Crown Corporation Payments Regulations

3 (1) On the coming into force of these Regulations, no corporation included in Schedule III or IV to the Act that is exempt from real property tax or a business occupancy tax shall enter into a special arrangement with a local government, province or other authority to pay an amount in lieu of such a tax that would be less than the amount that it would pay in accordance with these Regulations.

(2) Notwithstanding subsection (1), where, on the coming into force of these Regulations, a corporation included in Schedule III or IV to the Act is a party to a special arrangement referred to in that subsection, that arrangement may continue until the expiration of the term of that existing arrangement.

(3) Notwithstanding any other provision of these Regulations, a corporation within the meaning of section 5 may enter into a special arrangement with a local government, a province or any other authority, for the purpose of implementing for the 1993 taxation year the principles of the Economic and Fiscal Statement tabled in the House of Commons on December 2, 1992.