(1) The Lieutenant Governor in Council may by regulation establish subsidiary corporations of the Corporation with the objects, purposes, powers and duties set out in the regulation and may provide for the constitution and management of the subsidiary corporations. 2011, c. 9, Sched. 32, s. 32 (1).
Same
(2) Without limiting the generality of subsection (1), the Lieutenant Governor in Council may make regulations respecting subsidiary corporations established under subsection (1),
(a) giving a subsidiary corporation the capacity, rights, powers and privileges of a natural person for carrying out its objects, and providing for any limitations on the capacity, rights, powers and privileges that the Lieutenant Governor in Council considers advisable;
(b) providing that a subsidiary corporation is or is not a Crown agent;
(c) prescribing provisions of the Corporations Act, the Business Corporations Act, the Corporations Information Act and the Loan and Trust Corporations Act that apply or do not apply to a subsidiary corporation and, in the case of provisions prescribed as applying, prescribing such modifications of those provisions as the Lieutenant Governor in Council considers necessary or advisable;
Note: On the later of the day Schedule 25 (Ministry of Energy Act, 2011) to the Better Tomorrow for Ontario Act (Budget Measures), 2011 comes into force and the day subsection 4 (1) of the Not - for - Profit Corporations Act, 2010 comes into force, clause (c) is amended by striking out "Corporations Act" and substituting "Not - for - Profit Corporations Act, 2010". See: 2011, c. 9, Sched. 32, ss. 37, 40 (2). |
(d) governing the liability of the Corporation or the Crown for an act or omission of,
(i) a subsidiary corporation, and
(ii) a director, officer, employee or agent of a subsidiary corporation;
(e) governing the liability of a director, officer, employee or agent of a subsidiary corporation for an act or omission of the director, officer, employee or agent;
(f) subject to section 34, providing that any provision of this Act that applies to the Corporation and that would not otherwise apply to a subsidiary corporation applies to a subsidiary corporation, and prescribing such modifications of those provisions as the Lieutenant Governor in Council considers necessary or advisable;
(g) governing the winding up and dissolution of a subsidiary corporation and the transfer of its assets, liabilities, rights and obligations;
(h) providing for any other matter that the Lieutenant Governor in Council considers necessary or advisable to ensure that a subsidiary corporation may effectively carry out its powers and duties. 2011, c. 9, Sched. 32, s. 32 (2).