At its inception, BC Ferries was a division of the British Columbia Toll Highways and Bridges Authority, a provincial Crown corporation. Through successive reorganizations, it evolved into the British Columbia Ferry Authority and then the British Columbia Ferry Corporation, both of which were also provincial Crown corporations. In 2003, the Government of British Columbia announced that BC Ferries, which had been in debt, would be reorganized into a private corporation, implemented through the passage of the "Coastal Ferry Act" (Bill 18-2003). The single voting share of BC Ferries Corporation is held by the provincial government's BC Ferry Authority, which operates under the rules of the Act.