Annual Rent Regulation (B.C. Reg. 353/87).

This Regulation is divided into two parts, and sets out the following: (1) the rate of annual rent payable for various licences and (2) details on the Woodlot Product Development Council payment. This Regulation enacts sections 111, 112, and 112.1 of the Forest Act, R.S.B.C. 1996, c. 157. Section 111 of the Forest Act states that annual rent must be paid by the holders of various licences and that the prescribing of the rates of annual rent should differ depending upon the agreement. Section 112 sets out the formula to calculate annual rent. Section 112.1 states that the Lieutenant Governor in Council, in prescribing the rate of annual rent for a woodlot licence, may allocate a portion of that rate to the Woodlot Product Development Council, under the Farming and Fishing Industries Development Act.