The present Act lays down provisions relating to the levying of tax on the small number of land owners in the province granted mineral rights under land before 1950. These are known as freehold mineral rights. The tax is assessed annually per hectare, depending on the amount of land to which the owner has freehold mineral rights and whether minerals are being produced from the land. The text consists of 22 sections.

The present Act lays down provisions relating to possibilities on behalf of land owners to enter an agreement with the competent land authorities of British Columbia to obtain postponement of the payment of land tax. Section 2 establishes that the Minister may make an agreement with an owner who qualifies under this Act permitting the owner to defer paying all or part of the tax payable on the eligible property during the term of the agreement.

The above-mentioned Act establishes that the boundary between British Columbia and Alberta consists of the conventional boundary line and the sinuous boundary line as those lines existed on September 25, 1989, and as they are altered from time to time under section 43 of the Constitution Act, 1982. However, a Boundary Commission may be appointed to review the existing boundaries. Part 2 deals with boundaries between British Columbia, Yukon and Northwest Territories. The text consists of 10 sections divided into 2 Parts.