Acts and Regulations

2015-66 - Assessment Act

Full text
NEW BRUNSWICK
REGULATION 2015-66
under the
Assessment Act
(O.C. 2015-282)
Filed December 9, 2015
1Section 3 of New Brunswick Regulation 2005-18 under the Assessment Act is amended
(a) by repealing paragraph (b) and substituting the following:
(b) the organization provides housing accommodation, including rent-to-own housing accommodation, to low-income individuals and families at a rent that is below the market rent for the area in which the real property is located;
(b) by repealing paragraph (h) and substituting the following:
(h) on dissolution of the organization and after payment of all its debts due and liabilities, its remaining property shall be distributed or disposed of to non-profit housing organizations that have objects the same as or similar to the objects of the organization and carry on their work in New Brunswick; and
2This Regulation comes into force on January 1, 2016.