- Updated to: May 15, 2009 -
(Includes
Amendments Published in the Royal Gazette on April 25, 2009)
(Click
HERE
for Previous Version of this Regulation)
LANDS PROTECTION ACT
FEES REGULATIONS
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Pursuant to clause 17.1(b) of the
Prince Edward Island Lands Protection Act,
R.S.P.E.I. 1988, Cap. L-5, the Island Regulatory and Appeals Commission
revoked the Lands Protection Act Fees Regulations dated September 27, 2005
and made the following regulations:
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Agreed purchase price
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1. (1) In these regulations,
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(a)
"agreed purchase price" means the true consideration paid for the
purchase of a land holding, including mobile homes (but excluding
consideration paid for personal property or chattels).
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(b)
"assessed value" means the market value determined under the Real
Property Assessment Act, R.S.P.E.I. 1988, Cap. R-4.
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Fee for processing an application
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(2) The
fee for processing an application;
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(a) to acquire a land
holding is $550 or 1% of the agreed purchase price whichever is greater. |
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(b)
with respect to the acquisition of the shares of a corporation is $550
or 1% of the assessed value of the relevant amount of land holdings
pursuant to s. 1(1.1)(2) of the Prince Edward Island Lands
Protection Act, R.S.P.E.I. 1988, Cap. L-5, whichever is greater.
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Land
holding |
(3) For better
clarification, a land holding includes a leasehold interest, an easement, a
right-of-way or any other interest conferring the right to use, possession
or occupation of land. |
Application
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(4) An application shall be accompanied by the
fee prescribed under subsection (2).
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Application by non-resident shareholder of a corporation
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(5) Where
an application is made by a corporation pursuant to section 5 or subsection
5.3(1)(b) of the Act and the corporation is required to pay a fee under
subsection 1.(2), and the effect of granting a permit to that corporation,
under the attribution rules set out in the Act, would be to increase the
aggregate land holding of a person who is not a resident person beyond the
limit set out in section 4 of the Act, there shall be no fee for any
consequential application by that person under section 4 of the Act. |
Refund
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(6) Where
an application made pursuant to section 4 or 5 or subsection 5.3(1)(b) of
the Act is denied, or is approved but no part of the acquisition for which
approval has been received has been or will be completed, the Commission may
refund up to 50% of the application fee upon application to the Commission
filed within six months of the date that Executive Council rendered its
decision. |
Content of Application
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(7) An application for a
refund pursuant to subsection (6) shall include |
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(a) a statutory
declaration stating the grounds for the refund; and |
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(b) the original
Executive Council order that granted or denied permission to acquire the
land. |
Transfer of land holding to a corporation
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2.
(1) Where the application
involves the transfer of a land holding of one person to a corporation the
shares of which are wholly owned by that person, the fee is $550.
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Idem
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(2) Where
the application involves the transfer of land holding from one corporation
to another corporation the shares of which are wholly owned by the same
shareholder or shareholders, the fee is $550. |
Exception
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3.
Notwithstanding section 2, no fee shall be payable in respect of an
application of a corporation where
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(a) the corporation is
incorporated under the laws of Prince Edward Island or under the laws of
Canada; and |
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(b) the majority of the
shares are owned beneficially by resident persons. |
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3.1
Notwithstanding section 1, no fee shall be payable in respect of an
application of a corporation where |
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(a) the corporation is
incorporated under the laws of Prince Edward Island, under the laws of
Canada, or under the laws of any other province of Canada; and |
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(b) the corporation is
incorporated without share capital, for the purpose of carrying on, without
pecuniary gain to its members, objects of a patriotic, religious,
philanthropic, charitable, scientific, artistic, professional or sporting
character, or for the conservation or enhancement of lands for fish or
wildlife habitat, protection of plant species, or cultural or historic
purposes. |
Effective
Date |
4. These regulations come into force as of noon,
Friday, May 15, 2009.
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