia,

enacts as follows:

R.S.B.C. 1924, c. 143.

1. This Act may be cited as the "Real-estate Agents' Licensing Short title. Act Amendment Act, 1925."

2. Section 2 of the "Real-estate Agents' Licensing Act," being Amends s. 2. chapter 143 of the "Revised Statutes of British Columbia, 1924," is amended by striking out the definition of "Inspector"; and by add

ing at the end of the section the following definition :

666

Superintendent' means the Superintendent of Insurance."

64

substituted for

3. Said chapter 143 is further amended by striking out the word Superintendent "Inspector" wherever it occurs, and substituting therefor the word "Inspector." "Superintendent."

4. Section 5 of said chapter 143 is repealed, and the following is Repeals and substituted:

"5. Every applicant for a real-estate agent's licence shall deliver to the Superintendent an application in the form prescribed by the Superintendent and accompanied by the prescribed fee, and on compliance with these requirements the Superintendent shall issue to the applicant a licence in the prescribed form authorizing him to act as a real-estate agent or real-estate salesman in accordance with the terms of the licence and the provisions of this Act."

re-enacts s. 5.

5. Section 6 of said chapter 143 is repealed, and the following is Repeals and substituted:

re-enacts s. 6.

(AMENDMENT).

Partnership and

corporation licences.

Repeals and
re-enacts s. 7.

Amends s. 8.

Repeals s. 10.

Amends s. 14 (1).

Amends s. 18.

Amends s. 19.

Amends s. 20.

"6. (1.) Where the holder of a licence under this Act is a partnership or corporation, the rights and privileges to which the licensee, if an individual, would be entitled by virtue of the licence shall extend to such members of the partnership or to such officers of the corporation as are named in the licence, and to them only.

"(2.) On request by the partnership or corporation the Superintendent may amend the licence by deleting therefrom or adding thereto the name of any member of the partnership or officer of the corporation."

6. Section 7 of said chapter 143 is repealed, and the following is substituted :

:

"7. Every licence issued under this Act shall expire on the thirtieth day of June following the date of issue."

7. Section 8 of said chapter 143 is amended by striking out the word "city " in the second and third lines of clause (a) of subsection (1), and substituting therefor in each case the word "municipality"; and by striking out subsection (2), and substituting therefor the following:

"(2.) Where the application for a licence is made between the thirty-first day of December and the first day of July in any year, one-half of the annual fee only shall be payable."

8. Section 10 of said chapter 143 is repealed.

9. Subsection (1) of section 14 of said chapter 143 is amended by striking out all the words after the word "office" in the eighth line, and substituting therefor the words "and shall forthwith serve a copy thereof on the licensee and on the complainant by mailing it, postage prepaid and registered, to their respective addresses as shown by the files in his office."

10. Section 18 of said chapter 143 is amended by substituting the word "revoked for the word "cancelled" and the word "revocation" for the word "cancellation" where those words occur in the second and fifth lines.

11. Section 19 of said chapter 143 is amended by striking out the words "The Minister of Finance shall from time to time, as he may see fit, prepare and publish," and by substituting therefor the words. "The Superintendent shall prepare and publish annually."

12. Section 20 of said chapter 143 is amended as follows:(1.) By striking out clauses (a) and (b), and substituting therefor the following:

"(a.) Acts as a real-estate agent or real-estate salesman without being the holder of a licence therefor under this Act, or

(AMENDMENT).

without being a member of a partnership or an officer of
a corporation licensed therefor, to whom the licence
extends under this Act; or."

(2.) By relettering clauses (c) and (d) as clauses (b) and (c).
(3.) By adding the following immediately after such clause (c):

or who is otherwise declared to be guilty of an offence against this Act."

13. Said chapter 143 is further amended by inserting the follow- Enacts s. 21A. ing as section 21A:

"21A. No real-estate agent or real-estate salesman licensed under this Act, and no officer, agent, or employee thereof, shall, directly or indirectly, pay or allow, or offer or agree to pay or allow, any commission or other compensation or thing of value to any person for acting or attempting or assuming to act as a real-estate agent or real-estate salesman, unless that person holds at the time a licence under this Act; and every person who violates any provision of this section or who knowingly receives any commission, compensation, or thing of value paid or allowed in violation of this section shall be guilty of an offence against this Act."

14. Section 23 of said chapter 143 is repealed.

Repeals s. 23.

VICTORIA, B.C.:

Printed by CHARLES F. BANFIELD, Printer to the King's Most Excellent Majesty.

1925.

H

[Assented to 11th December, 1925.]

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 "British Columbia Loan Act, Short title. 1925."

$2,500,000.

2. (1.) The Lieutenant-Governor in Council may (in addition to Power to borrow all other moneys authorized to be raised or borrowed by any other Act of the Legislature) borrow or raise from time to time, in such amounts, in such manner, and at such times as may be deemed expedient, any sum of money not exceeding the net sum of two million five hundred thousand dollars, after payment of discount, commission, brokerage, and all other expenses of all loans hereunder, by the issue and sale of debentures or Treasury bills or notes, or by the issue and sale of "British Columbia Stock" under the provisions of the "Inscribed Stock Act" or otherwise.

(2.) Treasury bills or notes may be renewed and reissued from Reissue of amount time to time, and the amount outstanding on any original or renewed of short-term loans. Treasury bills or notes or securities may be converted into debentures or "British Columbia Stock" under the provisions of the "Inscribed Stock Act" or otherwise, but so as to be repayable not later than the thirtieth day of June, 1980; and such debentures or stock may be issued and sold to provide for the retirement of such Treasury bills or notes.

3. (1.) Subject to subsection (2), all debentures, Treasury bills Interest. or notes, British Columbia stock, or other securities issued and sold for the purpose of raising moneys borrowed or raised pursuant to this Act shall bear interest at a rate not exceeding six per centum