Responsible Choices for Growth and Accountability Act (2001 Budget), 2001 Flaherty, Hon. Jim Minister of Finance — Bill 45 (37th Parliament, 2nd Session)

Bill 45, 37-2

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Bill 45, Responsible Choices for Growth and Accountability Act (2001 Budget), 2001

Flaherty, Hon. Jim Minister of Finance

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[37] Bill 45 Royal Assent (PDF)

Bill 45 2001

An Act to implement

measures contained in the

2001 Budget and to amend

various statutes

CONTENTS

Part I

Part II

Part III

Part IV

Part V

Part VI

Part VII

Part VIII

Part IX

Part X

Part XI

Part XII

Part XIII

Part XIV

Part XV

Part XVI

Part XVII

Part XVIII

Part XIX

Part XX

Part XXI

Part XXII

Part XXIII

Business Corporations Act

Capital Investment Plan Act, 1993

Co-operative Corporations Act

Corporations Tax Act

Credit Union and Caisses Populaires Act, 1994

Health Insurance Act

Income Tax Act

Insurance Act

Law Society Act

Loan and Trust Corporations Act

Ministry of Training, Colleges and Universities Act

Mortgage Brokers Act

Municipal Act

Ontario Property Assessment Corporation Act, 1997 and

consequential amendments

Public Accountancy Act

Registered Insurance Brokers Act

Regulated Health Professionals Act, 1991

Retail Sales Tax Act

Social Work and Social Service Work Act, 1998

The Succession Duty Act Supplementary Provisions Act,

Tobacco Tax Act

Veterinarians Act

Commencement and

short title

______________

Her Majesty, by and with the advice and consent of the Legislative

Assembly of the Province of Ontario, enacts as follows:

PART I

BUSINESS CORPORATIONS ACT

(1) Subsection 3.3 (1) of the

Business Corporations Act , as enacted by the Statutes of Ontario,

2000,

chapter 42, Schedule,

section 2, is amended by striking out "and the

corporation does not cease to exist" in the portion before clause (

a) and

substituting "and the corporation does not cease to be a professional

corporation".

(2) Subsection 3.3 (2) of the Act, as enacted by the

Statutes of Ontario, 2000,

chapter 42, Schedule,

section 2, is amended by

striking out "and the corporation ceases to exist" and substituting "and the

corporation ceases to be a professional corporation".

(3) Section 3.3 of the Act, as enacted by the Statutes

of Ontario, 2000,

chapter 42, Schedule,

section 2, is amended by adding the

following subsection:

Name change

(4) A corporation that ceases to be a professional corporation

shall change its name to remove from it the word "professional" or

"professionnelle".

Section 3.4 of the Act, as enacted by the Statutes

of Ontario, 2000,

chapter 42, Schedule,

section 2, is amended by adding the

following subsections:

Same

(5) The liability of a member under subsection (4) cannot be

greater than his or her liability would be in the circumstances if he or she

were not practising through the professional corporation.

Same, partnerships and limited liability

partnerships

(6) If a professional corporation is a partner in a partnership

or limited liability partnership, the shareholders of the corporation have

the same liability in respect of the partnership or limited liability

partnership as they would have if the shareholders themselves were the

partners.

Commencement

(1) Subject to subsection (2), this

Part

comes into force on the day this Act receives Royal Assent.

Same

(2) Sections 1 and 2 come into force on a day to be

named by proclamation of the Lieutenant Governor.

PART II

CAPITAL INVESTMENT PLAN ACT, 1993

Section 35 of the Capital Investment Plan Act,

1993 is amended by adding the following subsection:

Effect of delegation, etc.

(5) Despite

section 6 of the Executive Council Act , a

deed or contract signed by a person acting under the authority of a

delegation made under subsection (2) or authorized under subsection (4) has

the same effect as if it were signed by the Minister of Finance.

Commencement

5. This

Part comes into force on the day this Act

receives Royal Assent.

PART III

CO-OPERATIVE CORPORATIONS ACT

6. Clause (

a) of the definition of "certified copy" in

subsection 1 (1) of the Co-operative Corporations Act is repealed

and the following substituted:

(

a) in relation to a document of a co-operative, a copy of the document

certified to be a true copy signed by an officer,

7. Clause 5 (3) (

a) of the Act is amended by striking

out "and" at the end of subclause (iii), by adding "and" at the end of

subclause (iv) and by adding the following subclause:

(

v) the classes of membership, if any, setting forth the designation of

Section 13 of the Act is repealed.

9. Subsection 18 (1) of the Act is

repealed.

10. Subsection 25 (2) of the Act is repealed and the

following substituted:

Par value

(2) Each class of shares shall have a minimum par value of $1

or any multiple of $1 that results in a par value expressed in dollars

without cents.

11. Subsection 55 (4) of the Act is repealed and the

following substituted:

Limitation of patronage return

(4) The co-operative may by by-law provide that, if the value

of the goods or products acquired, marketed, handled, dealt in or sold, or

services rendered by the co-operative from or on behalf of or to any member

or non-member in any year does not exceed an amount specified in the by-law,

no patronage return shall be allocated, credited or paid to such member or

non-member.

12. Clause 57 (2) (

b) of the Act, as amended by the

Statutes of Ontario, 1994,

chapter 17,

section 2, is repealed and the

following substituted:

(

b) as an investment by the member in shares of the co-operative, but no

member shall be required to purchase membership shares for more than the par

value of the shares or purchase preference shares for more than the par value

plus any premium.

13. (1) Subsection 61 (3) of the Act, as

amended by the Statutes of Ontario, 1994,

chapter 17,

section 2, is repealed

and the following substituted:

Membership

(3) A subscription for membership shares in a co-operative with

share capital constitutes an application for membership and the allotment of

the minimum number of membership shares required for membership to the

applicant constitutes admission to membership.

(2) Section 61 of the Act, as amended by the Statutes

of Ontario, 1994,

chapter 17, sections 2 and 17, is further amended by adding

the following subsection:

Jointly held membership

(5) Two or more persons may jointly hold a membership if the

by-laws of the co-operative provide for joint membership and, in determining

the number of members for the purposes of this Act, those persons shall count

as one member.

14. Subsection 64 (1) of the Act is repealed and the

following substituted:

Notice of withdrawal

(1) Subject to

section 67, a member may withdraw from a

co-operative by giving to the secretary of the co-operative six months notice

of the member's intention to withdraw or such shorter notice as is

established by by-law.

Section 75 of the Act is amended by adding the

following subsections:

Waiver of notice

(2.1) A member, shareholder and any other person entitled to

attend a meeting of members or shareholders may, in any manner and at any

time, waive notice of the meeting.

Deemed waiver

(2.2) Attendance of a member, shareholder and any other person

entitled to attend a meeting of members or shareholders constitutes a waiver

of notice of the meeting unless the person attends the meeting for the

express purpose of objecting to the transaction of business on the grounds

that the meeting is not lawfully called.

Section 84 of the Act is repealed and the following

substituted:

Joint shareholders

84. If two or more persons jointly hold a

membership, any one of them present at a meeting of members has the right to

vote in the absence of the other or others but if more than one of them are

present and vote, they shall vote together as one on the membership jointly

held by them.

17. Subsection 128 (3) of the Act is repealed and the

following substituted:

Inspection of auditor's report

(3) The report of the auditor to the members shall be open to

inspection at the annual meeting by any member.

Commencement

18. This

Part comes into force on the day this Act

receives Royal Assent.

PART IV

CORPORATIONS TAX ACT

19. (1) Subsection 11 (8.1) of the

Corporations Tax Act , as enacted by the Statutes of Ontario, 2000,

chapter 10,

section 1, is amended by striking out "and" at the end of clause

(

b) and by striking out clause (

c) and substituting the

following:

(c) 5/14 multiplied by the ratio of the number of days in the taxation

year that are after December 31, 2000 and before January 1, 2002 to the total

number of days in the taxation year;

(d) 5/12.5 multiplied by the ratio of the number of days in the taxation

year that are after December 31, 2001 and before January 1, 2003 to the total

number of days in the taxation year;

(e) 5/11 multiplied by the ratio of the number of days in the taxation

year that are after December 31, 2002 and before January 1, 2004 to the total

number of days in the taxation year;

(f) 5/9.5 multiplied by the ratio of the number of days in the taxation

year that are after December 31, 2003 and before January 1, 2005 to the total

number of days in the taxation year; and

(g) 5/8 multiplied by the ratio of the number of days in the taxation year

that are after December 31, 2004 to the total number of days in the taxation

year.

(2) Section 11 of the Act, as amended by the Statutes

of Ontario, 1992,

chapter 3,

section 2, 1994,

chapter 14,

section 4, 1996,

chapter 29,

section 37, 1997,

chapter 43,

Schedule A,

section 5, 1998,

chapter 34,

section 28, 1999,

chapter 9,

section 75 and 2000,

chapter 10,

section 1, is further amended by adding the following

subsection:

Application provision, 2001 Budget

(29) Clauses (8.1) (c), (d), (e), (

f) and (g), as they are

enacted or re-enacted, as the case may be, by the Responsible Choices for

Growth and Accountability Act (2001 Budget), 2001 , apply with respect to

taxation years ending after December 31, 2001.

20. (1) Subsection 38 (2) of the Act, as

enacted by the Statutes of Ontario, 2000,

chapter 10,

section 2, is amended

by striking out "and" at the end of clause (

b) and by striking out clause (

c) and substituting the following:

(c) 14 per cent multiplied by the ratio of the number of days in the

taxation year that are after December 31, 2000 and before January 1, 2002 to

the total number of days in the taxation year;

(d) 12.5 per cent multiplied by the ratio of the number of days in the

taxation year that are after December 31, 2001 and before January 1, 2003 to

the total number of days in the taxation year;

(e) 11 per cent multiplied by the ratio of the number of days in the

taxation year that are after December 31, 2002 and before January 1, 2004 to

the total number of days in the taxation year;

(f) 9.5 per cent multiplied by the ratio of the number of days in the

taxation year that are after December 31, 2003 and before January 1, 2005 to

the total number of days in the taxation year; and

(g) 8 per cent multiplied by the ratio of the number of days in the

taxation year that are after December 31, 2004 to the total number of days in

the taxation year.

(2) Section 38 of the Act, as re-enacted by the

Statutes of Ontario, 2000,

chapter 10,

section 2, is amended by adding the

following subsection:

Application provision, 2001 Budget

(4) Clauses (2) (c), (d), (e), (

f) and (g), as they are enacted

or re-enacted, as the case may be, by the Responsible Choices for Growth

and Accountability Act (2001 Budget), 2001 , apply with respect to

taxation years ending after December 31, 2001.

21. (1) Clauses 41 (1.1) (e), (f), (

g) and

(

h) of the Act, as re-enacted by the Statutes of Ontario, 2000,

chapter 10,

section 4, are repealed and the following substituted:

(e) 6.5 per cent, in respect of a taxation year that ends after December

31, 2001 and before J

Document details

Collection	Ontario — Bills
Citation	Bill 45, 37-2
Type	bill
Volume / chapter	p37 s2 bill 45 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	222ddbea9f416affd76b965b5a44b3d64a6c7a24

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