Exemption

1 Lands and improvements are exempt from all taxes described under section 31 (3) of the Columbia Basin Trust Act for the 2001 and subsequent taxation years if included in a facility constructed in whole or in part by or on behalf of

(a) Columbia Power Corporation, and

(b) CBT Arrow Lakes Power Development Corp.

Rescission of exemption

2 An exemption of land or an improvement under section 1 is rescinded if the land or the improvement is not owned by

(a) Columbia Basin Trust or a subsidiary of Columbia Basin Trust,

(b) Columbia Power Corporation or a subsidiary of Columbia Power Corporation,

(c) Arrow Lakes Power Development Corporation, or

(d) the government.