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Bill 269, Protecting the People of Ontario Act (Budget Measures), 2021

Bethlenfalvy, Hon. Peter Minister of Finance

Royal Assent received. Statutes of Ontario 2021,

chapter 8

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Bill 269 Royal Assent (PDF)

EXPLANATORY

NOTE

This Explanatory Note was written as a reader’s

aid to Bill 269 and does not form part of the law.

Bill 269 has been enacted as

Chapter 8 of the Statutes of Ontario, 2021.

Schedule

CREDIT UNIONS AND CAISSES POPULAIRES ACT, 1994

Subsection

276 (2) of the Credit Unions and Caisses Populaires Act,

1994 is amended to provide that the Deposit Insurance Reserve Fund may

be used to pay for fees in respect of credit agreements entered into by the Financial

Services Regulatory Authority of Ontario to provide financial assistance to the

credit union sector.

Schedule

CREDIT UNIONS AND CAISSES POPULAIRES ACT, 2020

Subsection

224 (2) of the Credit Unions and Caisses Populaires Act, 2020

is amended to provide that the Deposit Insurance Reserve Fund may be used to

pay for fees in respect of credit agreements entered into by the Financial

Services Regulatory Authority of Ontario to provide financial assistance to the

credit union sector.

Schedule

electricity act, 1998

The

Schedule repeals subsection 50 (5) of the Electricity Act,

1998 . Currently, subsection 50 (5) of the Act provides that if an agent

of Her Majesty in right of Ontario is paid dividends from Hydro

One Limited shares, the agent must pay the dividends to the Ontario

Electricity Financial Corporation less any amount of payment obligations

assumed by the agent or Her Majesty in right of Ontario under clause 122 (1)

(

a) of the Act.

Schedule

financial professionals title protection act, 2019

Subsection

5 (2) of the Financial Professionals Title Protection Act,

2019 , which is not yet in force, provides that a credentialing body

approved under the Act is required to collect certain authorized fees from

individuals holding approved credentials it has issued and remit the fees to

the Financial Services Regulatory Authority of Ontario. The

Schedule re-enacts

subsection 5 (2) of the Act and amends the Act to provide that approved

credentialing bodies are required to pay any fees required under the rules made

by the Financial Services Regulatory Authority of Ontario. Related rule-making

powers in the Act are also repealed.

Consequential

amendments are made to the Financial Services Regulatory

Authority of Ontario Act, 2016 respecting the power of the Financial

Services Regulatory Authority of Ontario to make rules governing fees in relation

to credentialing bodies approved under the Financial

Professionals Title Protection Act, 2019 .

Schedule

insurance act

The

Insurance Act is amended to change certain

references to the regulations to refer instead, or also, to the Authority

rules.

Section 445 of the Act is amended to include a new definition of

“requirement established under this Act”.

Schedule

invest ontario act, 2021

The

Invest Ontario Act, 2021 is enacted. The Act

Investissements Ontario.

The

Act includes provisions respecting the Corporation’s objects, the composition

of the board of directors, by-law making provisions, the Chief Executive

Officer and employees of the Corporation, the powers of the Corporation and

requirements relating to financial record-keeping, annual and other reports,

and audits.

Schedule

ministry of economic development and trade act

The

Ministry of Economic Development and Trade Act is

amended to provide that the annual report required under the Act shall detail

the outcomes and highlights of the Ministry’s economic development funding

programs and funding agreements. A related regulation-making power is added.

Schedule

ontario loan act, 2021

The

Ontario Loan Act, 2021 is enacted. Subsection 1

(1) of the Act authorizes the Crown to borrow a maximum of $40.1 billion.

Schedule

securities commission act, 2021

The

Schedule enacts the Securities Commission Act, 2021 .

The

Act continues the Ontario Securities Commission and establishes a new Capital

Markets Tribunal as a division of the Commission. The Tribunal has exclusive

jurisdiction to exercise the powers conferred on it under the Securities Act and the Commodity Futures

Act and to determine all questions of fact or law in any proceeding

before it under those Acts.

The

Commission’s objects are to administer and enforce the Securities

Act and the Commodity Futures Act , and to

carry out the powers, duties and functions given to the Commission under the Securities Commission Act, 2021 or any other Act.

The

Act provides for the governance of the Commission. The board of directors is

appointed by the Lieutenant Governor in Council on the recommendation of the

Minister. The role of the board of directors is to manage or supervise the

management of the Commission’s affairs, other than matters relating to the

Tribunal’s adjudicative functions. The Lieutenant Governor in Council, on the

recommendation of the Minister, designates a director as chair of the board of

directors.

The

board of directors appoints a Chief Executive Officer of the Commission.

However, the Lieutenant Governor in Council appoints the Chief Executive

Officer during the first two years after the new Act comes into force. The

Chief Executive Officer is responsible for the management and administration of

the Commission, other than matters relating to the adjudicative functions of

the Tribunal. The Chief Executive Officer also has the powers, duties and functions

given to the Chief Executive Officer of the Commission under the Securities Act , the Commodity

Futures Act and any other Act.

Various

matters relating to employment and funding are provided for.

The

Commission may collect and enforce the payment of any fees that are authorized

under the Securities Act or the Commodity Futures Act . Those fees, and other funds

specified in the Act, do not form part of the Consolidated Revenue Fund and are

to be applied to carrying out the Commission’s powers, duties and functions,

with certain specified exceptions.

The

Act sets out certain requirements respecting the Commission’s business plans

and annual reports, which are to be provided to the Minister of Finance and

made available to the public.

The

Commission is required to allocate sufficient funding for the proper operation

of the Tribunal in each fiscal year.

The

Act provides for the composition of the new Tribunal and for the appointment of

adjudicators. The Lieutenant Governor in Council, on the recommendation of the

Minister of Finance, designates a Chief Adjudicator from among the appointed

adjudicators.

The

Commission has the power to collect personal information for the purpose of

carrying out its duties and exercising its powers.

Certain

protections are provided to the Commission and its current and former

directors, employees, Chief Executive Officers and adjudicators with respect to

personal immunity and non-compellability in civil proceedings.

The

Lieutenant Governor in Council is given the power to make regulations governing

transitional matters arising from the enactment of the Act.

Consequential

amendments are made to the Securities Act , the Commodity Futures Act and the Canadian

Public Accountability Board Act (Ontario), 2006 . The amendments

primarily reflect the continuation of the Commission under the new Securities Commission Act, 2021 and the establishment of

the Capital Markets Tribunal. In particular, the Securities

Act and the Commodity Futures Act are

amended to set out the adjudicative functions of the Capital Markets Tribunal

under those Acts.

The

purposes of the Securities Act and the Commodity Futures Act are also amended to include the

fostering of competitive markets and of capital formation.

Schedule

taxation act, 2007

Currently,

under

section 97.1 of the Taxation Act, 2007 ,

qualifying corporations may claim a regional opportunities investment tax

credit in respect of eligible expenditures, which are certain expenditures

incurred in respect of the acquisition of eligible property. Eligible property

is defined as property that, among other things, is located within the

qualifying region. Amendments are made to enhance the amount of the credit that

may be claimed in respect of special expenditures, which are defined as eligible

expenditures in respect of property that is considered to have become available

for use during the period that commences on March 24, 2021 and ends on December

31,

Section

103.0.2 of the Act currently sets out the Ontario childcare access and relief

from expenses tax credit. New subsection 103.0.2 (2.1) provides for a 20 per

cent enhancement of the credit for a taxation year beginning after December 31,

2020 and ending before January 1, 2022.

New

section 103.0.4 of the Act sets out the Ontario jobs training tax credit. The

credit is refundable and is available to eligible individuals in respect of a

taxation year that ends after December 31, 2020 and

before January 1, 2022. Only an individual who has a positive federal

training credit limit for the year is eligible for the credit. Eligible

expenses for the credit are based on expenses that may be claimed in respect of

the Canada training credit under the Income Tax Act

(Canada), which are based on certain expenses that are eligible for the tuition

tax credit under that Act. Consequential amendments are made to sections 84 and

176 of the Act.

Bill 269 2021

Act to implement Budget measures and to enact and amend various statutes

CONTENTS

Contents

of this Act

Commencement

Short

title

Schedule 1

Credit

Unions and Caisses Populaires Act, 1994

Schedule 2

Credit

Unions and Caisses Populaires Act, 2020

Schedule 3

Electricity

Act, 1998

Schedule 4

Financial

Professionals Title Protection Act, 2019

Schedule 5

Insurance

Act

Schedule 6

Invest

Ontario Act, 2021

Schedule 7

Ministry

of Economic Development and Trade Act

Schedule 8

Ontario

Loan Act, 2021

Schedule 9

Securities

Commission Act, 2021

Schedule 10

Taxation

Act, 2007

Her

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

Province of Ontario, enacts as follows:

Contents

of this Act

1 This Act consists of this section, sections 2

and 3 and the Schedules to this Act.

Commencement

(1) Subject to subsections (2) and

(3), this Act comes into force on the day it receives Royal Assent.

(2) The

Schedules to this Act come into force as provided in each Schedule.

(3) If

a

Schedule to this Act provides that any provisions are to come into force on a

day to be named by proclamation of the Lieutenant Governor, a proclamation may

apply to one or more of those provisions, and proclamations may be issued at

different times with respect to any of those provisions.

Short

title

3 The

short title of this Act is the Protecting the People of Ontario Act (Budget Measures), 2021 .

Schedule 1

CREDIT UNIONS AND CAISSES POPULAIRES ACT, 1994

Subsection 276 (2) of the Credit Unions and Caisses

Populaires Act, 1994 is amended by adding the following paragraph:

6. Fees

in respect of credit agreements entered into by the Authority to provide

financial assistance to the credit union sector.

Commencement

This

Schedule comes into force on the day the Protecting

the People of Ontario Act (Budget Measures), 2021 receives Royal Assent.

Schedule 2

CREDIT UNIONS AND CAISSES POPULAIRES ACT, 2020

Subsection 224 (2) of the Credit Unions and Caisses

Populaires Act, 2020 is amended by adding the following paragraph:

6. Fees

in respect of credit agreements entered into by the Authority to provide financial

assistance to the credit union sector.

Commencement

This

Schedule comes into force on the later of the day the Protecting the People of Ontario Act (Budget Measures), 2021

receives Royal Assent and the day subsection 224 (2) of

Schedule 7 to the Protect, Support and Recover from COVID-19 Act (Budget

Measures), 2020 comes into force.

Schedule 3

electricity act, 1998

Subsection 50 (5) of the Electricity Act, 1998 is

repealed.

Commencement

This

Schedule comes into force on the day the Protecting

the People of Ontario Act (Budget Measures), 2021 receives Royal Assent.

Schedule 4

financial professionals title protection act, 2019

Subsection 5 (2) of the Financial Professionals Title

Protection Act, 2019 is repealed and the following substituted:

Fees

payable to the Authority

(2) An

approved credentialing body shall pay any fees required under the Authority

rules.

(1) Paragraph 4 of subsection 15 (1) of the Act is amended by

striking out “including application fees” at the end.

(2) Paragraph

6 of subsection 15 (1) of the Act is repealed.

Consequential

Amendments

Financial

Services Regulatory Authority of Ontario Act, 2016

(1) Section 11 of the Financial Services

Regulatory Authority of Ontario Act, 2016 is amended by adding the

following subsection:

Approved

credentialing body

(8.1) If

a credentialing body approved for the purposes of the Financial

Professionals Title Protection Act, 2019 does not pay a fee payable to

the Authority, the Chief Executive Officer may revoke the credentialing body’s

approval.

(2) Subsection

11 (9) of the Act is repealed and the following substituted:

Revival

(9) The

Chief Executive Officer may revive the licence or approval or restore the

registration, as the case may be, if the body or entity that owes the fee or charge

pays the amount owing.

(3) Clause

21 (2) (

b) of the Act is amended by adding “approvals” before “licences”.

(4) Clause

21 (2) (

d) of the Act is amended by striking out “section 3” and substituting

“sections 3 and 3.1”.

Commencement

Commencement

This

Schedule comes into force on a day to be named by proclamation of the

Lieutenant Governor.

Schedule 5

insurance act

Clause 121 (7.1) (

a) of the Insurance Act is

amended by striking out “or the regulations” and substituting “the regulations

or the Authority rules”.

Subsection 392.2 (1) of the Act is amended by striking out “and the

regulations” and substituting “the regulations and the Authority rules”.

Subsection 392.3 (3) of the Act is amended by striking out “the regulations”

and substituting “the Authority rules”.

Subsection 392.4 (2) of the Act is amended by striking out “the regulations”

and substituting “the Authority rules”.

Subsection 392.5 (1) of the Act is amended by adding “the Authority rules”

after “regulations”.

Clause (

a) of the definition of “requirement established under this Act” in

section 441.1 of the Act is amended by adding “or an Authority rule” after “a

regulation”.

Paragraph 1 of subsection 441.3 (1) of the Act is amended by striking out “or

the regulations” and substituting “the regulations or the Authority rules”.

Subsection 441.4 (1) of the Act is amended by striking out “or the regulations”

and substituting “the regulations or the Authority rules”.

Clause 442.4 (1) (

c) of the Act is amended by adding “the regulations and the

Authority rules” after “this Act”.

(1) Section 445 of the Act is amended by striking out “breach of

this Act” wherever it appears and substituting in each case “breach of this Act

or of a requirement established under this Act”.

(2) Section

445 of the Act is amended by adding the following subsection:

Definition

(4) In

this section,

“requirement

established under this Act” means,

(

a) a

requirement imposed by a provision of this Act, a regulation or an Authority

rule;

(

b) a

requirement of an order or direction made under this Act;

(

c) a

written undertaking given to the Tribunal or the Chief Executive Officer; or

(

d) a

term, condition or restriction imposed by a licence.

(1) Clause 447 (2) (

b) of the Act is repealed and the following

substituted:

(

b) fails

to comply with any requirement, or any order or direction made, under this Act;

(2) Clause

447 (2) (

d) of the Act is amended by striking out “or the regulations” and

substituting “the regulations or the Authority rules”.

Clause 448 (1) (

a) of the Act is amended by striking out “or the regulations”

at the end and substituting “the regulations or the Authority rules”.

Stronger,

Fairer Ontario Act (Budget Measures), 2017

Section 28 of

Schedule 21 to the Stronger, Fairer Ontario

Act (Budget Measures), 2017 is repealed.

Commencement

(1) Subject to subsection (2), this

Schedule comes into force on the

day the Protecting the People of Ontario Act (Budget

Measures), 2021 receives Royal Assent.

(2) Sections

1 to 12 come into force on a day to be named by proclamation of the Lieutenant

Governor.

Schedule 6

invest ontario act, 2021

Interpretation

1 In this Act,

“Corporation”

means Invest Ontario; (“Société”)

“Minister”

means the Minister of Economic Development, Job Creation and Trade or the

minister of the Crown to whom the powers and duties under this Act are assigned

or transferred under the Executive Council Act ;

(“ministre”)

“regional

partner” includes,

(

a) a

municipal or regional economic development organization,

(

b) an

innovation organization,

(

c) a

post-secondary institution,

(

d) a

workforce development organization,

(

e) an

industry or trade association,

(

f) a

federal government organization, and

(

g) any

other organization or entity prescribed by the regulations; (“ partenaire

régional ”)

“subsidiary”

means a corporation that is a subsidiary of the Corporation. (“filiale”)

Corporation

continued

(1) The

Ontario is continued.

Members

of Corporation

(2) The

Corporation is composed of the members of its board of directors.

Same

(3) A

person ceases to be a member of the Corporation when the person ceases to be a

director.

Transition,

existing members of the board

(4) A

person who was a member of the board of directors immediately before the day

subsection 2 (1) of

Schedule 6 to the Protecting the

People of Ontario Act (Budget Measures), 2021 came into force may continue

to hold that position for the remainder of his or her term.

Same

(5) Subject

to subsection 6 (6), a person who is a member of the board of directors under

subsection (4) is entitled to the same remuneration to which he or she was

entitled as a member of the board immediately before the day referred to in

that subsection.

Objects

The

Corporation’s objects are,

(

a) to

secure private sector strategic business and capital investments that support

economic development, resiliency and job creation in Ontario by,

(

i) proactively

identifying and cultivating potential investors or investments (generating

leads), and implementing a sales-driven approach,

(ii) pursuing

an investment strategy that includes sector-specific strategies to attract

investment opportunities that support the growth of firms in Ontario,

(iii) identifying

and developing relationships with potential investors within key sectors

identified by the Minister for the purposes of encouraging and securing

investment in Ontario,

(iv) providing

customized services to assist investors with selecting a physical location for a

potential investment ( site

selection) and navigating the province’s regulatory environment and permitting

requirements,

(

v) providing

a co-ordinated and streamlined investment experience that gives companies

access to business development teams and a set of tools, services, credits,

incentives and supports customized to address investor needs, whether provided by

the Crown, the government, a ministry, a Crown agency or board, commission,

authority or unincorporated body of the Crown, or a regional partner,

(vi) leveraging

the expertise of the business community, regional partners and other levels of

government to inform the Corporation and the Minister on investment priorities

and to enhance co-ordination with regional partners on investment opportunities

in Ontario,

(vii) providing

financial assistance and incentives to promote Ontario’s overall economic

competitiveness and to promote growth in Ontario,

(viii) focusing

efforts on attracting investments to Ontario that offer the greatest sustained

benefits and that are aligned with government priorities,

(ix) ensuring

that the results and benefits of Invest Ontario’s activities are publicly

reported in a transparent manner, and

(

x) co-operating

with the domestic and international business community, other levels of

government, ministries, Crown agencies and boards, commissions, authorities and

unincorporated bodies of the Crown, and regional partners in order to benefit

Ontario;

(

b) to

conduct such further activities, consistent with its objects, as are described

in any policies or directives issued by the Minister or as set out in any

agreement with the Minister;

(

c) to

receive, hold, sell, invest and otherwise deal with its assets in carrying out

its objects; and

(

d) to

carry out such other objects as are prescribed by the regulations.

Crown

agent

(1) The Corporation and its

subsidiaries are agents of the Crown in right of Ontario for all purposes.

Payment

of judgments against a corporation that is a Crown agent

(2) The

Minister of Finance shall pay from the Consolidated Revenue Fund the amount of

any judgment against the Corporation that remains unpaid after the Corporation

has made reasonable efforts, including liquidating assets, to pay the amount of

the judgment.

Board

of directors

(1) The

board of directors of the Corporation shall be composed of up to 13 members.

Management

and supervision by board

(2) The

board of directors shall manage or supervise the management of the

Corporation’s affairs.

Composition

of board, etc.

(1) The

board of directors of the Corporation shall be appointed by the Lieutenant

Governor in Council on the recommendation of the Minister.

Chair

and vice-chair

(2) The

Minister shall designate a chair and a vice-chair from among the members of the

board of directors.

Same

(3) If

the chair is absent or unable to act, or if the office of the chair is vacant,

the vice-chair shall act as chair.

Same

(4) If

the chair and vice-chair are absent, the members present shall appoint an

acting chair from among themselves.

Quorum

(5) A

majority of the members constitutes a quorum of the board of directors.

Remuneration

and reimbursement

(6) The

members of the board of directors shall receive the remuneration and

reimbursement for reasonable expenses as the Lieutenant Governor in Council

determines.

By-laws

(1) The

board of directors may pass by-laws and resolutions regulating its proceedings

and generally for the conduct and management of the affairs of the Corporation.

Same

(2) Without limiting the generality

of subsection (1), the board of directors may pass by-laws and resolutions to,

(

a) appoint

officers and assign to them such powers and duties as the board of directors

considers appropriate;

(

b) establish

committees of the board of directors and delegate powers and duties to such

committees;

(

c) govern

the remuneration and benefits of employees of the Corporation; and

(

d) effect

the orderly transaction of the business of the Corporation.

Minister’s approval

(3) Despite

subsection (1), by-laws of the board are subject to the Minister’s approval.

Continuation

of by-laws

(4) Despite

the revocation of Ontario Regulation 357/20 (Invest Ontario) made under the Development Corporations Act , any by-law made by the

Corporation that was in effect immediately before the revocation is continued.

Chief

Executive Officer

(1) The

board of directors shall appoint a Chief Executive Officer.

Same

(2) The

Chief Executive Officer is responsible for the operation of the Corporation,

subject to the supervision and direction of the board of directors.

Remuneration

and benefits

(3) The

Corporation shall pay such remuneration and benefits to the Chief Executive

Officer as is determined by the board of directors, subject to the Minister’s

approval.

Employees

(1) The

Corporation may employ or otherwise engage persons as it considers necessary

for the proper conduct of the business of the Corporation.

Agreements

for provision of services

(2) The

Corporation may enter into agreements with any minister of the Crown or chair

of a Crown agency for the provision of services to the Corporation by employees

of the Crown or employees of the Crown agency, as the case may be.

Pension

benefits

(3) The

Corporation may provide its eligible employees with pension benefits under the

Public Service Pension Plan if the Corporation is designated as an employer

under the Public Service Pension Act .

Renumeration

and benefits

(4) The

Corporation shall pay such remuneration and benefits to employees of the

Corporation as is determined by the board of directors, subject to the

Minister’s approval.

Powers

Except

as limited by this Act, the Corporation has the capacity, rights, powers and

privileges of a natural person for carrying out its objects.

Limit on powers, approval of Lieutenant Governor in Council

11 The Corporation or a subsidiary shall not, except with the

approval of the Lieutenant Governor in Council,

(

a) acquire, hold or dispose of any interest in real

property; or

(

b) incorporate a subsidiary.

Limit

on powers re borrowing

(1) The

Corporation or a subsidiary shall not borrow or manage financial risks unless,

(

a) a

by-law of the Corporation or subsidiary, as the case may be, authorizes the

activity and the Minister and the Minister of Finance have approved the by-law;

and

(

b) subject

to subsection (3), the Ontario Financing Authority co-ordinates and arranges

the activity.

Temporary

investments

(2) The

Corporation may temporarily invest money not immediately required to carry out

its objects, but only if,

(

a) a

by-law of the Corporation authorizes the investments, which shall be selected

from the following:

(

i) securities

issued or guaranteed as to principal and interest by Ontario, Canada, or

another province or territory of Canada,

(ii) guaranteed

investment certificates of a trust corporation that is registered under the Loan and Trust Corporations Act ,

(iii) deposit

receipts, term deposits, deposit notes, certificates of deposit or investment,

banker’s acceptances or other similar instruments issued, guaranteed or

endorsed by a bank listed in

Schedule I or II to the Bank

Act (Canada), or

(iv) guaranteed

investment certificates, deposit receipts, term deposits, deposit notes,

certificates of deposit or investment or other similar instruments that are

issued, guaranteed or endorsed by a credit union within the meaning of the Credit Unions and Caisses Populaires Act, 1994 ;

(

b) the

Minister and the Minister of Finance have approved the by-law mentioned in

clause (a); and

(

c) subject

to subsection (3), the Ontario Financing Authority co-ordinates and arranges

the investments.

Direction

of Minister of Finance

(3) The

Minister of Finance may in writing direct a person other than the Ontario

Financing Authority to perform the functions referred to in clauses (1) (

b) and

(2) (c).

Same

(4) A

direction of the Minister of Finance under subsection (3) may be general or

considers advisable.

Non-application

of Legislation Act, 2006 ,

Part III

(5) Part

III (Regulations) of the Legislation Act, 2006 does

not apply to a direction issued under subsection (3).

Revenue

(1) The

revenues of the Corporation shall be deposited into accounts permitted by the

Corporation’s by-laws and shall be applied solely for carrying out the

Corporation’s objects.

Status

of revenue and assets

(2) Despite

Part I of the Financial Administration Act , all

revenues and assets of the Corporation and its subsidiaries, if any, do not

form part of the Consolidated Revenue Fund.

Application

of certain Acts

(1) Section

132 (disclosure: conflict of interest), subsection 134 (1) (standards of care,

etc., of directors, etc.) and

section 136 (indemnification) of the Business Corporations Act apply, with necessary

modifications, to the Corporation and its directors.

Same

(2) The

Corporations Information Act does not apply to the

Corporation.

Immunity

of employees and others

(1) No

cause of action arises against,

(

a) a

director, officer or employee of the Corporation or a subsidiary as a result of

any act done in good faith in the performance or intended performance of his or

her duties or any alleged neglect or default in the performance in good faith

of his or her duties; or

(

b) the

Crown, a minister of the Crown or an employee or officer of the Crown as a

result of any act or omission of a person who is not a minister of the Crown or

a Crown employee or officer, if the act or omission is related, directly or

indirectly, to the Corporation’s or subsidiary’s affairs or to the

administration of this Act.

proceeding

(2) No

proceeding, including but not limited to a proceeding for a remedy in contract,

restitution, tort or trust, shall be instituted against,

(

a) a

director, officer or employee of the Corporation or a subsidiary by a person

who has suffered any damages, injury or other loss based on or related to any

cause of action described in clause (1) (a); or

(

b) the

Crown, a minister of the Crown or an employee or officer of the Crown by a

person who has suffered any damages, injury or other loss based on or related

to any cause of action described in clause (1) (b).

Liability

of Corporation preserved

(3) Subsections

(1) and (2) do not relieve the Corporation or a subsidiary of any liability to

which it would otherwise be subject.

Financial

records, etc.

(1) The

Corporation shall maintain financial records for the Corporation and shall

establish financial, management and information systems that will enable the

Corporation to prepare financial statements in accordance with generally

accepted accounting principles.

Inspection

(2) Upon

the request of the Minister, the Corporation shall promptly make its financial

records available for inspection.

Fiscal

year

The

Corporation’s fiscal year begins on April 1 in each year and ends on March 31

in the following year.

Reports

(1) The

Corporation shall, on a frequency identified by the Minister, report on its

progress in achieving performance targets and standards as set by the Minister.

Annual

report

(2) The

Corporation shall prepare an annual report, provide it to the Minister no later

than 120 days after the end of the Corporation’s fiscal year and make it

available to the public.

Directives

re annual report

(3) The

Corporation shall comply with such directives as may be issued by the

Management Board of Cabinet with respect to,

(

a) the

form and content of the annual report; and

(

b) when

and how to make it available to the public.

Additional

content

(4) The

Corporation shall include such additional content in the annual report as the

Minister may require.

Tabling

of annual report

The

Minister shall table the Corporation’s annual report in the Assembly and shall

comply with such directives as may be issued by the Management Board of Cabinet

with respect to when to table it.

Business

plans and reports

(1) At

least six months before the beginning of each fiscal year or by a date

specified by the Minister, the Corporation shall prepare and provide to the

Minister for the Minister’s approval a business plan described in subsection

(2) and such reports as the Minister may require.

Same

(2) The

business plan must be based on a five-year cycle and contain,

(

a) the

Corporation’s proposed operating budget for the fiscal year and the next two

fiscal years;

(

b) the

Corporation’s projected revenues and their sources;

(

c) the

Corporation’s performance targets for the next fiscal year; and

(

d) any

other information required by the Minister.

Other

reports

The

Minister may require the Corporation to provide other reports on such topics as

the Minister specifies.

Policies

and directives by Minister

(1) The

Minister may issue policies and directives in writing to the board of directors

of the Corporation or to any subsidiary on matters relating to the exercise of

its powers or duties.

Implementation

of policies and directives

(2) The

board shall, through the Corporation, ensure that the policies and directives

issued to the Corporation are implemented promptly and efficiently.

Same,

subsidiary

(3) The

governing body of a subsidiary shall ensure that the policies and directives

issued to the subsidiary are implemented promptly and efficiently.

Audit

(1) The

Corporation’s board of directors shall appoint one or more licensed public

accountants to audit the accounts and transactions of the Corporation for the

previous fiscal year.

Auditor

General

(2) The

Auditor General may also audit the accounts and transactions of the Corporation

for any fiscal year.

Minister-appointed

auditor

(3) The

Minister may at any time appoint a licensed public accountant, other than the

person appointed under subsection (1), to audit the accounts and transactions

of the Corporation for any period of time specified by the Minister.

Winding

If the

Lieutenant Governor in Council considers it to be in the public interest to

wind up the affairs of the Corporation, he or she may do all things necessary

to accomplish that, including dealing with the assets of the Corporation by,

(

a) liquidating

or selling the assets and paying the proceeds into the Consolidated Revenue

Fund; or

(

b) transferring

the assets to the Crown or another agency of the Crown.

Regulations

The

Lieutenant Governor in Council may make regulations respecting any matter

necessary or advisable to carry out effectively the intent and purpose of this

Act and, without limiting the generality of the foregoing, may make

regulations,

(

a) prescribing

anything referred to in this Act as being prescribed by the regulations;

(

b) governing

the manner in which the Corporation carries out its objects.

Amendment

Subclause 12 (2) (a) (iv) of the Act is amended by striking out “ Credit Unions and Caisses Populaires Act, 1994 ” and

substituting “ Credit Unions and Caisses Populaires Act,

2020 ”.

Revocation

Ontario Regulation 357/20 (Invest Ontario), made under the Development Corporations Act , is revoked.

Commencement

(1) Subject to subsection (2), the Act set out in this

Schedule

comes into force on the day the Protecting the People of

Ontario Act (Budget Measures), 2021 receives Royal Assent.

(2) Section

26 comes into force on the later of the day subsection 12 (2) comes into force

and the day

section 291 of

Schedule 7 to the Protect,

Support and Recover from COVID-19 Act (Budget Measures), 2020 comes into

force.

Short

title

The

short title of the Act set out in this

Schedule is the Invest Ontario Act, 2021 .

Schedule 7

ministry of economic development and trade act

Section 4 of the Ministry of Economic Development and

Trade Act is amended by adding the following subsections:

Same

(3) Each annual report shall include

a

section titled “The Ontario Investment Prospectus”, detailing the outcomes

and highlights of the Ministry’s economic development funding programs and

funding agreements.

Regulations

(4) The Minister may make regulations

prescribing what constitutes an economic development funding program or funding

agreement for the purposes of subsection (3), and otherwise governing the

annual report and its contents.

Commencement

This

Schedule comes into force on a day to be named by proclamation of the

Lieutenant Governor.

Schedule 8

ontario loan act, 2021

Borrowing

authorized

(1) The

Lieutenant Governor in Council may borrow in any manner provided by the Financial Administration Act such sums, not exceeding a

total aggregate amount of $40.1 billion, as are considered necessary to

discharge any indebtedness or obligation of Ontario or to make any payment

authorized or required by any Act to be made out of the Consolidated Revenue

Fund.

Other

Acts

(2) The

authority to borrow conferred by this Act is in addition to that conferred by

any other Act.

Expiry

(1) No

order in council authorizing borrowing authorized under this Act shall be made

after December 31, 2023.

Same

(2) The

Crown shall not borrow money after December 31, 2024 under the authority of an

order in council that authorizes borrowing under this Act unless, on or before

December 31, 2024,

(

a) the

Crown has entered into an agreement to borrow the money under the order in

council; or

(

b) the

Crown has entered into an agreement respecting a borrowing program and the

agreement enables the Crown to borrow up to a specified limit under the order

in council.

Commencement

The Act set out in this

Schedule comes into force on the day the Protecting the People of Ontario Act (Budget Measures), 2021

receives Royal Assent.

Short

title

The

short title of the Act set out in this

Schedule is the Ontario Loan Act, 2021 .

Schedule 9

securities commission act, 2021

CONTENTS

Interpretation

Definitions

Ontario Securities Commission

Continuation

of Ontario Securities Commission

Crown

agent

Objects

Powers

and duties

Employees

Application

of certain Acts

Board of Directors, Chief

Executive Officer

Board

of directors

Duties

By-laws

Chief

Executive Officer

Chief

Executive Officer — powers, etc., under other Acts

Chief

Executive Officer appointment during first two years

Directors

and officers — good faith, etc.

Public

Service Pension Plan not to apply

Financial Matters

Fiscal

year

Funding

of Tribunal

Fees

Authority

re income

Restriction

on borrowing

Financial

statements

Information and Reporting

Annual

business plan

Minister’s

request for information

Annual

report

Capital Markets Tribunal

Establishment

Jurisdiction

Composition

Adjudicator

appointments

Remuneration,

expenses

Chief

Adjudicator

Hearings

Miscellaneous

Collection

of personal information

Immunity

of Commission, employees and others

Non-compellability

Confidential

information

Regulations

Regulations

Amendment to this Act

Amendment

to this Act

Consequential Amendments

Canadian

Public Accountability Board Act (Ontario), 2006

Commodity

Futures Act

Securities

Act

Commencement and

Short Title

Commencement

Short

title

Interpretation

Definitions

this Act,

“Commission”

means the Ontario Securities Commission continued under this Act; (“Commission”)

“Minister”

means the Minister of Finance or such other member of the Executive Council to

whom the administration of this Act may be assigned; (“ministre”)

“Tribunal”

means the Capital Markets Tribunal established under

section 25. (“Tribunal”)

Ontario

Securities Commission

Continuation of Ontario Securities Commission

The

Ontario Securities Commission is continued as a corporation without share

des valeurs mobilières de l’Ontario in French.

Crown

agent

The

Commission is an agent of the Crown in right of Ontario.

Objects

The

Commission’s objects are,

(

a) to

administer and enforce the Securities Act ;

(

b) to

administer and enforce the Commodity Futures Act ;

and

(

c) to

carry out the powers, duties and functions given to the Commission under this

or any other Act.

Powers

and duties

(1) The

Commission has the capacity, rights, powers and privileges of a natural person

for carrying out its objects, subject to the limits under this Act.

Same

(2) The

Commission shall,

(

a) exercise

the powers conferred on and perform the duties given to it; and

(

b) administer

and enforce this Act and every other Act that confers powers on or gives duties

to it.

Decisions

of one or more director

(3) The

Commission may in writing authorize one or more of its directors to exercise

any of the Commission’s powers or perform any of its duties under the Securities Act , the Commodity

Futures Act or any other Act, and a decision of the director or

directors acting under the authorization has the same force and effect as if

the decision were made by the Commission.

Employees

(1) The

Commission may employ such persons as it considers necessary to enable it to

exercise its powers and perform its duties.

Agreement

for services

(2) The

Commission and a ministry of the Crown may enter into agreements for the

provision by employees of the Crown of any service required by the Commission

to exercise its powers and perform its duties. The Commission shall pay the

agreed amount for services provided to it.

Application

of certain Acts

(1) Sections

132 and 136 of the Business Corporations Act apply

to the Commission, with necessary modifications, as if the Minister were its

sole shareholder.

Non-application

of certain Acts

(2) The

Corporations Act and the Corporations

Information Act do not apply to the Commission.

Board

of Directors, Chief Executive Officer

Board

of directors

(1) The

Commission’s board of directors shall be composed of at least three and not

more than 11 individuals appointed by the Lieutenant Governor in Council on the

recommendation of the Minister.

Quorum

(2) A

majority of the directors constitutes a quorum of the board of directors.

However, the by-laws may provide for a higher threshold for quorum.

Chair

(3) The

Lieutenant Governor in Council shall, on the recommendation of the Minister,

designate a director as chair.

Acting

chair

(4) If

the chair resigns or is absent or incapacitated, the board may designate

another director to act as chair during the vacancy.

Duties

The

board of directors shall manage or supervise the management of the Commission’s

affairs, other than matters relating to the Tribunal’s adjudicative functions.

By-laws

(1) Subject

to the approval of the Minister, the board of directors may propose by-laws

governing the management of the Commission’s affairs.

Copy

to Minister

(2) The

board shall submit a copy of each proposed by-law to the Minister.

Minister’s

review

(3) Within

60 days after the proposed by-law is submitted, the Minister shall approve it,

reject it or return it to the Commission for further consideration.

Effect

of approval

(4) A

proposed by-law that is approved by the Minister becomes effective on the day

of the approval or on such later day as the by-law may specify.

Effect

of rejection

(5) A

proposed by-law that is rejected by the Minister does not become effective.

Effect

of return for further consideration

(6) If

the Minister returns a proposed by-law to the Commission for further

consideration, the Commission may resubmit it to the Minister.

Expiry

of review period

(7) If

within the 60-day period the Minister does not approve the proposed by-law,

reject it or return it for further consideration, it becomes effective on the

75th day after it is submitted to the Minister or on such later date as the

by-law may specify.

Financial

by-laws

(8) The

following apply with respect to a by-law relating to borrowing or investing:

1. Subsections

(3) to (7) do not apply.

2. The

by-law does not take effect unless it is approved by the Minister and, if the

Minister is not the Minister of Finance, the Minister of Finance.

3. The

by-law becomes effective on the day it is approved under paragraph 2 or on such

later date as the by-law may specify.

Publication

(9) The

Commission shall publish each by-law on its website as soon as possible after

it is approved or, in the case of a by-law that becomes effective under

subsection (7), as soon as possible after the date on which it becomes

effective.

Legislation

Act, 2006

(10) Part

III (Regulations) of the Legislation Act, 2006 does

not apply to the Commission’s by-laws.

Chief

Executive Officer

(1) The

board of directors shall appoint a Chief Executive Officer of the Commission.

Management

and administration

(2) The

Chief Executive Officer shall be responsible for the management and

administration of the Commission, other than matters relating to the Tribunal’s

adjudicative functions.

Remuneration,

expenses

(3) The

board shall set the Chief Executive Officer’s remuneration and expenses.

Chief

Executive Officer — powers, etc., under other Acts

The

Chief Executive Officer has the powers, duties and functions given to the Chief

Executive Officer of the Commission under the Securities

Act , the Commodity Futures Act and any other

Act.

Chief

Executive Officer appointment during first two years

(1) Despite

subsection 11 (1), the Lieutenant Governor in Council shall, on the

recommendation of the Minister, appoint a Chief Executive Officer who shall

exercise the powers, perform the duties and carry out the functions set out in

subsection 11 (2) and

section 12 during the first two years after this

subsection comes into force.

Remuneration,

expenses

(2) The

Commission shall pay the Chief Executive Officer appointed under this

section

the remuneration and expenses fixed by the Lieutenant Governor in Council.

Term

(3) The

term of the Chief Executive Officer appointed under this

section ends on the

second anniversary of the day subsection (1) comes into force.

Eligibility

for appointment by board

(4) The

person appointed under this

section is eligible to be appointed as Chief

Executive Officer by the board under

section 11.

Directors

and officers — good faith, etc.

Every

director and officer of the Commission shall, in exercising their powers and

performing their duties,

(

a) act

honestly and in good faith in the best interests of the Commission in carrying

out its objects; and

(

b) exercise

the care, diligence and skill that a reasonably prudent person would exercise

in comparable circumstances.

Public

Service Pension Plan not to apply

The

Public Service Pension Plan established under the Public

Service Pension Act does not apply to the Commission’s directors,

employees or adjudicators or to the Chief Executive Officer, except as

authorized by order of the Lieutenant Governor in Council.

Financial

Matters

Fiscal

year

The

Commission’s fiscal year begins on April 1 in each year and ends on March 31 in

the next year.

Funding

of Tribunal

(1) The

Chief Adjudicator shall prepare and submit to the Commission’s board of

directors a proposed budget in each fiscal year containing the estimated

amounts required to fund the proper operation of the Tribunal for the next

fiscal year.

Commission

to allocate funding

(2) The

Commission shall allocate sufficient funding for the proper operation of the

Tribunal in each fiscal year.

Fees

The

Commission may collect and enforce the payment of such fees as may be

authorized under the Securities Act or the Commodity Futures Act .

Authority

re income

(1) Despite

the Financial Administration Act , the fees payable

to the Commission under the Securities Act or the Commodity Futures Act , the revenue

from the exercise of a power or the performance of a duty or function given to

the Commission under those Acts, and the investments held by the Commission do

not form part of the Consolidated Revenue Fund and, subject to this

section, shall be applied to carrying out the powers, duties and functions

given to the Commission under this or any other Act.

Exceptions

(2) The

Commission shall pay into the Consolidated Revenue Fund money received by the

Commission pursuant to an order under paragraph 9 or 10 of subsection 127

(1) of the Securities Act or paragraph 9 or 10 of

subsection 60 (1) of the Commodity Futures Act or

as a payment to settle enforcement proceedings commenced by the Commission,

other than money,

(

a) to

reimburse the Commission for costs incurred or to be incurred by it; or

(

b) that

is designated under the terms of the order or settlement,

(

i) for

allocation to or for the benefit of third parties, or

(ii) for

use by the Commission for the purpose of educating investors or promoting or

otherwise enhancing knowledge and information of persons regarding the

operation of the securities and financial markets.

Same

(3) The

Minister may establish guidelines respecting the allocation of money received

by the Commission pursuant to an order described in subsection (2) or as a

payment to settle enforcement proceedings commenced by the Commission.

Non-application

of Fines and Forfeitures Act , designation under

subs. (2) (b)

(4) Subsection

2 (2) of the Fines and Forfeitures Act does not

apply to a fine recovered for a contravention of Ontario securities law or

Ontario commodity futures law that is designated in accordance with clause (2)

(b).

Surplus

(5) When

ordered to do so by the Minister, the Commission shall pay into the

Consolidated Revenue Fund such of its surplus funds as are determined by the

Minister.

Same

(6) In

determining the amount of a payment to be made under subsection (5), the Minister

shall allow such reserves for the future needs of the Commission as the

Minister considers appropriate, and shall ensure that the payment will not

impair the Commission’s ability to pay its liabilities, to meet its obligations

as they become due or to fulfil its contractual commitments.

Restriction

on borrowing

The

Commission shall not borrow or invest money unless the borrowing or investing

is authorized by by-law.

Financial

statements

(1) The

Commission shall prepare annual financial statements in accordance with

generally accepted accounting principles. The financial statements must present

the financial position, financial performance and changes in the financial

position of the Commission for its most recent fiscal year.

Auditors

(2) The

Commission shall appoint one or more auditors licensed under the Public Accounting Act, 2004 to audit the Commission’s

financial statements for each fiscal year.

Auditor

General

(3) The

Auditor General may also audit the Commission’s financial statements.

Information

and Reporting

Annual

business plan

(1) The

Commission shall prepare an annual business plan, provide it to the Minister

and make it available to the public.

Same

(2) The

Commission shall comply with such directives as may be issued by the Management

Board of Cabinet with respect to,

(

a) the

form and content of the business plan;

(

b) when

to provide it to the Minister; and

(

c) when

and how to make it available to the public.

Same

(3) The

Commission shall include such additional content in the business plan as the

Minister may require.

Minister’s

request for information

(1) The

Commission shall promptly give the Minister such information about its

activities, operations and financial affairs as the Minister may request.

Examination

(2) The

Minister may designate a person to examine any financial or accounting

procedures, activities or practices of the Commission. The person designated

shall do so and report the results of the examination to the Minister.

Duty

to assist, etc.

(3) The

directors, adjudicators and employees of the Commission shall give the person

designated by the Minister all the assistance and co-operation necessary to

enable the person to complete the examination.

Annual

report

(1) The

Commission shall prepare an annual report, provide it to the Minister and make

it available to the public.

Same

(2) The

Commission shall comply with such directives as may be issued by the Management

Board of Cabinet with respect to,

(

a) the

form and content of the annual report;

(

b) when

to provide it to the Minister; and

(

c) when

and how to make it available to the public.

Same

(3) The

Commission shall include such additional content in the annual report as the

Minister may require.

Capital

Markets Tribunal

Establishment

The Capital

Markets Tribunal is established as a division of the Commission.

Jurisdiction

The

Tribunal has exclusive jurisdiction to exercise the powers conferred on it

under the Securities Act and the Commodity Futures Act and to determine all questions of

fact or law in any proceeding before it under those Acts.

Composition

(1) The

Tribunal shall be composed of at least nine adjudicators appointed by the

Lieutenant Governor in Council.

Deficiency

in number

(2) If

there are fewer than nine adjudicators, the Tribunal is deemed to be properly

composed for a period not exceeding 90 days after the day the deficiency in

numbers first occurs.

Adjudicator

appointments

(1) The

appointment of an adjudicator shall be for a fixed term specified by the

Lieutenant Governor in Council.

Initial

term, up to five years

(2) The

initial term of an adjudicator’s appointment shall not exceed five years.

Remuneration,

expenses

The

Commission shall pay the adjudicators the remuneration and expenses fixed by

the Lieutenant Governor in Council.

Chief

Adjudicator

(1) The

Lieutenant Governor in Council shall, on the recommendation of the Minister,

designate a Chief Adjudicator from among the appointed adjudicators.

Duties

(2) The

Chief Adjudicator shall supervise and direct the operations of the Tribunal.

Administrative

directions

(3) The

Chief Adjudicator shall comply with the board’s administrative directions

except with respect to matters related to the Tribunal’s adjudicative functions.

Delegation

(4) The

Chief Adjudicator may, in writing, delegate a power conferred on or a duty

given to the Chief Adjudicator under this Act or under the Securities Act or the Commodity

Futures Act to an employee of the Commission assigned to assist the

Tribunal in the performance of its functions.

Hearings

(1) The

Tribunal may hold hearings in or outside of Ontario.

Joint

hearings

(2) The

Tribunal may hold hearings in conjunction with other bodies empowered by

statute to administer or regulate trading in securities, derivatives or

commodities, and may consult with those bodies during the course of, or in

connection with, the hearing.

Miscellaneous

Collection

of personal information

32 The Commission may collect personal information within the

meaning of

section 38 of the Freedom of Information and

Protection of Privacy Act for the purpose of carrying out its duties and

exercising its powers under this or any other Act.

Immunity

of Commission, employees and others

(1) No proceeding, including a court,

administrative or arbitral proceeding, shall be commenced against the

Commission, any current or former director or employee of the Commission or any

current or former Chief Executive Officer or adjudicator for any act done in

good faith in the exercise or performance, or intended exercise or performance,

of the person’s powers, duties or functions under this Act, the Securities Act , the Commodity

Futures Act or any other Act or for any alleged neglect or default in

the exercise or performance of those powers, duties or functions.

Crown

remains vicariously liable

(2) Despite

subsection 8 (3) of the Crown Liability and Proceedings

Act, 2019 , subsection (1) does not relieve the Crown of any liability to

which it would otherwise be subject as a result of the acts or omissions of a

person specified in subsection (1).

Non-compellability

34 A current or former director or employee of the Commission,

or a current or former Chief Executive Officer or adjudicator, shall not be

required in any civil proceeding, except a proceeding under the Securities Act or the Commodity

Futures Act or a judicial review relating to a proceeding under either

of those Acts, to give testimony or to produce any book, record, document or

thing respecting information obtained in the discharge of their duties under

those Acts or under this Act.

Confidential

information

35 The Minister is entitled to keep confidential any

information or documents received from the Commission that the Commission was

entitled to keep confidential.

Regulations

Regulations

36 The Lieutenant Governor in Council may make regulations

governing transitional matters arising from the enactment of this Act,

including transitional matters relating to hearings in proceedings that were

commenced under the Securities Act or the Commodity Futures Act before the day this Act came into

force.

Amendment to this Act

Amendment

to this Act

37 Subsection 7 (2) of the Act is

amended by striking out “ Corporations Act ” and

substituting “ Not-for-Profit Corporations Act, 2010 ”.

Consequential Amendments

Canadian

Public Accountability Board Act (Ontario), 2006

Section 4 of the Canadian Public

Accountability Board Act (Ontario), 2006 is amended by striking out

“Despite subsection 3 (7) of the Securities Act ” at

the beginning.

Commodity

Futures Act

39 (1) Subsection 1 (1) of the Commodity Futures Act is amended by adding the following

definitions:

“Capital

Markets Tribunal” means the Capital Markets Tribunal established under

section

25 of the Securities Commission Act, 2021 ; (“Tribunal

des marchés financiers”)

“Chief

Adjudicator” means the Chief Adjudicator of the Capital Markets Tribunal; (“arbitre

en chef”)

(2) The

definition of “Commission” in subsection 1 (1) of the Act is amended by adding

“continued under the Securities Commission Act, 2021 ”

at the end.

(3) The

definition of “decision” in subsection 1 (1) of the Act is amended by striking

out “the Commission or a Director” and substituting “the Commission, the

Tribunal or a Director”.

(4) The

definition of “Director” in subsection 1 (1) of the Act is repealed and the

following substituted:

“Director”

means the Chief Executive Officer of the Commission, the Executive Director of

the Commission, a Director or Deputy Director of the Commission or a person

employed by the Commission in a position designated by the Chief Executive

Officer of the Commission for the purpose of this definition; (“directeur”)

(5) Clause

(

c) of the definition of “Ontario commodity futures law” in subsection 1 (1) of

the Act is amended by striking out “the Commission or a Director” and

substituting “the Commission, the Tribunal or a Director”.

(6) The

definition of “Secretary” in subsection 1 (1) of the Act is repealed.

(7) Subsection

1 (1) of the Act is amended by adding the following definition:

“Tribunal”

means the Capital Markets Tribunal. (“Tribunal”)

(8) Clause

1.1 (1) (

b) of the Act is repealed and the following substituted:

(

b) to

foster fair, efficient and competitive commodity futures markets and confidence

in those markets;

(b.1) to

foster capital formation; and

(9) Subsection

2.1 (2) of the Act is repealed.

(10) The

Act is amended by adding the following

section immediately before the heading

Part II:

Delegation

2.3

(1) The Commission may delegate any

of the Commission’s powers and duties under this Act to the Chief Executive

Officer of the Commission or to another Director.

Same

(2) The

Chief Executive Officer of the Commission may delegate powers or duties under

this Act to another Director, other than powers and duties delegated to the

Chief Executive Officer of the Commission by the Commission under subsection (1).

Revocation

of delegation

(3) The

Commission may revoke, in whole or in part, a delegation made under subsection

(1), and the Chief Executive Officer of the Commission may revoke, in whole or

in part, a delegation made under subsection (2).

Terms

and conditions

(4) A

delegation under this

section is subject to any terms or conditions set out in

the delegation.

(11) Part

II.1 of the Act is repealed.

(12) Subsection

4 (1) of the Act is repealed.

(13) Subsection

4 (2) of the Act is amended by striking out “the Commission” wherever it

appears and substituting in each case “the Tribunal”.

(14) Section

4 of the Act is amended by adding the following subsection:

Extension

by Tribunal

(2.1) Despite

subsection (2), the Tribunal may extend the time limit for filing notice of the

request if an extension is not prejudicial to the public interest.

(15) Subsections

4 (3) and (4) of the Act are amended by striking out “the Commission” wherever

it appears and substituting in each case “the Tribunal”.

(16) Subsection

5 (3) of the Act is amended by striking out “The Secretary” at the beginning

and substituting “The Chief Executive Officer of the Commission”.

(17) The

Act is amended by adding the following

section immediately before the heading

Part IV:

Appeal

of Tribunal’s decision

(1) The Chief Executive Officer of the

Commission or a person or company directly affected by a final decision of the

Tribunal may appeal to the Divisional Court within 30 days after the later of

the making of the final decision or the issuing of the reasons for the final

decision.

Stay

(2) Despite

the fact that an appeal is taken under this section, the decision appealed from

takes effect immediately, but the Tribunal or the Divisional Court may grant a

stay until disposition of the appeal.

Certification

of documents

(3) The

Chief Adjudicator shall certify to the Divisional Court,

(

a) the

decision that has been reviewed by the Tribunal;

(

b) the

decision of the Tribunal, together with any statement of reasons;

(

c) the

record of the proceedings before the Tribunal; and

(

d) all

written submissions to the Tribunal or other material that is relevant to the

appeal.

Minister

(4) The

Minister is entitled to be heard by counsel or otherwise on the argument of an

appeal under this section, whether or not the Minister is named as a party to

the appeal.

Respondent

to appeal

(5) The

Chief Executive Officer of the Commission is a respondent to an appeal under

this

section by a person or company mentioned in subsection (1).

Powers

of court on appeal

(6) Where

an appeal is taken under this section, the court may by its order direct the

Tribunal to make such decision or to do such other act as the Tribunal is

authorized and empowered to do under this Act or the regulations and as the

court considers proper, having regard to the material and submissions before it

and to this Act and the regulations, and the Tribunal shall make such decision

or do such act accordingly.

Further

decisions

(7) Despite

an order of the court on an appeal, the Tribunal may make any further decision

upon new material or where there is a significant change in the circumstances,

and every such decision is subject to this section.

(18) Subsections

13 (1), (2), (2.1) and (4) of the Act are amended by striking out “the

Commission” wherever it appears and substituting in each case “the Tribunal”.

(19) Subsection

13 (6) of the Act is amended by striking out “by the Commission”.

(20) Subsection

18 (1) of the Act is amended by striking out “assigns” and substituting

“delegates”.

(21) Section

20 of the Act is repealed and the following substituted:

Delegation

to registered commodity futures exchange, recognized self-regulatory

organization

(1) The Commission may, on such terms and

conditions as it may impose, delegate to a registered commodity futures

exchange or recognized self-regulatory organization any of the powers and

duties of the Commission under

Part VIII or the regulations related to that

Part.

Same

(2) The

Chief Executive Officer of the Commission may, with the approval of the

Commission, delegate to a registered commodity futures exchange or recognized

self-regulatory organization any of the powers and duties of the Director under

Part VIII or the regulations related to that Part.

Revocation

of delegation

(3) The

Commission or, with the approval of the Commission, the Chief Executive Officer

of the Commission, may at any time revoke, in whole or in part, a delegation

made under this section.

(22) Subsection

21.1 (1) of the Act is amended by striking out “The Executive Director” at the

beginning and substituting “The Chief Executive Officer of the Commission” and

by striking out “the Commission” and substituting “the Tribunal”.

(23) Subclause

54.1 (1) (b) (ii) of the Act is amended by striking out “the Commission” and

substituting “the Tribunal”.

(24) Subclause

54.1 (3) (b) (ii) of the Act is amended by striking out “the Commission” and

substituting “the Tribunal”.

(25) Subclause

55 (1) (

a) of the Act is amended by striking out “Executive Director” and

substituting “Chief Executive Officer of the Commission”.

(26) Subsection

60 (1) of the Act is amended by striking out “The Commission” at the beginning

and substituting “The Tribunal”.

(27) Paragraphs

4 and 5 of subsection 60 (1) of the Act are amended by striking out “the

Commission” wherever it appears and substituting in each case “the Tribunal”.

(28) Section

60 of the Act is amended by adding the following subsection:

Order

by Commission on consent

(1.1) The

Commission may make any order described in paragraph 1, 2 or 2.1 of subsection

(1) if the Commission has the consent of the person to whom the order is

directed, and in such circumstances no hearing is required, despite subsection

(3).

(29) Subsection

60 (2) of the Act is repealed and the following substituted:

Terms

and conditions

(2) An

imposed by the Tribunal or the Commission, as the case may be.

(30) Subsection

60 (4) of the Act is repealed and the following substituted:

Temporary

orders, Tribunal

(4) Despite

subsection (3), if in the opinion of the Tribunal the length of time required

to conclude a hearing could be prejudicial to the public interest, the Tribunal

may make a temporary order under paragraph 1, 2, 2.1 or 3 or subparagraph 5 ii

of subsection (1).

Temporary

orders, Commission

(4.1) Despite

subsection (3), if in the opinion of the Commission the length of time required

to conclude a hearing could be prejudicial to the public interest, the

Commission may make a temporary order under paragraph 1, 2, 2.1 or 3 or

subparagraph 5 ii of subsection (1).

(31) Subsections

60 (5) to (7) of the Act are repealed and the following substituted:

Period

of temporary order

(5) A

temporary order made under subsection (4) or (4.1) takes effect immediately and

expires on the 15th day after its making unless extended by the Tribunal.

Extension

of temporary order by Tribunal

(6) The

Tribunal may extend a temporary order made under subsection (4) or (4.1) until

the hearing is concluded if a hearing is commenced within the 15-day period.

Same

(7) Despite

subsection (6), the Tribunal may extend a temporary order made under subsection

(4) or (4.1) for such period as it considers necessary if satisfactory

information is not provided to the Tribunal within the 15-day period.

(32) Subsection

60 (8) of the Act is amended by striking out “The Commission” at the beginning

and substituting “The Tribunal”.

(33) Section

60 of the Act is amended by adding the following subsection:

Same,

temporary order by Commission

(8.1) The

Commission shall give written notice of every temporary order made under

subsection (4.1), together with a notice of hearing, to any person or company

directly affected by the temporary order.

(34) Subsection

60 (9) of the Act is amended by striking out “Without limiting the generality

of subsections (1) and (4), an order may be made under subsection (1) or (4)”

at the beginning and substituting “Without limiting the generality of

subsections (1), (1.1), (4) and (4.1), an order may be made under any of those

subsections”.

(35) Section

60.1 of the Act is repealed and the following substituted:

Payment

of investigation costs

60.1

(1) If, in respect of a person or

company whose affairs were the subject of an investigation, the Tribunal,

(

a) is

satisfied that the person or company has not complied with, or is not complying

with, Ontario commodity futures law; or

(

b) considers

that the person or company has not acted in the public interest,

the

Tribunal may, after conducting a hearing, order the person or company to pay

the costs of the investigation.

Payment

of hearing costs

(2) If,

in respect of a person or company whose affairs were the subject of a hearing,

the Tribunal, after conducting the hearing,

(

a) is

satisfied that the person or company has not complied with, or is not complying

with, Ontario commodity futures law; or

(

b) considers

that the person or company has not acted in the public interest,

the

Tribunal may order the person or company to pay the costs of or related to the

hearing that are incurred by or on behalf of the Commission.

Payment

of costs where offence

(3) Where

a person or company is guilty of an offence under this Act or the regulations,

the Tribunal may, after conducting a hearing, order the person or company to

pay the costs of any investigation carried out in respect of that offence.

Costs

(4) For

the purposes of subsections (1), (2) and (3), the costs that the Tribunal may

order the person or company to pay include, but are not limited to, all or any

of the following:

1. Costs

incurred in respect of services provided by persons appointed or engaged under

section 3, 7 or 8.

2. Costs

of matters preliminary to the hearing.

3. Costs

for time spent by the Commission or the staff of the Commission.

4. Any

fee paid to a witness.

5. Costs

of legal services provided to the Commission.

(36) Subsection

60.2 (3) of the Act is amended by striking out “despite any order made by the

Commission under

section 60” in the portion before paragraph 1 and substituting

“despite any order made under

section 60 by the Commission or the Tribunal”.

(37) Section

62.1 of the Act is repealed.

(38) Section

64 of the Act is repealed and the following substituted:

Immunity

re intended compliance

64 No person or company has any rights or remedies and no

proceedings lie or shall be brought against any person or company for any act

or omission of the last-mentioned person or company done or omitted in

compliance with Ontario commodity futures law.

(39) Section

65 of the Act is amended by adding the following subsection:

Limitation,

Tribunal’s adjudicative functions

(1.1) The

Commission shall not make rules respecting matters relating to the Tribunal’s

adjudicative functions.

(40) Sections

74 and 77 of the Act are repealed.

(41) Subsection

78 (1) of the Act is amended by striking out “Executive Director” and

substituting “Chief Executive Officer of the Commission”.

(42) The

Act is amended by adding the following section:

Revocation

or variation of decision by Tribunal

78.1

(1) The Tribunal may make an order

revoking or varying a decision of the Tribunal, on the application of the Chief

Executive Officer of the Commission or a person or company affected by the

decision, if in the Tribunal’s opinion the order would not be prejudicial to

the public interest.

Terms

and conditions

(2) The

(43) Section

82 of the Act is amended by striking out “the Commission’s ability” and

substituting “the Commission’s or the Tribunal’s ability”.

(44) Subsection

83 (1) of the Act is amended by striking out “made by the Commission or by a

Director pursuant to subsection 3.1 (1)” and substituting “made by the

Commission, by the Tribunal, by the Chief Executive Officer of the Commission

or by another Director in accordance with a delegation under subsection 2.3

(1)”.

(45) Subsection

83 (2) of the Act is amended by striking out “the Commission” and substituting

“the Tribunal”.

(46) Clause

84 (1) (

a) of the Act is amended by striking out “the Commission” and

substituting “the Tribunal”.

(47) Subsection

84 (3) of the Act is amended by striking out “the Commission” at the end and

substituting “the Tribunal”.

Securities

Act

40 (1) Subsection 1 (1) of the Securities Act is amended by adding the following

definitions:

“Capital

Markets Tribunal” means the Capital Markets Tribunal established under

section 25

of the Securities Commission Act, 2021 ; (“Tribunal

des marchés financiers”)

“Chief

Adjudicator” means the Chief Adjudicator of the Capital Markets Tribunal; (“arbitre

en chef”)

(2) The

definition of “Commission” in subsection 1 (1) of the Act is amended by adding

“continued under the Securities Commission Act, 2021 ”

at the end.

(3) The definition of “decision” in

subsection 1 (1) of the Act is amended by striking out “the Commission or a

Director” and substituting “the Commission, the Tribunal or a Director”.

(4) The definition of “Director” in

subsection 1 (1) of the Act is repealed and the following substituted:

“Director”

means the Chief Executive Officer of the Commission, the Executive Director of

the Commission, a Director or Deputy Director of the Commission or a person

employed by the Commission in a position designated by the Chief Executive

Officer of the Commission for the purpose of this definition; (“directeur”)

(5) Clause (

c) of the definition of

“Ontario securities law” in subsection 1 (1) of the Act is amended by striking

out “the Commission or a Director” and substituting “the Commission, the

Tribunal or a Director”.

(6) Subsection 1 (1) of the Act is

amended by adding the following definition:

“Tribunal”

means the Capital Markets Tribunal; (“Tribunal”)

(7) Clause 1.1 (

b) of the Act is

repealed and the following substituted:

(

b) to

foster fair, efficient and competitive capital markets and confidence in

capital markets;

(b.1) to

foster capital formation; and

(8) Section

3 of the Act is repealed and the following substituted:

Delegation

(1) The Commission may delegate any of the

Commission’s powers and duties under this Act to the Chief Executive Officer of

the Commission or to another Director.

Same

(2) The

Chief Executive Officer of the Commission may delegate powers or duties under

this Act to another Director, other than powers and duties delegated to the

Chief Executive Officer of the Commission by the Commission under subsection

(1).

Revocation

of delegation

(3) The

Commission may revoke, in whole or in part, a delegation made under subsection

(1), and the Chief Executive Officer of the Commission may revoke, in whole or

in part, a delegation made under subsection (2).

Terms

and conditions

(4) A

delegation under this

section is subject to any terms or conditions set out in

the delegation.

(9) Sections

3.1 to 3.12 of the Act are repealed.

(10) Part

IV of the Act is repealed.

(11) Subsection

8 (1) of the Act is repealed.

(12) Subsection

8 (2) of the Act is amended by striking out “the Commission” wherever it

appears and substituting in each case “the Tribunal”.

(13) Section

8 of the Act is amended by adding the following subsection:

Extension by Tribunal

(2.1) Despite

subsection (2), the Tribunal may extend the time limit for filing notice of the

request if an extension is not prejudicial to the public interest.

(14) Subsections

8 (3) and (4) of the Act are amended by striking out “the Commission” wherever

it appears and substituting in each case “the Tribunal”.

(15) Subsection 9 (3) of the Act is

amended by striking out “The Secretary” at the beginning and substituting “The

Chief Executive Officer of the Commission”.

(16) The

Act is amended by adding the following

section immediately before the heading

Part VI:

Appeal of Tribunal’s decision

(1) The Chief Executive Officer of the

Commission or a person or company directly affected by a final decision of the

Tribunal may appeal to the Divisional Court within 30 days after the later of

the making of the final decision or the issuing of the reasons for the final

decision.

Stay

(2) Despite

the fact that an appeal is taken under this section, the decision appealed from

takes effect immediately, but the Tribunal or the Divisional Court may grant a

stay until disposition of the appeal.

Certification

of documents

(3) The

Chief Adjudicator shall certify to the Divisional Court,

(

a) the

decision that has been reviewed by the Tribunal;

(

b) the

decision of the Tribunal, together with any statement of reasons;

(

c) the

record of the proceedings before the Tribunal; and

(

d) all

written submissions to the Tribunal or other material that is relevant to the

appeal.

Minister

(4) The

Minister is entitled to be heard by counsel or otherwise on the argument of an

appeal under this section, whether or not the Minister is named as a party to

the appeal.

Respondent

to appeal

(5) The

Chief Executive Officer of the Commission is a respondent to an appeal under

this

section by a person or company mentioned in subsection (1).

Powers

of court on appeal

(6) Where

an appeal is taken under this section, the court may by its order direct the

Tribunal to make such decision or to do such other act as the Tribunal is

authorized and empowered to do under this Act or the regulations and as the

court considers proper, having regard to the material and submissions before it

and to this Act and the regulations, and the Tribunal shall make such decision

or do such act accordingly.

Further

decisions

(7) Despite

an order of the court on an appeal, the Tribunal may make any further decision

upon new material or where there is a significant change in the circumstances,

and every such decision is subject to this section.

(17) Subsections

17 (1), (2), (2.1) and (4) of the Act are amended by striking out “the

Commission” wherever it appears and substituting in each case “the Tribunal”.

(18) Clause

17 (6) (

a) of the Act is amended by striking out “before the Commission or the

Director”.

(19) Subsection

21.3 (1) of the Act is amended by striking out “assign” and substituting

“delegate”.

(20) Section

21.5 of the Act is repealed and the following substituted:

Delegation

to recognized exchange, recognized self-regulatory organization

21.5

(1) The Commission may, on such

recognized self-regulatory organization any of the powers and duties of the

Commission under

Part XI or the regulations related to that Part.

Same

(2) The

Chief Executive Officer of the Commission may, with the approval of the

Commission, delegate to a recognized exchange or recognized self-regulatory

organization any of the powers and duties of the Director under

Part XI or the

regulations related to that Part.

Revocation

of delegation

(3) The

Commission or, with the approval of the Commission, the Chief Executive Officer

of the Commission, may at any time revoke, in whole or in part, a delegation

made under this section.

(21) Subsection

21.7 (1) of the Act is amended by striking out “The Executive Director” at the

beginning and substituting “The Chief Executive Officer of the Commission” and

by striking out “the Commission” and substituting “the Tribunal”.

(22) Subsection

29 (6) of the Act is amended by striking out “the Commission” and substituting

“the Tribunal”.

(23) Subsection

61 (6) of the Act is amended by striking out “the Secretary of the Commission”

and substituting “the Commission” and by striking out “by the Secretary”.

(24) Subsection

63 (7) of the Act is amended by striking out “by this Act, the regulations or

by a decision of the Commission” and substituting “by Ontario securities law”.

(25) Subsection

74 (1) of the Act is amended by striking out “rulings” in the portion before

paragraph 1 and substituting “orders”.

(26) Paragraphs

1 and 2 of subsection 74 (1) of the Act are amended by striking out “A ruling”

wherever it appears and substituting in each case “An order”.

(27) Subsection

74 (1.1) of the Act is amended by striking out “a ruling” and substituting “an

order”.

(28) Subsection

74 (2) of the Act is amended by striking out “and rule accordingly” at the end

and substituting “and make an order accordingly”.

(29) Clause

(

e) of the definition of “interested person” in

section 89 of the Act is

amended by striking out “the Commission” and substituting “the Tribunal”.

(30) Section

104 of the Act is amended by striking out “the Commission” wherever it appears

and substituting in each case “the Tribunal”.

(31) Subclause

121.5 (1) (b) (ii) of the Act is amended by striking out “the Commission” and

substituting “the Tribunal”.

(32) Subclause

121.5 (3) (b) (ii) of the Act is amended by striking out “the Commission” and

substituting “the Tribunal”.

(33) Clause

122 (1) (

a) of the Act is amended by striking out “Executive Director” and

substituting “Chief Executive Officer of the Commission”.

(34) Subsection

127 (1) of the Act is amended by striking out “The Commission” at the beginning

and substituting “The Tribunal”.

(35) Paragraphs

4 and 5 of subsection 127 (1) of the Act are amended by striking out “the

Commission” wherever it appears and substituting in each case “the Tribunal”.

(36) Section

127 of the Act is amended by adding the following subsection:

Order

by Commission on consent

(1.1) The

Commission may make any order described in paragraph 1, 2 or 2.1 of subsection

(1) if the Commission has the consent of the person to whom the order is

directed, and in such circumstances no hearing is required, despite subsection

(4).

(37) Subsection

127 (2) of the Act is repealed and the following substituted:

Terms

and conditions

(2) An

imposed by the Tribunal or the Commission, as the case may be.

(38) Subsection

127 (3) of the Act is amended by striking out “The Commission” at the beginning

and substituting “The Tribunal or the Commission”.

(39) Subsection

127 (5) of the Act is repealed and the following substituted:

Temporary

orders, Tribunal

(5) Despite

subsection (4), if in the opinion of the Tribunal the length of time required

to conclude a hearing could be prejudicial to the public interest, the Tribunal

may make a temporary order under paragraph 1, 2, 2.1 or 3 or subparagraph 5 ii

of subsection (1).

Temporary

orders, Commission

(5.1) Despite

subsection (4), if in the opinion of the Commission the length of time required

to conclude a hearing could be prejudicial to the public interest, the

Commission may make a temporary order under paragraph 1, 2, 2.1 or 3 or

subparagraph 5 ii of subsection (1).

(40) Subsections

127 (6) to (8) of the Act are repealed and the following substituted:

Period

of temporary order

(6) A

temporary order made under subsection (5) or (5.1) takes effect immediately and

expires on the 15th day after its making unless extended by the Tribunal.

Extension

of temporary order by Tribunal

(7) The

Tribunal may extend a temporary order made under subsection (5) or (5.1) until

the hearing is concluded if a hearing is commenced within the 15-day period.

Same

(8) Despite

subsection (7), the Tribunal may extend a temporary order made under subsection

(5) or (5.1) for such period as it considers necessary if satisfactory

information is not provided to the Tribunal within the 15-day period.

(41) Subsection

127 (9) of the Act is amended by striking out “The Commission” at the beginning

and substituting “The Tribunal”.

(42) Section

127 of the Act is amended by adding the following subsection:

Same,

temporary order by Commission

(9.1) The

Commission shall give written notice of every temporary order made under

subsection (5.1), together with a notice of hearing, to any person or company

directly affected by the temporary order.

(43) Subsection

127 (10) of the Act is amended by striking out “Without limiting the generality

of subsections (1) and (5), an order may be made under subsection (1) or (5)” at

the beginning and substituting “Without limiting the generality of subsections

(1), (1.1), (5) and (5.1), an order may be made under any of those

subsections”.

(44) Section

127.1 of the Act is repealed and the following substituted:

Payment

of investigation costs

127.1

(1) If, in respect of a person or

company whose affairs were the subject of an investigation, the Tribunal,

(

a) is

satisfied that the person or company has not complied with, or is not complying

with, Ontario securities law; or

(

b) considers

that the person or company has not acted in the public interest,

the

Tribunal may, after conducting a hearing, order the person or company to pay

the costs of the investigation.

Payment

of hearing costs

(2) If,

in respect of a person or company whose affairs were the subject of a hearing,

the Tribunal, after conducting the hearing,

(

a) is

satisfied that the person or company has not complied with, or is not complying

with, Ontario securities law; or

(

b) considers

that the person or company has not acted in the public interest,

the

Tribunal may order the person or company to pay the costs of or related to the

hearing that are incurred by or on behalf of the Commission.

Payment

of costs where offence

(3) Where

a person or company is guilty of an offence under this Act or the regulations,

the Tribunal may, after conducting a hearing, order the person or company to

pay the costs of any investigation carried out in respect of that offence.

Costs

(4) For

the purposes of subsections (1), (2) and (3), the costs that the Tribunal may

order the person or company to pay include, but are not limited to, all or any

of the following:

1. Costs

incurred in respect of services provided by persons appointed or engaged under

section 5, 11 or 12.

2. Costs

of matters preliminary to the hearing.

3. Costs

for time spent by the Commission or the staff of the Commission.

4. Any

fee paid to a witness.

5. Costs

of legal services provided to the Commission.

(45) Subsection

128 (3) of the Act is amended by striking out “despite any order made by the

Commission under

section 127” in the portion before paragraph 1 and

substituting “despite any order made under

section 127 by the Commission or the

Tribunal”.

(46) Section

139.1 of the Act is repealed.

(47) Section 141 of the Act is

repealed and the following substituted:

Immunity

re intended compliance

141 No person or company has any rights or remedies and no

proceedings lie or shall be brought against any person or company for any act

or omission of the last-mentioned person or company done or omitted in

compliance with Ontario securities law.

(48) Subsection

143 (1) of the Act is amended by adding “Subject to subsection (1.1)” at the

beginning.

(49) Section

143 of the Act is amended by adding the following subsection:

Limitation,

Tribunal’s adjudicative functions

(1.1) The

Commission shall not make rules respecting matters relating to the Tribunal’s

adjudicative functions.

(50) Sections

143.9, 143.10 and 143.13 of the Act are repealed.

(51) Subsection

144 (1) of the Act is amended by striking out “Executive Director” and

substituting “Chief Executive Officer of the Commission”.

(52) The

Act is amended by adding the following section:

Revocation

or variation of decision by Tribunal

144.1

(1) The

Tribunal may make an order revoking or varying a decision of the Tribunal, on

the application of the Chief Executive Officer of the Commission or a person or

company affected by the decision, if in the Tribunal’s opinion the order would

not be prejudicial to the public interest.

Terms

and conditions

(2) The

(53) Section

150 of the Act is amended by striking out “the Commission’s ability” and

substituting “the Commission’s or the Tribunal’s ability”.

(54) Subsection

151 (1) of the Act is amended by striking out “made by the Commission, by a

Director pursuant to subsection 6 (3)” and substituting “made by the

Commission, by the Tribunal, by the Chief Executive Officer of the Commission

or by another Director in accordance with a delegation under subsection 3 (1)”.

(55) Subsection

151 (2) of the Act is amended by striking out “the Commission” and substituting

“the Tribunal”.

(56) Clause

152 (1) (

a) of the Act is amended by striking out “the Commission” and substituting

“the Tribunal”.

(57) Subsection

152 (3) of the Act is amended by striking out “the Commission” at the end and

substituting “the Tribunal”.

Commencement and

Short Title

Commencement

(1) Subject to subsections

(2) and (3), the Act set out in this

Schedule comes into force on the day the Protecting the People of Ontario Act (Budget Measures), 2021

receives Royal Assent.

(2) Section

37 comes into force on the later of the day subsection 7 (2) of the Act set out

in this

Schedule comes into force and the day subsection 4 (1) of the Not-for-Profit Corporations Act, 2010 comes into force.

(3) The

following provisions come into force on a day to be named by proclamation of

the Lieutenant Governor:

1. Sections

1 to 36 and 38.

2. Subsections

39 (1) to (7) and (9) to (47).

3. Subsections

40 (1) to (6) and (8) to (57).

Short

title

42 The

short title of the Act set out in

this

Schedule is the Securities Commission Act, 2021 .

Schedule 10

taxation act, 2007

(1) Subsection 84 (1) of the Taxation Act, 2007

is amended by adding the following paragraph:

14.4 An

Ontario jobs training tax credit under

section 103.0.4.

(2) Subsection

84 (2.1) of the Act is amended by adding the following paragraph:

1.4 The

tax credit referred to in paragraph 14.4 of subsection (1), with respect to

taxation years ending after December 31, 2020 and before January 1, 2022.

(3) Subsection

84 (3) of the Act is amended by striking out “14.3, 15 and 16” in the portion

before clause (

a) and substituting “14.3, 14.4, 15 and 16”.

(1) Subsection 97.1 (2) of the Act is repealed and the following

substituted:

Amount

of tax credit

(2) The

amount of a qualifying corporation’s regional opportunities investment tax

credit for a taxation year is the sum of the amounts determined under the

following paragraphs:

1. The

amount equal to 10 per cent of the lesser of the following:

i. The

amount calculated using the formula,

A/365

× $450,000

which,

“A” is

the number of days in the taxation year.

ii. The

amount calculated using the formula,

(B/365

× C) + D

which,

“B” is

the number of days in the taxation year,

“C” is

the lesser of $450,000 and the amount of the corporation’s eligible

expenditures in the taxation year that exceeds $50,000, and

“D” is

the amount of the corporation’s unclaimed expenditure balance for the taxation

year, if any, as determined under subsection (5).

2. The

amount equal to 10 per cent of the lesser of the following:

i. The

amount calculated using the formula,

E/365

× $450,000

which,

“E” is

the number of days in the taxation year.

ii. The

amount calculated using the formula,

(F/365

× G) + H

which,

“F” is

the number of days in the taxation year,

“G” is

the lesser of $450,000 and the amount of the corporation’s special expenditures

in the taxation year that exceeds the amount determined by the formula,

$50,000

– I

which,

“I” is

the lesser of $50,000 and the sum of the eligible expenditures in respect of

property that is considered to have become available for use in the taxation

year and before March 24, 2021, and

“H” is

the amount of the corporation’s unclaimed expenditure balance in respect of the

property, if any, as determined under subsection (5.1).

(2) Clause

97.1 (4) (

b) of the Act is amended by striking out “the property is considered

to be available for use” and substituting “the property is considered to have

become available for use”

(3) Section

97.1 of the Act is amended by adding the following subsection:

Special

expenditure

(4.1) An expenditure is a special

expenditure for the purposes of this

section if the expenditure is an eligible

expenditure in the taxation year and the expenditure is in respect of property

that is considered to have become available for use during the period that

commences on March 24, 2021 and ends on December 31, 2022.

(4) Subsection

97.1 (5) of the Act is amended by adding “For the purposes of the definition of

“D” in subparagraph 1 ii of subsection (2)” at the beginning.

(5) Section

97.1 of the Act is amended by adding the following subsection:

Same,

special expenditures

(5.1) For

the purposes of the definition of “H” in subparagraph 2 ii of subsection (2), the

unclaimed expenditure balance of a qualifying corporation for a taxation year

is the total of all amounts, if any, determined under subsection (6) in respect

of a short year that commenced less than 365 days before the taxation year if

the reference to “eligible expenditures” in subsection (6) were read as a

reference to “special expenditures”.

(6) Subsection

97.1 (6) of the Act is amended by,

(

a) striking

out “For the purposes of subsection (5)” in the portion before the formula and

substituting “For the purposes of subsections (5) and (5.1)”;

(

b) striking

out “E” wherever it appears and substituting in each case “J”;

(

c) striking

out “F” wherever it appears and substituting in each case “K”; and

(

d) striking

out “G” wherever it appears and substituting in each case “L”.

(7) Subsections

97.1 (14) and (15) of the Act are amended by striking out “considered to become

available” wherever it appears and in each case substituting “considered to

have become available”.

(1) Subsection 103.0.2 (2) of the Act is amended by adding “Subject

to subsection (2.1)” at the beginning.

(2) Section

103.0.2 of the Act is amended by adding the following subsection:

Same,

taxation years ending after 2020 and before 2022

(2.1) For

a taxation year b eginning

after December 31, 2020 and ending before January 1, 2022, the amount of an

individual’s Ontario childcare access and relief from expenses tax credit shall

be determined under subsection (2) as if the formula set out in that subsection

read as follows:

1.2

× A × B

The Act is amended by adding the following section:

Ontario

jobs training tax credit

103.0.4

(1) An

individual who is an eligible individual for a taxation year ending after

December 31, 2020 and before January 1, 2022 may claim an amount in respect of

and not exceeding the individual’s Ontario jobs training tax credit for that

year.

Amount

of tax credit

(2) The

amount of an individual’s Ontario jobs training tax credit under this

section

for the taxation year referred to in subsection (1) is the lesser of $2,000 and

the amount calculated using the formula,

× B

which,

“A” is

50 per cent, and

“B” is

the amount that would be deductible under paragraph 118.5 (1) (

a) or (

d) of the

Federal Act in computing the individual’s tax payable under

Part I of that Act

for the taxation year if,

(

a) the Federal

Act were read without reference to subsections 118.5 (1.2) and (2), and

(

b) references

in paragraphs 118.5 (1) (

a) and (

d) of the Federal Act to “the appropriate

percentage for the year” were read as references to “100 per cent”.

Eligible

individuals

(3) An

individual is an eligible individual for a taxation year if both of the

following are satisfied:

1. The

individual is resident in Ontario on December 31 of the calendar year in which

the taxation year ends.

2. The

training amount limit of the individual for the year, as determined for the

purposes of

section 122.91 of the Federal Act, is greater than zero.

Effect

of death

(4) For

the purposes of this section, if an individual dies in a calendar year and is

resident in Ontario immediately before their death, the individual is deemed to

be resident in Ontario from the time of death to December 31 of that calendar

year.

Bankruptcy

(5) The

amount of an individual’s Ontario jobs training tax credit for a taxation year

is deemed to be nil if the individual was a bankrupt at any time in the

calendar year containing the taxation year.

Paragraph 1 of

section 176 of the Act is amended by adding the following

subparagraph:

xiv.iv The Ontario

jobs training tax credit under

section 103.0.4.

Commencement

This

Schedule comes into force on the day the Protecting

the People of Ontario Act (Budget Measures), 2021 receives Royal Assent.

Bill 269 As Amended by Standing Committee (PDF)

This

reprint of the Bill is marked to indicate the changes that were made in

Committee.

The

changes are indicated by underlines for

new text and a strikethrough for deleted text.

______________

EXPLANATORY

NOTE

Schedule

CREDIT UNIONS AND CAISSES POPULAIRES ACT, 1994

Subsection

276 (2) of the Credit Unions and Caisses Populaires Act,

1994 is amended to provide that the Deposit Insurance Reserve Fund may

be used to pay for fees in respect of credit agreements entered into by the Financial

Services Regulatory Authority of Ontario to provide financial assistance to the

credit union sector.

Schedule

CREDIT UNIONS AND CAISSES POPULAIRES ACT, 2020

Subsection

224 (2) of the Credit Unions and Caisses Populaires Act, 2020

is amended to provide that the Deposit Insurance Reserve Fund may be used to

pay for fees in respect of credit agreements entered into by the Financial

Services Regulatory Authority of Ontario to provide financial assistance to the

credit union sector.

Schedule

electricity act, 1998

The

Schedule repeals subsection 50 (5) of the Electricity Act,

1998 . Currently, subsection 50 (5) of the Act provides that if an agent

of Her Majesty in right of Ontario is paid dividends from Hydro

One Limited shares, the agent must pay the dividends to the Ontario

Electricity Financial Corporation less any amount of payment obligations

assumed by the agent or Her Majesty in right of Ontario under clause 122 (1)

(

a) of the Act.

Schedule

financial professionals title protection act, 2019

Subsection

5 (2) of the Financial Professionals Title Protection Act,

2019 , which is not yet in force, provides that a credentialing body

approved under the Act is required to collect certain authorized fees from

individuals holding approved credentials it has issued and remit the fees to

the Financial Services Regulatory Authority of Ontario. The

Schedule re-enacts

subsection 5 (2) of the Act and amends the Act to provide that approved

credentialing bodies are required to pay any fees required under the rules made

by the Financial Services Regulatory Authority of Ontario. Related rule-making

powers in the Act are also repealed.

Consequential

amendments are made to the Financial Services Regulatory

Authority of Ontario Act, 2016 respecting the power of the Financial

Services Regulatory Authority of Ontario to make rules governing fees in relation

to credentialing bodies approved under the Financial

Professionals Title Protection Act, 2019 .

Schedule

insurance act

The

Insurance Act is amended to change certain

references to the regulations to refer instead, or also, to the Authority

rules.

Section 445 of the Act is amended to include a new definition of

“requirement established under this Act”.

Schedule

invest ontario act, 2021

The

Invest Ontario Act, 2021 is enacted. The Act

Investissements Ontario.

The

Act includes provisions respecting the Corporation’s objects, the composition

of the board of directors, by-law making provisions, the Chief Executive

Officer and employees of the Corporation, the powers of the Corporation and

requirements relating to financial record-keeping, annual and other reports,

and audits.

Schedule

ministry of economic development and trade act

The

Ministry of Economic Development and Trade Act is

amended to provide that the annual report required under the Act shall detail

the outcomes and highlights of the Ministry’s economic development funding

programs and funding agreements. A related regulation-making power is added.

Schedule

ontario loan act, 2021

The

Ontario Loan Act, 2021 is enacted. Subsection 1

(1) of the Act authorizes the Crown to borrow a maximum of $40.1 billion.

Schedule

securities commission act, 2021

The

Schedule enacts the Securities Commission Act, 2021 .

The

Act continues the Ontario Securities Commission and establishes a new Capital

Markets Tribunal as a division of the Commission. The Tribunal has exclusive

jurisdiction to exercise the powers conferred on it under the Securities Act and the Commodity

Futures Act and to determine all questions of fact or law in any

proceeding before it under those Acts.

The

Commission’s objects are to administer and enforce the Securities

Act and the Commodity Futures Act , and to

carry out the powers, duties and functions given to the Commission under the Securities Commission Act, 2021 or any other Act.

The

Act provides for the governance of the Commission. The board of directors is

appointed by the Lieutenant Governor in Council on the recommendation of the

Minister. The role of the board of directors is to manage or supervise the

management of the Commission’s affairs, other than matters relating to the

Tribunal’s adjudicative functions. The Lieutenant Governor in Council, on the

recommendation of the Minister, designates a director as chair of the board of

directors.

The

board of directors appoints a Chief Executive Officer of the Commission.

However, the Lieutenant Governor in Council appoints the Chief Executive

Officer during the first two years after the new Act comes into force. The

Chief Executive Officer is responsible for the management and administration of

the Commission, other than matters relating to the adjudicative functions of

the Tribunal. The Chief Executive Officer also has the powers, duties and

functions given to the Chief Executive Officer of the Commission under the Securities Act , the Commodity

Futures Act and any other Act.

Various

matters relating to employment and funding are provided for.

The

Commission may collect and enforce the payment of any fees that are authorized

under the Securities Act or the Commodity Futures Act . Those fees, and other funds

specified in the Act, do not form part of the Consolidated Revenue Fund and are

to be applied to carrying out the Commission’s powers, duties and functions,

with certain specified exceptions.

The

Act sets out certain requirements respecting the Commission’s business plans

and annual reports, which are to be provided to the Minister of Finance and

made available to the public.

The

Commission is required to allocate sufficient funding for the proper operation

of the Tribunal in each fiscal year.

The

Act provides for the composition of the new Tribunal and for the appointment of

adjudicators. The Lieutenant Governor in Council, on the recommendation of the

Minister of Finance, designates a Chief Adjudicator from among the appointed

adjudicators.

The

Commission has the power to collect personal information for the purpose of

carrying out its duties and exercising its powers.

Certain

protections are provided to the Commission and its current and former

directors, employees, Chief Executive Officers and adjudicators with respect to

personal immunity and non-compellability in civil proceedings.

The

Lieutenant Governor in Council is given the power to make regulations governing

transitional matters arising from the enactment of the Act.

Consequential

amendments are made to the Securities Act , the Commodity Futures Act and the Canadian

Public Accountability Board Act (Ontario), 2006 . The amendments

primarily reflect the continuation of the Commission under the new Securities Commission Act, 2021 and the establishment of

the Capital Markets Tribunal. In particular, the Securities

Act and the Commodity Futures Act are

amended to set out the adjudicative functions of the Capital Markets Tribunal

under those Acts.

The

purposes of the Securities Act and the Commodity Futures Act are also amended to include the

fostering of competitive markets and of capital formation.

Schedule

taxation act, 2007

Currently,

under

section 97.1 of the Taxation Act, 2007 ,

qualifying corporations may claim a regional opportunities investment tax

credit in respect of eligible expenditures, which are certain expenditures

incurred in respect of the acquisition of eligible property. Eligible property

is defined as property that, among other things, is located within the

qualifying region. Amendments are made to enhance the amount of the credit that

may be claimed in respect of special expenditures, which are defined as

eligible expenditures in respect of property that is considered to have become

available for use during the period that commences on March 24, 2021 and

ends on December 31,

Section

103.0.2 of the Act currently sets out the Ontario childcare access and relief

from expenses tax credit. New subsection 103.0.2 (2.1) provides for a 20 per

cent enhancement of the credit for a taxation year beginning after December 31,

2020 and ending before January 1, 2022.

New

section 103.0.4 of the Act sets out the Ontario jobs training tax credit. The

credit is refundable and is available to eligible individuals in respect of a

taxation year that ends after December 31, 2020 and

before January 1, 2022. Only an individual who has a positive federal

training credit limit for the year is eligible for the credit. Eligible

expenses for the credit are based on expenses that may be claimed in respect of

the Canada training credit under the Income Tax Act

(Canada), which are based on certain expenses that are eligible for the tuition

tax credit under that Act. Consequential amendments are made to sections 84 and

176 of the Act.

Bill 269 2021

Act to implement Budget measures and to enact and amend various statutes

CONTENTS

Contents

of this Act

Commencement

Short

title

Schedule 1

Credit

Unions and Caisses Populaires Act, 1994

Schedule 2

Credit

Unions and Caisses Populaires Act, 2020

Schedule 3

Electricity

Act, 1998

Schedule 4

Financial

Professionals Title Protection Act, 2019

Schedule 5

Insurance

Act

Schedule 6

Invest

Ontario Act, 2021

Schedule 7

Ministry

of Economic Development and Trade Act

Schedule 8

Ontario

Loan Act, 2021

Schedule 9

Securities

Commission Act, 2021

Schedule 10

Taxation

Act, 2007

Her

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

Province of Ontario, enacts as follows:

Contents

of this Act

1 This Act consists of this section, sections 2

and 3 and the Schedules to this Act.

Commencement

(1) Subject to subsections (2) and

(3), this Act comes into force on the day it receives Royal Assent.

(2) The

Schedules to this Act come into force as provided in each Schedule.

(3) If

a

Schedule to this Act provides that any provisions are to come into force on a

day to be named by proclamation of the Lieutenant Governor, a proclamation may

apply to one or more of those provisions, and proclamations may be issued at

different times with respect to any of those provisions.

Short

title

3 The

short title of this Act is the Protecting the People of Ontario Act (Budget Measures), 2021 .

Schedule 1

CREDIT UNIONS AND CAISSES POPULAIRES ACT, 1994

Subsection 276 (2) of the Credit Unions and Caisses

Populaires Act, 1994 is amended by adding the following paragraph:

6. Fees

in respect of credit agreements entered into by the Authority to provide financial

assistance to the credit union sector.

Commencement

This

Schedule comes into force on the day the Protecting

the People of Ontario Act (Budget Measures), 2021 receives Royal Assent.

Schedule 2

CREDIT UNIONS AND CAISSES POPULAIRES ACT, 2020

Subsection 224 (2) of the Credit Unions and Caisses

Populaires Act, 2020 is amended by adding the following paragraph:

6. Fees

in respect of credit agreements entered into by the Authority to provide

financial assistance to the credit union sector.

Commencement

This

Schedule comes into force on the later of the day the Protecting the People of Ontario Act (Budget Measures), 2021

receives Royal Assent and the day subsection 224 (2) of

Schedule 7 to the Protect, Support and Recover from COVID-19 Act (Budget Measures),

2020 comes into force.

Schedule 3

electricity act, 1998

Subsection 50 (5) of the Electricity Act, 1998 is

repealed.

Commencement

This

Schedule comes into force on the day the Protecting

the People of Ontario Act (Budget Measures), 2021 receives Royal Assent.

Schedule 4

financial professionals title protection act, 2019

Subsection 5 (2) of the Financial Professionals Title

Protection Act, 2019 is repealed and the following substituted:

Fees

payable to the Authority

(2) An

approved credentialing body shall pay any fees required under the Authority

rules.

(1) Paragraph 4 of subsection 15 (1) of the Act is amended by

striking out “including application fees” at the end.

(2) Paragraph

6 of subsection 15 (1) of the Act is repealed.

Consequential

Amendments

Financial

Services Regulatory Authority of Ontario Act, 2016

(1) Section 11 of the Financial Services

Regulatory Authority of Ontario Act, 2016 is amended by adding the

following subsection:

Approved

credentialing body

(8.1) If

a credentialing body approved for the purposes of the Financial

Professionals Title Protection Act, 2019 does not pay a fee payable to

the Authority, the Chief Executive Officer may revoke the credentialing body’s

approval.

(2) Subsection

11 (9) of the Act is repealed and the following substituted:

Revival

(9) The

Chief Executive Officer may revive the licence or approval or restore the

registration, as the case may be, if the body or entity that owes the fee or

charge pays the amount owing.

(3) Clause

21 (2) (

b) of the Act is amended by adding “approvals” before “licences”.

(4) Clause

21 (2) (

d) of the Act is amended by striking out “section 3” and substituting

“sections 3 and 3.1”.

Commencement

Commencement

This

Schedule comes into force on a day to be named by proclamation of the

Lieutenant Governor.

Schedule 5

insurance act

Clause 121 (7.1) (

a) of the Insurance Act is

amended by striking out “or the regulations” and substituting “the regulations

or the Authority rules”.

Subsection 392.2 (1) of the Act is amended by striking out “and the

regulations” and substituting “the regulations and the Authority rules”.

Subsection 392.3 (3) of the Act is amended by striking out “the regulations”

and substituting “the Authority rules”.

Subsection 392.4 (2) of the Act is amended by striking out “the regulations”

and substituting “the Authority rules”.

Subsection 392.5 (1) of the Act is amended by adding “the Authority rules”

after “regulations”.

Clause (

a) of the definition of “requirement established under this Act” in

section 441.1 of the Act is amended by adding “or an Authority rule” after “a

regulation”.

Paragraph 1 of subsection 441.3 (1) of the Act is amended by striking out “or

the regulations” and substituting “the regulations or the Authority rules”.

Subsection 441.4 (1) of the Act is amended by striking out “or the regulations”

and substituting “the regulations or the Authority rules”.

Clause 442.4 (1) (

c) of the Act is amended by adding “the regulations and the

Authority rules” after “this Act”.

(1) Section 445 of the Act is amended by striking out “breach of

this Act” wherever it appears and substituting in each case “breach of this Act

or of a requirement established under this Act”.

(2) Section

445 of the Act is amended by adding the following subsection:

Definition

(4) In

this section,

“requirement

established under this Act” means,

(

a) a

requirement imposed by a provision of this Act, a regulation or an Authority

rule;

(

b) a

requirement of an order or direction made under this Act;

(

c) a

written undertaking given to the Tribunal or the Chief Executive Officer; or

(

d) a

term, condition or restriction imposed by a licence.

(1) Clause 447 (2) (

b) of the Act is repealed and the following

substituted:

(

b) fails

to comply with any requirement, or any order or direction made, under this Act;

(2) Clause

447 (2) (

d) of the Act is amended by striking out “or the regulations” and

substituting “the regulations or the Authority rules”.

Clause 448 (1) (

a) of the Act is amended by striking out “or the regulations”

at the end and substituting “the regulations or the Authority rules”.

Stronger,

Fairer Ontario Act (Budget Measures), 2017

Section 28 of

Schedule 21 to the Stronger, Fairer Ontario

Act (Budget Measures), 2017 is repealed.

Commencement

(1) Subject to subsection (2), this

Schedule comes into force on the

day the Protecting the People of Ontario Act (Budget

Measures), 2021 receives Royal Assent.

(2) Sections

1 to 12 come into force on a day to be named by proclamation of the Lieutenant

Governor.

Schedule 6

invest ontario act, 2021

Interpretation

1 In this Act,

“Corporation”

means Invest Ontario; (“Société”)

“Minister”

means the Minister of Economic Development, Job Creation and Trade or the

minister of the Crown to whom the powers and duties under this Act are assigned

or transferred under the Executive Council Act ;

(“ministre”)

“regional

partner” includes,

(

a) a

municipal or regional economic development organization,

(

b) an

innovation organization,

(

c) a

post-secondary institution,

(

d) a

workforce development organization,

(

e) an

industry or trade association,

(

f) a

federal government organization, and

(

g) any

other organization or entity prescribed by the regulations; (“ partenaire

régional ”)

“subsidiary”

means a corporation that is a subsidiary of the Corporation. (“filiale”)

Corporation

continued

(1) The

Ontario is continued.

Members

of Corporation

(2) The

Corporation is composed of the members of its board of directors.

Same

(3) A

person ceases to be a member of the Corporation when the person ceases to be a

director.

Transition,

existing members of the board

(4) A

person who was a member of the board of directors immediately before the day

subsection 2 (1) of

Schedule 6 to the Protecting the

People of Ontario Act (Budget Measures), 2021 came into force may continue

to hold that position for the remainder of his or her term.

Same

(5) Subject

to subsection 6 (6), a person who is a member of the board of directors under

subsection (4) is entitled to the same remuneration to which he or she was

entitled as a member of the board immediately before the day referred to in

that subsection.

Objects

The

Corporation’s objects are,

(

a) to

secure private sector strategic business and capital investments that support

economic development, resiliency and job creation in Ontario by,

(

i) proactively

identifying and cultivating potential investors or investments (generating

leads), and implementing a sales-driven approach,

(ii) pursuing

an investment strategy that includes sector-specific strategies to attract

investment opportunities that support the growth of firms in Ontario,

(iii) identifying

and developing relationships with potential investors within key sectors

identified by the Minister for the purposes of encouraging and securing

investment in Ontario,

(iv) providing

customized services to assist investors with selecting a physical location for a

potential investment ( site

selection) and navigating the province’s regulatory environment and permitting

requirements,

(

v) providing

a co-ordinated and streamlined investment experience that gives companies

access to business development teams and a set of tools, services, credits,

incentives and supports customized to address investor needs, whether provided by

the Crown, the government, a ministry, a Crown agency or board, commission,

authority or unincorporated body of the Crown, or a regional partner,

(vi) leveraging

the expertise of the business community, regional partners and other levels of

government to inform the Corporation and the Minister on investment priorities

and to enhance co-ordination with regional partners on investment opportunities

in Ontario,

(vii) providing

financial assistance and incentives to promote Ontario’s overall economic

competitiveness and to promote growth in Ontario,

(viii) focusing

efforts on attracting investments to Ontario that offer the greatest sustained

benefits and that are aligned with government priorities,

(ix) ensuring

that the results and benefits of Invest Ontario’s activities are publicly

reported in a transparent manner, and

(

x) co-operating

with the domestic and international business community, other levels of

government, ministries, Crown agencies and boards, commissions, authorities and

unincorporated bodies of the Crown, and regional partners in order to benefit

Ontario;

(

b) to

conduct such further activities, consistent with its objects, as are described

in any policies or directives issued by the Minister or as set out in any

agreement with the Minister;

(

c) to

receive, hold, sell, invest and otherwise deal with its assets in carrying out

its objects; and

(

d) to

carry out such other objects as are prescribed by the regulations.

Crown

agent

(1) The Corporation and its

subsidiaries are agents of the Crown in right of Ontario for all purposes.

Payment

of judgments against a corporation that is a Crown agent

(2) The

Minister of Finance shall pay from the Consolidated Revenue Fund the amount of

any judgment against the Corporation that remains unpaid after the Corporation

has made reasonable efforts, including liquidating assets, to pay the amount of

the judgment.

Board

of directors

(1) The

board of directors of the Corporation shall be composed of up to 13 members.

Management

and supervision by board

(2) The

board of directors shall manage or supervise the management of the

Corporation’s affairs.

Composition

of board, etc.

(1) The

board of directors of the Corporation shall be appointed by the Lieutenant

Governor in Council on the recommendation of the Minister.

Chair

and vice-chair

(2) The

Minister shall designate a chair and a vice-chair from among the members of the

board of directors.

Same

(3) If

the chair is absent or unable to act, or if the office of the chair is vacant,

the vice-chair shall act as chair.

Same

(4) If

the chair and vice-chair are absent, the members present shall appoint an

acting chair from among themselves.

Quorum

(5) A

majority of the members constitutes a quorum of the board of directors.

Remuneration

and reimbursement

(6) The

members of the board of directors shall receive the remuneration and

reimbursement for reasonable expenses as the Lieutenant Governor in Council

determines.

By-laws

(1) Subject to the Minister’s approval, The

board of directors may pass by-laws and resolutions regulating its proceedings

and generally for the conduct and management of the affairs of the Corporation.

Same

(2) Without limiting the generality

of subsection (1), the board of directors may pass by-laws and resolutions to,

(

a) appoint

officers and assign to them such powers and duties as the board of directors

considers appropriate;

(

b) establish

committees of the board of directors and delegate powers and duties to such

committees;

(

c) govern

the remuneration and benefits of employees of the Corporation; and

(

d) effect

the orderly transaction of the business of the Corporation.

Minister’s

approval

(2.1) Despite subsection (1),

by-laws of the board are subject to the Minister’s approval.

Continuation

of by-laws

(3) Despite

the revocation of Ontario Regulation 357/20 (Invest Ontario) made under the Development Corporations Act , any by-law made by the