The British Columbia Resources Investment Corporation, or BCRIC (pronounced "brick"), was a holding company formed under the government of William R. Bennett. The company took over ownership of various sawmills and mines that had been bought and bailed out by the government. The name was eventually changed to Westar Group Ltd.
The most famous aspect of the company were the five free bearer shares, dated August 7, 1979, which were distributed to all British Columbians, to promote investment in the province, and earn back a profit to the buyer. British Columbians and investors were encouraged to buy more. The company expanded and bought numerous mining and logging installations.
Unfortunately, because of significant investment in a North Sea oil play by a subsidiary, Westar Petroleum, and bad timing in a mining investment by another subsidiary, Westar Mining, the company ran into financial trouble. Investors saw their thousands of dollars dwindle to pennies.
In 1995, the shares were consolidated at a ratio of 125 to 1. At the time, five bearer shares were worth 0.8% of a post-consolidation share. In June 1997, the consolidated shares were subject to a compulsory buy-out at $70 each ($0.56 per bearer share) as part of a privatization transaction by the Jim Pattison Group. However, the buyout had a 10-year limit, which expired on June 30, 2007, and so outstanding share certificates no longer have any value.
|British Columbia Resources Investment Corporation|
BC Resource Investment Corporation - Bearer Share Certificate - 5 Shares
William Richards Bennett, (April 14, 1932 – December 3, 2015) was the 27th Premier of the Canadian province of British Columbia from 1975 to 1986. He was a son of Annie Elizabeth May (Richards) and former Premier, W. A. C. Bennett. He was a 3rd cousin, twice removed, of R.B. Bennett, eleventh Prime Minister of Canada.
Following his father's resignation, Bill Bennett was elected on September 7, 1973, as the British Columbia Social Credit League Member of the British Columbia Legislative Assembly for South Okanagan.
His father was also named William but was usually called "W.A.C." in the media or "Ceece" by his friends. To distinguish the son from his father, he was usually called "Bill." Some in the media referred to the younger Bennett as "Mini-Wac," which was derived from another of his father's nicknames, "Wacky." The nickname was created by his opponents but also embraced by some supporters.British Columbia
British Columbia (BC; French: Colombie-Britannique) is the westernmost province of Canada, located between the Pacific Ocean and the Rocky Mountains. With an estimated population of 5.016 million as of 2018, it is Canada's third-most populous province.
The first British settlement in the area was Fort Victoria, established in 1843, which gave rise to the City of Victoria, at first the capital of the separate Colony of Vancouver Island. Subsequently, on the mainland, the Colony of British Columbia (1858–1866) was founded by Richard Clement Moody and the Royal Engineers, Columbia Detachment, in response to the Fraser Canyon Gold Rush. Moody was Chief Commissioner of Lands and Works for the Colony and the first Lieutenant Governor of British Columbia: he was hand-picked by the Colonial Office in London to transform British Columbia into the British Empire's "bulwark in the farthest west", and "to found a second England on the shores of the Pacific". Moody selected the site for and founded the original capital of British Columbia, New Westminster, established the Cariboo Road and Stanley Park, and designed the first version of the Coat of arms of British Columbia. Port Moody is named after him.In 1866, Vancouver Island became part of the colony of British Columbia, and Victoria became the united colony's capital. In 1871, British Columbia became the sixth province of Canada. Its Latin motto is Splendor sine occasu ("Splendour without Diminishment").
The capital of British Columbia remains Victoria, the fifteenth-largest metropolitan region in Canada, named for Queen Victoria, who ruled during the creation of the original colonies. The largest city is Vancouver, the third-largest metropolitan area in Canada, the largest in Western Canada, and the second-largest in the Pacific Northwest. In October 2013, British Columbia had an estimated population of 4,606,371 (about 2.5 million of whom were in Greater Vancouver). The province is currently governed by the British Columbia New Democratic Party, led by John Horgan, in a minority government with the confidence and supply of the Green Party of British Columbia. Horgan became premier as a result of a no-confidence motion on June 29, 2017.
British Columbia evolved from British possessions that were established in what is now British Columbia by 1871. First Nations, the original inhabitants of the land, have a history of at least 10,000 years in the area. Today there are few treaties, and the question of Aboriginal Title, long ignored, has become a legal and political question of frequent debate as a result of recent court actions. Notably, the Tsilhqot'in Nation has established Aboriginal title to a portion of their territory, as a result of the 2014 Supreme Court of Canada decision in Tsilhqot'in Nation v British Columbia.Crown corporations of Canada
Canadian Crown corporations (French: Sociétés d'État du Canada) are state-owned enterprises owned by the Sovereign of Canada (i.e. the Crown). They are established by an Act of Parliament or Act of a provincial legislature and report to that body via a minister of the Crown in the relevant cabinet, though they are "shielded from constant government intervention and legislative oversight" and thus "generally enjoy greater freedom from direct political control than government departments."Crown corporations have a very long standing presence in the country and have been instrumental in the formation of the state. They can provide services required by the public that otherwise would not be economically viable as a private enterprise, or don't fit exactly within the scope of any ministry. They are involved in everything from the distribution, use, and price of certain goods and services to energy development, resource extraction, public transportation, cultural promotion, and property management.Edgar Kaiser Jr.
Edgar Fosburgh Kaiser Jr. (July 5, 1942 – January 11, 2012) was an American-Canadian financier and a former owner of the Denver Broncos American football team.List of political scandals in Canada
This is a list of major political scandals in Canada.