Search Results | Clear Search | Previous (in doc) | Next (in doc) | Prev Doc | Next Doc
Qp Date

Foreign Money Claims Act

[RSBC 1996] CHAPTER 155

Contents
1Payment in foreign money equivalent
2Interest
3Power to make regulations

Payment in foreign money equivalent

1  (1) If, before making an order for the payment of money arising out of a claim or loss, the court considers that the person in whose favour the order will be made will be most truly and exactly compensated if all or part of the money payable under the order is measured in a currency other than the currency of Canada, the court must order that the money payable under the order will be that amount of Canadian currency that is necessary to purchase the equivalent amount of the other currency at a chartered bank located in British Columbia at the close of business on the conversion date.

(2) The conversion date is the last day, before the day on which a payment under the order is made by the judgment debtor to the judgment creditor, that the bank referred to in subsection (1) quotes a Canadian dollar equivalent to the other currency.

Interest

2  (1) Interest payable under the Court Order Interest Act must be paid at a rate determined

(a) under the regulations made under section 3 (a), or

(b) in the manner provided for in subsection (2).

(2) If

(a) due to a change in circumstances, the court considers it is not possible to determine a rate of interest under the regulations,

(b) the court considers it would be unjust to any of the parties that the rate so determined be utilized, or

(c) no regulation has been made under section 3 (a) with respect to the other currency,

the court may set a rate that is payable, having regard to rates that are being paid on the other currency in a country where that currency circulates as legal tender.

Power to make regulations

3  The Lieutenant Governor in Council may make regulations that are considered necessary or advisable respecting

(a) the manner of determining interest rates that are payable on particular currencies, for purposes of section 2 (1), and

(b) setting conversion dates, in respect of all processes to obtain money under the Court Order Enforcement Act, to satisfy an order for the payment of money that is made under section 1.