(1) The Lieutenant Governor in Council may by regulation authorize the Corporation to acquire a subsidiary corporation. 2011, c. 9, Sched. 32, s. 33 (1).
Same
(2) In a regulation made under subsection (1), the Lieutenant Governor in Council may specify any terms that are necessary or advisable, in the opinion of the Lieutenant Governor in Council, in relation to the acquisition of the subsidiary corporation. 2011, c. 9, Sched. 32, s. 33 (2).
Same
(3) Without limiting the generality of subsections (1) and (2), the Lieutenant Governor in Council may make regulations respecting subsidiary corporations acquired under subsection (1),
(a) 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 Ont ario 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 (a) 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). |
(b) 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;
(c) 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;
(d) governing the winding up and dissolution of a subsidiary corporation and the transfer of its assets, liabilities, rights and obligations;
(e) respecting 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. 33 (3).
Status as Crown agent
(4) A subsidiary corporation that was a Crown agent immediately before it was acquired by the Corporation under subsection (1) continues to be a Crown agent after its acquisition, and a subsidiary corporation that was not a Crown agent immediately before it was acquired by the Corporation under subsection (1) continues not to be a Crown agent after its acquisition. 2011, c. 9, Sched. 32, s. 33 (4).