Red Tape Reduction Act

(Ministry of Finance), 1997

EXPLANATORY NOTES

The Bill is part of the government's initiative to reduce red tape. It amends several statutes and repeals several other statutes administered by the Ministry of Finance. It also makes complementary amendments to several statutes administered by other ministries.

COMMODITY FUTURES ACT

The amendment to section 22 of the Act corrects an error in the Revised Statutes of Ontario, 1990.

Applications for registration as a trader or an adviser are to be in a form approved by the Commission instead of a form prescribed by the regulations. References to forms prescribed by or under the regulations are re-enacted to reflect this change. Regulation-making powers related to these forms and to the Commission are repealed.

Section 67 is added to the Act to enable the Commission to manage, by directives, the matters formerly dealt with by regulations. Directives will not be effective until approved by the Minister and published in the Commission's Bulletin.

COMPULSORY AUTOMOBILE INSURANCE ACT

The authority to prescribe documents and forms by regulation is replaced with the authority of the Commissioner (the commissioner of insurance under the Insurance Act) to approve forms for the purposes of the Act.

CO-OPERATIVE CORPORATIONS ACT

It will no longer be necessary to provide an affidavit of verification with an application for incorporation under section 5 of the Act.

Fees for various purposes under the Act will be established by the Minister rather than be prescribed by regulations.

The affidavit required to obtain a list of names of members or security holders of a co-operative will be in a form established by the Minister rather than a form prescribed by the Act.

A co-operative that has never issued securities will be exempt from the requirement to file financial statements.

The procedure for an extra-provincial corporation or a corporation incorporated under the Business Corporations Act or the Corporations Act to become a co-operative corporation is simplified, and new section 158.2 is added to clarify that the articles of continuance become the articles of the co-operative corporation.

The requirements respecting the forms of amended articles of incorporation, restated articles, articles of amalgamation, and articles of dissolution will be as approved by the Minister, and the requirements for affidavits of verification are repealed. Provision is also made for articles of continuance in a form to be approved by the Minister. Various other forms will also be as approved by the Minister.

CORPORATIONS TAX ACT

References are updated in subsections 1 (6) and 102 (2) of the Act from "Minister of Revenue" and "Ministry of Revenue" to "Minister of Finance" and "Ministry of Finance". A reference in section 111 of the Act is updated from "Treasurer of Ontario" to "Minister". A reference in clause 62 (1) (c) of the Act is updated to refer to an additional clause that was added to the subsection in 1994.

Waivers, notices of revocation of waivers, notices of objection to assessments, and notices of appeal will be in forms approved by the Minister, rather than forms prescribed by regulations.

CREDIT UNIONS AND CAISSES POPULAIRES ACT, 1994

Various forms will be approved by the Minister, rather than prescribed by the regulations. Fees related to reserving a name, articles of amendment and restated articles of incorporation will be established by the Minister, rather than prescribed by regulations.

EMPLOYER HEALTH TAX ACT

Forms used for the purposes of the Act will be approved by the Minister, rather than prescribed by regulations.

FUEL TAX ACT AND GASOLINE TAX ACT

Various forms will be approved by the Minister, rather than prescribed by the regulations. Fees will be established by the Minister, rather than prescribed by regulations.

INCOME TAX ACT

For the purposes of occupancy costs, students' residences will be designated by the Minister (the Provincial Minister), rather than be prescribed by regulation.

INSURANCE ACT

Forms will no longer be prescribed, but will be approved by the Commissioner of Insurance. Fees will no longer be prescribed by regulations, but will be established by the Minister.

The amendments will affect the licensing of insurance companies. Rather than on an annual basis, the Bill will permit continuous licences. The Commissioner will have the power to set a term for a licence and to impose, amend or revoke conditions or limitations.

The amendments to section 44 of the Act will provide for flexibility of arrangements for policyholder compensation plans.

The Bill removes the requirement that mutual benefit societies be licensed, but the amendments will prevent them from offering or paying benefits that would have been prohibited under the Act on the 1st of January, 1996.

Section 437 of the Act is changed to remove the requirement that each insurance company hold investments in its corporate name.

The requirements related to deposit of securities and filing requirements are simplified.

Section 149 of the Act, which requires limitation of liability clauses to be printed in red ink is amended to permit the use of bold type.

References to pension fund associations are removed from the Act as obsolete.

LABOUR SPONSORED VENTURE CAPITAL CORPORATIONS ACT, 1992

Forms will be approved by the Minister, rather than prescribed by the regulations. Fees will be established by the Minister, rather than prescribed by regulations.

LAND TRANSFER TAX ACT

Under this Act also, forms will be approved by the Minister, rather than prescribed by the regulations. Fees will be established by the Minister, rather than prescribed by regulations.

LOAN AND TRUST CORPORATIONS ACT

The amendments will authorize the Minister to establish fees and approve forms, rather than have fees and forms set out in regulations.

The amendments also eliminate the requirement that extra-provincial loan and trust corporations registered in Ontario must comply with certain provisions of the Loan and Trust Corporations Act as well as the laws of their own jurisdiction.

Section 121 of the Budget Measures Act, 1994 is being repealed and re-enacted as part of the Loan and Trust Corporations Act to provide for convenience of reference.

Section 138 of the Act, under which loan and trust corporations may be required to provide prescribed information to the Trust Companies Association of Canada Inc., is repealed. No requirements have been prescribed under that section.

Section 145 of the Act is amended to remove the requirement for the approval of the Lieutenant Governor in Council to certain restricted party transactions; rather, the approval of the Superintendent of Deposit Institutions will be required for such transactions. Also, the test to be met for such approval becomes "the best interests of the corporation" rather than "necessary for the well-being of the corporation".

Section 170 of the Act is amended to permit the Superintendent, rather than the Lieutenant Governor in Council, to approve the acceptance or retention of securities not permitted under the Act.

MINING TAX ACT

The amendments authorize the use of forms approved by the Minister, rather than prescribed forms.

MORTGAGE BROKERS ACT

Forms will be approved by the Minister, and fees will be established by the Minister, rather than be prescribed by the regulations.

Subsection 31 (3) of the Act is amended to permit the Director of Mortgage Brokers to consent to the institution of proceedings under the Act.

Subsection 31 (5) of the Act is amended to change the manner in which the limitation period to institute proceedings is calculated. The two-year period will be calculated from the date upon which the facts first came to the knowledge of the Director,rather than from the time when the subject-matter of the proceeding arose.

MOTOR VEHICLE ACCIDENT CLAIMS ACT

The amendments will authorize the Commissioner (the commissioner of insurance under the Insurance Act) to approve forms, rather than have forms prescribed by the regulations.

Section 3 of the Act is amended to state that the Commissioner is not deemed to be an agent for service in civil actions if any part of the claim is made in respect of an amount paid or payable by an insurer under a policy of insurance.

ONTARIO GUARANTEED ANNUAL INCOME ACT

ONTARIO HOME OWNERSHIP SAVINGS PLAN ACT

PROVINCIAL LAND TAX ACT

RACE TRACKS TAX ACT

TOBACCO TAX ACT

These Acts are amended to authorize the Minister to approve forms in place of having forms prescribed by the regulations.

REGISTERED INSURANCE BROKERS ACT

The by-law-making authority of the Council of the Registered Insurance Brokers of Ontario is expanded with respect to the governance of registered insurance brokers.

RETAIL SALES TAX ACT

The Act is amended to authorize the Minister to approve forms, in place of having forms prescribed by the regulations.

The Minister is authorized to determine types of vehicles and their highway fuel consumption ratings rather than prescribing them by regulation.

SECURITIES ACT

The Commission is enabled to recognize, and is given oversight over, quotation and trade reporting systems.

The amendments to sections 35 and 72 of the Act will,

(a) permit sales of securities to a wider range of sophisticated investors, such as fully-registered dealers and wholly-owned subsidiaries of financial institutions, without registration or delivery of a prospectus; and

(b) clarify that the registration and prospectus exemptions applicable to an employer selling its securities to employees extends to any administrator or trustee engaged by the employer to administer the employee purchase plan.

Debt securities issued or guaranteed by the International Finance Corporation (a member of the World Bank group) are recognized as exempt securities under the Act.

Registered dealers will not be required to send confirmations of trades in mutual fund securities to clients where confirmations have been sent by the manager of the fund.

There will be no difference between the lapse date for the first renewal of a prospectus and all subsequent renewals. In all cases, the lapse date will be twelve months from the date of issue of the final receipt for the prospectus.

The Commission's existing power to revoke regulations by rule is clarified to enable the Commission, with the Minister's approval, to amend or revoke a provision in a regulation where necessary or advisable for the effective implementation of a proposed rule.

SMALL BUSINESS DEVELOPMENT CORPORATIONS ACT

The Act is amended to authorize the Minister to approve forms, in place of having forms prescribed by the regulations.

TORONTO STOCK EXCHANGE ACT

Part III, Over-the-Counter Trading, is added to the Act. Appropriate definitions are added to Part I of the Act, and complementary amendments are made to Part II, The Toronto Stock Exchange.

RELATED AMENDMENTS TO OTHER ACTS

References to the Guarantee Companies Securities Act and guarantors under that Act are changed to refer to the Insurance Act and insurers under the latter Act.

Amendments to the Corporations Act are consequential to amendments to the Insurance Act with regard to licences and deposits.

REPEALS

The Acts named in section 43 are being repealed because they are obsolete or redundant.

Bill 1151997

An Act to reduce red tape by amending or repealing

certain statutes administered by the Ministry of Finance

and by making complementary amendments to other statutes

CONTENTS

1.	Commodity Futures Act
2.	Compulsory Automobile Insurance Act
3.	Co-operative Corporations Act
4.	Corporations Tax Act
5.	Credit Unions and Caisses Populaires Act, 1994
6.	Employer Health Tax Act
7.	Fuel Tax Act
8.	Gasoline Tax Act
9.	Income Tax Act
10.	Insurance Act
11.	Labour Sponsored Venture Capital Corporations Act, 1992
12.	Land Transfer Tax Act
13.	Loan and Trust Corporations Act and Budget Measures Act, 1994
14.	Mining Tax Act
15.	Mortgage Brokers Act
16.	Motor Vehicle Accident Claims Act
17.	Ontario Guaranteed Annual Income Act
18.	Ontario Home Ownership Savings Plan Act
19.	Provincial Land Tax Act
20.	Race Tracks Tax Act
21.	Registered Insurance Brokers Act
22.	Retail Sales Tax Act
23.	Securities Act
24.	Small Business Development Corporations Act
25.	Tobacco Tax Act
26.	Toronto Stock Exchange Act
	RELATED AMENDMENTS TO OTHER ACTS
27.	Bailiffs Act
28.	Business Practices Act
29.	Collection Agencies Act
30.	Construction Lien Act
31.	Corporations Act
32.	Courts of Justice Act
33.	Education Act
34.	Environmental Protection Act
35.	Local Roads Boards Act
36.	Mining Act
37.	Mortgage Brokers Act
38.	Motor Vehicle Dealers Act
39.	Municipal Act
40.	Private Investigators and Security Guards Act
41.	Real Estate and Business Brokers Act
42.	Travel Industry Act
	REPEALS
43.	Repeals
	COMMENCEMENT AND SHORT TITLE
44.	Commencement
45.	Short title

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

COMMODITY FUTURES ACT

1. (1) The English version of section 22 of the Commodity Futures Act is amended by striking out "salesman" wherever it occurs and substituting in each case "salesperson".

(2) Section 26 of the Act is repealed and the following substituted:

Form of Application

26. An Application must be in the form approved by the Commission.

(3) Subsections 30 (1), (2), (3), 40 (1), 46 (2) and 58 (1) of the Act are amended by striking out "the form prescribed by the regulations" and "the form prescribed under the regulations" wherever those expressions occur and substituting in each case "a form approved by the Commission".

(4) Paragraphs 3, 8, 9, 11, 13 and 14 of section 65 of the Act are repealed.

(5) The Act is amended by adding the following section:

Commission directives

67. (1) The Commission may issue directives,

(a) approving forms to be used for any of the purposes of this Act and the regulations and requiring their use;

(b) setting out the documents, certificates, reports, releases, statements, agreements and other particulars that must be filed, furnished or delivered under this Act and the regulations;

(c) setting fees that are payable to the Commission, including fees for filing, fees upon applications for registration, fees in respect of audits made by the Commission and other fees in connection with the administration of this Act and the regulations.

Minister's approval

(2) A directive under clause (1) (c) is not effective unless it has been approved by the Minister.

Publication

(3) A directive takes effect on the day that it is published in the Commission's Bulletin or on such later date as is set out in the directive.

Application of Regulations Act

(4) The Regulations Act does not apply to a directive.

Transition

(6) Regulations made under paragraphs 3, 8, 9, 11, 13 and 14 of section 65 of the Act (as those paragraphs read before this section comes into force) continue in force until revoked by the Commission.

Same

(7) The Commission may, by regulation, revoke regulations described in subsection (6).

COMPULSORY AUTOMOBILE INSURANCE ACT

2. (1) Clause (c) of the definition of "insurance card" in subsection 1 (1) of the Compulsory Automobile Insurance Act, as re-enacted by the Statutes of Ontario, 1996, chapter 21, section 50, is repealed and the following substituted:

(c) a document in a form approved by the Commissioner.

(2) Clause 15 (1) (c) of the Act, as re-enacted by the Statutes of Ontario, 1996, chapter 21, section 50, is repealed.

(3) Clause 15 (1) (d) of the Act is repealed.

(4) The Act is amended by adding the following section:

Forms

16. (1) The Commissioner may approve forms for the purposes of this Act and the forms may provide for such information to be furnished as the Commissioner may require.

Electronic forms

(2) The Commissioner may approve an electronic version of a form.

CO-OPERATIVE CORPORATIONS ACT

3. (1) Subsection 5 (6) of the Co-operative Corporations Act is repealed.

(2) Subsection 6 (1) of the Act, as amended by the Statutes of Ontario, 1994, chapter 17, section 4, is further amended by striking out "prescribed fees" in the amendment of 1994 and substituting "fees established by the Minister".

(3) Subsection 12 (1) of the Act is amended by striking out "prescribed fee" in the second and third lines and substituting "fee established by the Minister".

(4) Subsection 53 (2) of the Act is amended by striking out "any prescribed fee" in the fourth line and substituting "the fee established by the Minister and".

(5) Subsection 120 (2) of the Act is repealed and the following substituted:

Form of Affidavit

(2) The affidavit referred to in subsection (1) shall be in a form approved by the Minister.

(6) Section 141 of the Act is amended by adding the following subsection:

Exception

(3) Subsection (1) does not apply to a co-operative that has never issued securities.

(7) Subsection 153 (1) of the Act, exclusive of the clauses, is repealed and the following substituted:

Articles of amendment

(1) For the purpose of bringing an amendment to the articles into effect, the co-operative shall deliver to the Minister, within six months after the resolution has become effective, articles of amendment in a form approved by the Minister and setting out,

. . . . .

(8) Subsection 154 (1) of the Act is amended by striking out "prescribed fees" in the third line and substituting "fees established by the Minister".

(9) Subsection 155 (2) of the Act, exclusive of the clauses, is repealed and the following substituted:

Filing of restatement

(2) For the purposes of bringing the restated articles into effect, the co-operative shall deliver to the Minister the restated articles in a form approved by the Minister and setting out,

. . . . .

(10) Subsection 155 (3) of the Act is amended by striking out "prescribed fees" in the third line and substituting "fees established by the Minister".

(11) Subsection 157 (1) of the Act, exclusive of the clauses, is repealed and the following substituted:

Filing of articles of amalgamation

(1) For the purpose of bringing an amalgamation into effect, the amalgamating co-operatives shall, within six months after the amalgamation agreement has become effective, deliver to the Minister articles of amalgamation in a form approved by the Minister and setting out,

. . . . .

(12) Subsection 157 (3) of the Act is amended by striking out "prescribed fees" in the second and third lines and substituting "fees established by the Minister".

(13) Section 158 of the Act is repealed and the following substituted:

Certificate of Continuance

158. (1) A corporation incorporated under the laws of any jurisdiction other than Ontario may, if it appears to the Minister to be authorized by the laws of the jurisdiction in which it was incorporated, apply to the Minister for a certificate of continuance continuing it as if it had been incorporated under this Act.

Same

(2) Articles of continuance in a form approved by the Minister shall be sent to the Minister.

Amendments to original articles

(3) The articles of continuance shall make any amendments to the original or restated articles of incorporation, articles of amalgamation, letters patent, supplementary letters patent, a special Act and any other instrument by which the corporation was incorporated and any amendments necessary to make the articles of continuance conform to the laws of Ontario, and may make such other amendments as would be permitted under this Act if the corporation were incorporated under the laws of Ontario, provided that at least the same level of approval has been obtained for such other amendments as would have been required if the corporation were incorporated under the laws of Ontario.

Certificate of continuance

(4) Upon receipt of articles of continuance, the Minister may issue a certificate of continuance, on such terms and subject to such limitations and conditions as the Minister considers proper.

(14) Section 158.1 of the Act, as enacted by the Statutes of Ontario, 1994, chapter 17, section 27, is repealed and the following substituted:

Continuation of corporations incorporated under other Acts

158.1 (1) A corporation incorporated under the Business Corporations Act or the Corporations Act may, if the corporation is authorized to do so by the Act under which it was incorporated, apply to the Minister for a certificate of continuance continuing it as if it had been incorporated under this Act.

Same

(2) Articles of continuance in a form approved by the Minister shall be sent to the Minister.

Amendments to original articles

(3) The articles of continuance shall make any amendments to the original or restated articles of incorporation, articles of amalgamation, letters patent, supplementary letters patent, a special Act and any other instrument by which the corporation was incorporated and any amendments necessary to make the articles of continuance conform to this Act, and may make such other amendments as would be permitted under this Act if the corporation were incorporated under this Act, provided that at least the same level of approval has been obtained for such other amendments as would have been required if the corporation were incorporated under this Act.

Endorsement of certificate of continuance

(4) Upon receipt of articles of continuance, the Minister may issue a certificate of continuance, on such terms and subject to such limitations and conditions as the Minister considers proper.

Effect of certificate of continuance

158.2 (1) Articles of continuance become effective on the date set out in the certificate of continuance, and upon that date,

(a) the corporation becomes a co-operative to which this Act applies as if it had been incorporated under this Act;

(b) the articles of continuance are deemed to be the articles of incorporation of the continued co-operative; and

(c) the certificate of continuance is deemed to be the certificate of incorporation of the continued co-operative.

Same

(2) Where a corporation is continued as a co-operative under this Act,

(a) the co-operative possesses all the property, rights, privileges and franchises and is subject to all the liabilities, including civil, criminal and quasi-criminal, and all contracts, disabilities and debts of the corporation;

(b) a conviction against, or ruling, order or judgment in favour of or against, the corporation may be enforced by or against the co-operative; and

(c) the co-operative shall be deemed to be the party plaintiff or the party defendant, as the case may be, in any civil action commenced by or against the corporation.

(15) Subsection 164 (1) of the Act, exclusive of the clauses, is repealed and the following substituted:

Articles of dissolution where co-operative active

(1) For the purpose of bringing the dissolution authorized under clause 163 (a) or (b) into effect, the co-operative shall deliver to the Minister articles of dissolution in a form approved by the Minister, and setting out,

. . . . .

(16) Subsection 164 (2) of the Act, exclusive of the clauses, is repealed and the following substituted:

Articles of dissolution where co-operative never active

(2) For the purpose of bringing a dissolution authorized under clause 163 (c) into effect, the co-operative shall deliver to the Minister articles of dissolution in a form approved by the Minister and setting out,

. . . . .

(17) Subsection 165 (1) of the Act, exclusive of the clauses, is repealed and the following substituted:

Certificate of dissolution

(1) If the articles of dissolution conform to law, the Minister shall, when all fees established by the Minister and all taxes payable by the co-operative to the Minister of Finance have been paid,

. . . . .

(18) Section 171 of the Act is amended by striking out "such form as the regulations prescribe" in the fifth line and substituting "a form approved by the Minister".

(19) Subsection 171.13 (5) of the Act, as enacted by the Statutes of Ontario, 1992, chapter 19, section 23, is amended by striking out "prescribed form in English or French as may be appropriate" in the second and third lines and substituting "form approved by the Minister".

(20) Section 181 of the Act is amended by striking out "prescribed fee" wherever it occurs and substituting in each case "fee established by the Minister".

(21) Clause 186 (a.1) of the Act, as enacted by the Statutes of Ontario, 1994, chapter 17, section 29, is amended by striking out "form and" in the first line.

(22) Clause 186 (b) of the Act is repealed.

(23) The Act is amended by adding the following section:

Forms

187. The Minister may,

(a) approve forms for any purpose of this Act;

(b) establish and charge fees for anything that the Minister is required or authorized to do under this Act.

CORPORATIONS TAX ACT

4. (1) Subsection 1 (6) of the Corporations Tax Act is amended by striking out "Revenue" in the fifth line and substituting "Finance".

(2) Clause 62 (1) (c) of the Act, as amended by the Statutes of Ontario, 1994, chapter 14, section 26, is further amended by striking out "(b) and (d)" in the sixteenth line and substituting "(b), (d) and (e)".

(3) The following provisions of the Act are amended by striking out "prescribed form" wherever it occurs and substituting in each case "form approved by the Minister":

1. Subclause 80 (11) (a) (iv).

2. Clause 80 (12) (a).

3. Subsection 84 (1).

4. Subsection 85 (2).

(4) Subsection 102 (2) of the Act is amended by striking out "Revenue" in the eleventh line and substituting "Finance".

(5) Section 111 of the Act is amended by striking out "Treasurer of Ontario" in the second and third lines and substituting "Minister".

(6) The Act is amended by adding the following section:

Forms

112.1 (1) The Minister may approve forms for the purposes of this Act and the forms may provide for such information to be furnished as the Minister may require.

Fees

(2) The Minister may establish and charge fees for anything that the Minister is required or authorized to do under this Act.

CREDIT UNIONS AND CAISSES POPULAIRES ACT, 1994

5. (1) Subsection 22 (1) of the Credit Unions and Caisses Populaires Act, 1994 is amended by striking out "prescribed fee" in the fifth line and substituting "fee established by the Minister".

(2) Subsection 54 (6) of the Act is amended by striking out "prescribed form" in the third line and substituting "form approved by the Minister".

(3) Subsections 77 (4) and 82 (5) of the Act are amended by striking out "prescribed disclosure certificate" wherever it occurs and substituting in each case "disclosure certificate in a form approved by the Minister".

(4) The following provisions of the Act are amended by striking out "prescribed form" wherever it occurs and substituting in each case "form approved by the Minister":

1. Subsection 256 (2).

2. Subsection 273 (3).

3. Subsection 298 (15).

4. Subsection 298 (21).

5. Clause 299 (1) (a).

(5) The following provisions of the Act are amended by striking out "prescribed fees" wherever it occurs and substituting in each case "fees established by the Minister":

1. Subsection 314 (1).

2. Subsection 315 (3).

(6) Paragraph 29 of subsection 317 (1) of the Act is amended by striking out "the form and content of information circulars and proxies and" in the first and second lines.

(7) The following provisions of the Act are repealed:

1. Paragraphs 1, 2 and 9 of subsection 317 (1).

2. Clause 318 (a).

3. Clause 319 (f).

(8) The Act is amended by adding the following sections:

Forms

321.1 The Minister may approve the use of forms, specify the procedure for the use of the forms, and require their use for any purpose of this Act, and the forms may provide for such information to be furnished as the Minister may require.

Reports

321.2 The Minister may approve the form and contents of any report required to be prepared under this Act or the regulations and the manner of reporting.

Circulars and proxies

321.3 The Minister may approve the form and content of information circulars and proxies.

Statements

321.4 The Minister may approve the form and content of an offering statement or a statement of material changes.

Report on capital adequacy

321.5 The Minister may approve the form and content of reports on compliance with the capital adequacy requirements under this Act.

Fees

321.6 The Minister may establish and charge fees for anything required or permitted to be done by this Act or the regulations.

EMPLOYER HEALTH TAX ACT

6. (1) Clause 15 (1) (a) of the Employer Health Tax Act is amended by striking out "required or prescribed" in the second line.

(2) Subsection 38 (2) of the Act is repealed.

(3) The Act is amended by adding the following section:

Forms

38.1 The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

FUEL TAX ACT

7. (1) The following provisions of the Fuel Tax Act are amended by striking out "prescribed form" wherever it occurs and substituting in each case "form approved by the Minister":

1. Subsection 4 (4), as re-enacted by the Statutes of Ontario, 1991, chapter 49, section 4.

2. Subsection 4.1 (2), as enacted by the Statutes of Ontario, 1991, chapter 49, section 4.

3. Subsection 4.11 (2), as re-enacted by the Statutes of Ontario, 1994, chapter 18, section 2.

4. Subsection 4.17 (2), as enacted by the Statutes of Ontario, 1991, chapter 49, section 5.

5. Subsection 8 (2), as re-enacted by the Statutes of Ontario, 1991, chapter 49, section 10.

6. Subsection 14 (1), as re-enacted by the Statutes of Ontario, 1991, chapter 49, section 16.

7. Subsection 14 (6).

(2) Subsections 4.8 (1) and (2) of the Act, as enacted by the Statutes of Ontario, 1991, chapter 49, section 4, are repealed and the following substituted:

Export of fuel

(1) Every exporter shall transmit to the Minister information in the form and manner required by the Minister, in respect of fuel in bulk that the exporter intends to take or cause to be taken out of Ontario or intends to deliver or cause to be delivered to a person outside Ontario.

(3) Effective the 1st day of January, 1997, subsections 4.13 (3) and (4) of the Act, as re-enacted by the Statutes of Ontario, 1996, chapter 10, section 2, are amended by striking out "prescribed fees" wherever it occurs and substituting in each case "fees established by the Minister".

(4) Subsection 13 (7) of the Act is amended by striking out "prescribe" in the seventh line and substituting "approve".

(5) Subsection 15 (3) of the Act is amended by striking out "prescribe" in the third and fourth lines and substituting "approve".

(6) Clause 29 (2) (a) of the Act is repealed.

(7) Clause 29 (2) (h), of the Act, as re-enacted by the Statutes of Ontario, 1991, chapter 49, section 25, is amended by striking out "and prescribing fees therefor" in the second and third lines.

(8) Clause 29 (2) (t) of the Act, as enacted by the Statutes of Ontario, 1991, chapter 49, section 25, is repealed.

(9) The Act is amended by adding the following section:

Forms

30. (1) The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

Fees

(2) The Minister may establish and charge fees for anything that the Minister or the Ministry is required or authorized to do under this Act.

GASOLINE TAX ACT

8. (1) The following provisions of the Gasoline Tax Act are amended by striking out "prescribed form" wherever it occurs and substituting in each case "form approved by the Minister":

1. Subsection 4.1 (4), as enacted by the Statutes of Ontario, 1992, chapter 9, section 5.

2. Subsection 4.2 (2), as enacted by the Statutes of Ontario, 1992, chapter 9, section 5.

3. Subsection 5 (2), as re-enacted by the Statutes of Ontario, 1992, chapter 9, section 6.

4. Subsection 10 (1), as re-enacted by the Statutes of Ontario, 1992, chapter 9, section 6 and amended by 1994, chapter 18, section 3.

(2) The following provisions of the Act are amended by striking out "prescribed form" wherever it occurs and substituting in each case "form approved by the Minister".

1. Subsection 11 (2).

2. Subsection 13 (1.1), as enacted by the Statutes of Ontario, 1992, chapter 9, section 8.

3. Subsection 14 (2).

(3) Subsections 4.8 (1) and (2) of the Act, as enacted by the Statutes of Ontario, 1992, chapter 9, section 5, are repealed and the following substituted:

Export of fuel

(1) Every exporter shall transmit to the Minister information in the form and manner required by the Minister in respect of gasoline, aviation fuel or propane that the exporter intends to take or cause to be taken outside Ontario or delivers or causes to be delivered to a person outside Ontario.

(4) Effective the 1st day of January, 1997, subsections 4.12 (3) and (4) of the Act, as enacted by the Statutes of Ontario, 1996, chapter 10, section 6, are amended by striking out "prescribed fees" wherever it occurs and substituting in each case "fees established by the Minister".

(5) Clause 33 (2) (a) of the Act is repealed.

(6) Clause 33 (2) (b) of the Act, as re-enacted by the Statutes of Ontario, 1991, chapter 13, section 8, is repealed and the following substituted:

(b) prescribing the records to be kept by importers, manufacturers, wholesalers, retailers and purchasers of gasoline, aviation fuel or propane and by persons liable to pay tax under subsection 2 (4.1).

(7) Clause 33 (2) (g) of the Act, as enacted by the Statutes of Ontario, 1992, chapter 9, section 22, is repealed.

(8) Effective the 1st day of January, 1997, clause 33 (2) (j) of the Act, as enacted by the Statutes of Ontario, 1996, chapter 10, section 15, is amended by striking out "prescribing fees for them" at the end thereof.

(9) The Act is amended by adding the following section:

Forms

33.1 (1) The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

Fees

(2) The Minister may establish and charge fees for anything that the Minister or the Ministry is required or authorized to do under this Act.

INCOME TAX ACT

9. (1) Clause (c) of the definition of "housing unit" in subsection 8 (1) of the Income Tax Act is amended by striking out"prescribed" in the second line and substituting "designated by the Provincial Minister for the taxation year".

(2) Subsection 8 (8) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 29, section 6, is amended by striking out "prescribed students' residence" in the fifth line and substituting "students' residence designated by the Provincial Minister for the taxation year".

(3) Section 8 of the Act, as amended by the Statutes of Ontario, 1992, chapter 18, section 55, 1992, chapter 25, section 3, 1993, chapter 29, section 6, 1994, chapter 17, section 99, 1996, chapter 1, Schedule C, section 8 and 1996, chapter 24, section 13, is further amended by adding the following subsection:

Designation by Provincial Minister

(8.5) The Provincial Minister may designate students' residences for the purposes of subsection (8).

(4) Designations of students' residences by the Provincial Minister for the purposes of subsection 8 (8) of the Act shall be deemed to have come into effect on the date this section is deemed to have come into force.

(5) This section shall be deemed to have come into force on January 1, 1996.

INSURANCE ACT

10. (1) The definition of "pension fund association" in section 1 of the Insurance Act is repealed.

(2) Subsection 23 (2) of the Act is amended by striking out "prescribed by the regulations" in the fourth and fifth lines and substituting "as are approved by the Minister".

(3) Section 38 of the Act is repealed.

(4) Subsection 40 (5) of the Act is amended,

(a) by striking out "or employees' mutual benefit societies" in the first and second lines of paragraph 1; and

(b) by repealing paragraph 4 and substituting the following:

4. Mutual benefit societies.

(5) Section 40 of the Act is amended by adding the following subsection:

Prohibited benefits

(7) No mutual benefit society shall offer or pay a benefit that would have been prohibited under this Act on January 1, 1996.

(6) Paragraphs 5 and 9 of subsection 42 (1) of the Act are repealed.

(7) Subsection 44 (1) of the Act is amended by striking out "for 183 days after ceasing to be so licensed" in the twentieth and twenty-first lines and substituting "for such other period of time as is provided in the compensation association's by-laws".

(8) Subsection 44 (3) of the Act is amended by striking out "or" at the end of clause (c), by adding "or" at the end of clause (d) and by adding the following clause:

(e) a class of insurer designated by the regulations.

(9) Subsections 55 (2), (3) and (4) of the Act are repealed and the following substituted:

Variation of licence

(2) The Commissioner may, at any time and in respect of any licence of an insurer,

(a) set a term for the licence;

(b) impose any conditions or limitations that the Commissioner considers appropriate relating to the carrying on of the insurer's business; or

(c) vary, amend or revoke any condition or limitation to which the licence is subject.

Notice

(3) The Commissioner shall not exercise any power under subsection (2) until he or she has given the insurer notice of intention to exercise the power and has afforded the insurer a reasonable opportunity to be heard with respect thereto.

Transition

(4) Subsections (2) and (3) apply in respect of licences in force on the date this section comes into force and in respect of licences issued after the date this section comes into force.

(10) Section 57 of the Act is repealed.

(11) Section 60 of the Act is repealed.

(12) Subclause 61 (1) (a) (ii) of the Act, as enacted by the Statutes of Ontario, 1993, chapter 10, section 8, is amended by striking out "section 60" in the second line and substituting "subsection 102 (7)".

(13) Section 65 of the Act is amended by striking out "or refuse to renew" in the sixth line.

(14) Sections 66 to 99 of the Act are repealed and the following substituted:

Deposits

66. (1) At any time, the Superintendent may require an insurer to deposit, in any amount the Superintendent considers necessary, securities acceptable to the Superintendent and on such conditions as the Superintendent considers proper.

When to be made

(2) The securities shall be deposited with the Superintendent within 30 days of the date that the requirement is made or within such longer period of time as is agreed to by the Superintendent.

Withdrawal of deposit

(3) No part of a deposit shall be withdrawn without the approval of the Superintendent.

Failure to comply

(4) The Commissioner may suspend the licence of an insurer that fails to deposit securities in the amount and within the time required by the Superintendent.

Vesting

(5) Securities deposited with the Superintendent are vested in the Superintendent without any formal transfer.

Interest

(6) The insurer is entitled to the interest and dividends paid on securities while the securities are on deposit with the Superintendent, if the insurer is in compliance with this Act.

Substitution

(7) The Superintendent may permit an insurer to substitute other securities for those deposited by the insurer.

Reciprocal deposits

(8) If an insurer incorporated under the laws of Ontario or a reciprocal insurance exchange provided for in Part XIII wants to be licensed by another province that requires a deposit, the Superintendent may hold securities as a deposit on a reciprocal basis for the other province.

Purpose of deposits

(9) The Superintendent shall hold and administer a deposit as security for the Ontario contracts of the insurer and for any contracts in a reciprocating province.

Order to fix amount

(10) If a reciprocating province requires that the amount of a deposit be in a fixed amount, the Lieutenant Governor in Council may, by order, fix the required amount of the deposit and list the reciprocating provinces with respect to the deposit.

Claims

(11) If an insurer that has deposited securities with the Superintendent under this section ceases to carry on the business of insurance in Ontario or if its licence is suspended or cancelled under this Act, the Superintendent shall notify each reciprocating province of the cessation, suspension or cancellation. The notice shall state that the reciprocating province is entitled to submit to the Superintendent an accounting of all claims and liabilities outstanding in the reciprocating province in respect of the insurer before the deposit is released to the insurer.

Out-of-province insurer

(12) If the Superintendent is notified that an insurer that has deposited securities with the Superintendent has ceased to transact business in a reciprocating province or that the insurer's licence to transact the business of insurance has been suspended or cancelled in that province, the Superintendent may, at the request of the reciprocating province, take any action that the Superintendent could take if the insurer ceased to carry on the business of insurance in Ontario or could take if the licence of the insurer were suspended or cancelled in Ontario.

Notice to insured

(13) If the Superintendent receives notice that an order has been made in another province for the administration of a deposit of an insurer in respect of which Ontario is a reciprocating province and that a date has been fixed by the trustee in the other province for the termination of the administration of the deposit, the Superintendent shall give notice of the termination date to persons insured under Ontario policies issued by the insurer.

Application to court

(14) The Superintendent may, at any time, make application to a court of competent jurisdiction for directions regarding the administration of securities deposited by an insurer under this section.

(15) Clause 102 (1) (a) of the Act, as re-enacted by the Statutes of Ontario, 1994, chapter 11, section 337, is amended byinserting after "Superintendent" in the second line "or his or her designate".

(16) Clause 102 (1) (b) of the Act is amended by inserting after "Superintendent" where it occurs the first time "or his or her designate".

(17) Section 102 of the Act, as amended by the Statutes of Ontario, 1994, chapter 11, section 337, is further amended by adding the following subsections:

Actuary's opinion

(7) Every insurer licensed under this Act shall submit with the annual statement required by subsection (1), an opinion by an actuary as to the adequacy of provisions made for unearned premiums, unpaid claims and claims adjustment expenses as of the end of the year covered by the annual statement.

Level of assets to be maintained

(8) Every insurer licensed under this Act shall maintain assets, exclusive of any investments of the insurer that are not authorized by this Act or that were not authorized by law at the time of acquisition, in an amount that bears not less than a reasonable relationship to the outstanding liabilities, premiums and loss experience of the insurer, all in accordance with such calculation as may be prescribed by the regulations.

Exception

(9) Subsections (7) and (8) do not apply to a mutual insurance corporation that is a member of the Fire Mutuals Guarantee Fund or to an insurer licensed to transact only,

(a) the business of life insurance;

(b) the business of accident and sickness insurance; or

(c) the business of life insurance and the business of accident and sickness insurance.

Certificate required

(10) The annual statement of an insurer incorporated and licensed under the laws of Ontario to transact life insurance, except contracts of fraternal societies licensed under this Act, shall include a certificate, in the manner required by the Superintendent, given by the actuary of the insurer.

Life insurance policies

(11) No insurer incorporated and licensed under the laws of Ontario to transact life insurance shall issue a policy that does not appear to be self-supporting upon reasonable assumptions as to interest, mortality and expenses.

Exemption from filing requirements

(12) The Superintendent may, in writing, exempt completely or in part any insurer or any category of insurer from any or all of the filing requirements imposed under this section for the period of time specified in the exemption.

(18) Subsection 107 (1) of the Act is amended by striking out "or mutual benefit society" in the third line.

(19) Subsection 107 (2) of the Act is amended by striking out "or mutual benefit society" in the first and second lines.

(20) Subsection 107 (3) of the Act is amended by striking out "or mutual benefit society" in the first and second lines.

(21) Section 108 of the Act, and the heading immediately preceding the section, are repealed.

(22) Paragraphs 1 and 2 of subsection 121 (1) of the Act are repealed.

(23) Paragraph 5 of subsection 121 (1) of the Act is repealed and the following substituted:

5. designating insurers for the purposes of clause 44 (3) (a) and designating classes of insurers for the purposes of clause 44 (3) (e).

(24) Paragraph 6 of subsection 121 (1) of the Act is amended by striking out "subsection 60 (1)" in the third line and substituting "subsection 102 (8)".

(25) The Act is amended by adding the following sections:

Fees

121.1 The Minister may establish fees in relation to any matter under this Act, including any services provided by or through the Ministry of Finance or the Commission.

Forms

121.2 (1) The Commissioner may approve forms for any purpose of this Act and the forms may provide for such information to be furnished as the Commissioner may require.

Electronic forms

(2) The Commissioner may approve electronic forms for any purposes under this Act.

(26) Subsection 147 (2) of the Act is amended by adding "Subject to subsection (3)" at the beginning.

(27) Section 147 of the Act is amended by adding the following subsection:

Alternate notice

(3) If the loss under a contract has, with the consent of the insurer, been made payable to a person other than the insured, the insurer and the person may enter into a written agreement to provide for alternate notice.

(28) Section 149 of the Act is amended by inserting "or bold type" after "red ink" in the eleventh line.

(29) Section 263 of the Act, as amended by the Statutes of Ontario, 1993, chapter 10, section 21 and 1996, chapter 21, section 24, is further amended by adding the following subsection:

Same

(1.1) This section applies, with necessary modifications, in respect of an automobile the owner, operator or lessee of which is exempt from the requirement to be insured under the Compulsory Automobile Insurance Act, if the organization that is financially responsible for the damages resulting from the accident involving the automobile files with the Commission an undertaking to be bound by this section.

(30) Paragraphs 1 and 2 of section 343 of the Act are repealed and the following substituted:

1. Societies known as mutual benefit societies as defined in section 1.

2. Pension fund societies incorporated under the Corporations Act or a predecessor thereof.

(31) Parts XI and XII of the Act are repealed.

(32) Subsection 382 (2) of the Act is repealed.

(33) Clause 393 (21) (h) of the Act, as re-enacted by the Statutes of Ontario, 1994, chapter 11, section 339, is repealed.

(34) The heading to Part XVI of the Act is repealed and the following substituted:

AMALGAMATIONS AND TRANSFERS

(35) Section 419 of the Act is repealed and the following substituted:

Definition

419. In this Part,

"transfer" means an arrangement whereby contracts made in Ontario by a licensed insurer incorporated or organized under the laws of Ontario or any class or group of such contracts are undertaken by or transferred to another insurer either by novation, transfer or assignment or as a result of amalgamation of the insurers. ("transfert")

(36) Subsection 420 (1) of the Act is amended by striking out "contracts of" in the second line.

(37) Subsection 420 (2) of the Act is amended by,

(a) striking out "recommend that the agreement be approved by the Lieutenant Governor in Council as hereinafter provided" in the fifth, sixth and seventh lines and substituting "approve the transfer"; and

(b) striking out "agreement" in the ninth line and substituting "transfer".

(38) Subsection 421 (1) of the Act is repealed and the following substituted:

Transfer agreements

(1) The details of the transfer shall be in writing setting out in full the terms and conditions of the transfer, but no transfer agreement shall be entered into without the prior permission of the Superintendent and the transfer is not binding or effective until approved by the Superintendent.

(39) Subsection 421 (2) of the Act is amended by striking out "Lieutenant Governor in Council, such agreement" in the first and second lines and substituting "Superintendent, the transfer".

(40) Section 422 of the Act is repealed and the following substituted:

Approval of Superintendent

422. The insurers who enter into such a transfer agreement, within 30 days from the date of its execution or such longer period of time as the Superintendent may direct, shall apply to the Superintendent for approval of the transfer.

(41) Sections 423 and 424 of the Act are repealed.

(42) Section 425 of the Act is amended by,

(a) striking out "petition" in the first line and substituting "application";

(b) striking out "agreement" in the second line and substituting "transfer";

(c) in clause (a), striking out "agreement for reinsurance" in the first and second lines and substituting "transfer agreement";

(d) in clause (b), striking out "reinsurance" in the second line and substituting "the transfer";

(e) in clause (c), inserting "transfer" before "agreement" in the third line;

(f) in clause (d), inserting "transfer" before "agreement" in the second and third lines;

(g) in clause (e), striking out "reinsurance" in the seventh line and in the fourteenth line and substituting in each case "transfer"; and

(h) repealing clause (f) and substituting the following:

(f) evidence of the service of the notices required by section 426, if any.

(43) Section 426 of the Act is repealed and the following substituted:

Approval or rejection of transfer

426. (1) After receiving the application, the Superintendent may,

(a) invite written submissions and, after considering all the submissions, approve or reject the transfer; or

(b) fix a day for a hearing to consider the application and, after the hearing, approve or reject the transfer.

Notice

(2) Subject to subsection (3), the Superintendent shall determine what notice is adequate for the purposes of subsection (1) and shall direct who shall give the notice.

Same

(3) In the case of life insurance,

(a) the notice shall be served on the shareholders or members and on all policyholders in Ontario, other than industrial policyholders;

(b) the notice shall include,

(i) a statement of the nature and terms of the transfer,

(ii) an abstract containing the material facts embodied in the transfer agreement under which the transfer is proposed to be effected, and

(iii) copies of the actuarial or other reports upon which the transfer agreement is founded, including a report by an independent actuary; and

(c) the Superintendent may also direct that the transfer agreement be open to inspection by policyholders, shareholders or members at the principal offices of the insurers in Ontario for a period of time specified by the Superintendent.

(44) Sections 427, 428, 429 and 430 of the Act are repealed.

(45) Section 436 of the Act is amended by adding the following subsection:

Gift or benefit prohibited

(9) No director or officer of an insurer and no member of a committee that has any authority in the investment or disposition of its funds shall accept or be the beneficiary of, either directly or indirectly, any fee, brokerage, commission, gift or other consideration for or on account of any loan, deposit, purchase, sale, payment or exchange made by or on behalf of the insurer, or be pecuniarily interested in any such purchase, sale or loan, as borrower, principal, co-principal, agent or beneficiary, except that, if the person is a policyholder, he or she is entitled to all the benefits accruing under the terms of his or her contract.

(46) Section 437 of the Act is repealed and the following substituted:

Value of assets retained in Canada

437. (1) At all times, every insurer shall retain in Canada assets of a value capable of discharging all of its liabilities to its policyholders in Canada and all other outstanding obligations in Canada.

Investments

(2) Every insurer shall maintain an up-to-date record identifying all investments held by the insurer and the location of the investments.

Same

(3) Every insurer shall also institute and record procedures to be followed in the handling and safeguarding of itsinvestments and shall, at all times, ensure strict compliance with those procedures.

Same

(4) Every insurer shall ensure that its investments are kept,

(a) securely and in a manner that prevents unauthorized access to them; and

(b) in the custody of the insurer or of an entity qualified to act as custodian of securities or as a depository or clearing agency for securities under guidelines issued by the Superintendent.

Same

(5) An insurer shall not place investments in the custody of an entity referred to in clause (4) (b) unless the insurer has entered into a written custodial agreement with the entity.

Report to Superintendent

(6) At the request of the Superintendent, an insurer shall report to the Superintendent on its compliance with subsections (1) to (5) and the Superintendent may, if not satisfied with the report, require a change which shall be complied with by the insurer, in the nature and content of the records kept, the location of the investments, the custodial arrangements or any other matter related to the safeguarding of the investments.

(47) Schedule B to the Act is repealed.

LABOUR SPONSORED VENTURE CAPITAL

CORPORATIONS ACT, 1992

11. (1) The following provisions of the Labour Sponsored Venture Capital Corporations Act, 1992 are amended by striking out "prescribed form" wherever it occurs and substituting in each case "form approved by the Minister":

1. Subsection 21 (1).

2. Subsection 22 (1).

3. Subsection 31 (4).

(2) The following provisions of the Act are repealed:

1. Clause 45 (1) (a).

2. Clause 45 (2) (a).

(3) The Act is amended by adding the following section:

Forms

45.1 (1) The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

Fees

(2) The Minister may establish and charge fees for anything that the Minister or the Ministry is required or authorized to do under this Act.

LAND TRANSFER TAX ACT

12. (1) The following provisions of the Land Transfer Tax Act are amended by striking out "prescribed form" wherever it occurs and substituting in each case "form approved by the Minister":

1. Subsection 5 (1).

2. Subsection 13 (1).

3. Subsection 14 (2).

(2) The following provisions of the Act are amended by striking out "prescribe" wherever it occurs and substituting in each case "require":

1. Subsection 5 (6).

2. Subsection 8 (7).

(3) Subsection 22 (1) of the Act, as amended by the Statutes of Ontario, 1996, chapter 18, section 14, is repealed and the following substituted:

Forms

(1) The Minister may approve the use and format of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

Regulations

(1.1) The Minister may make regulations defining "owned" for the purposes of the definition of "purchaser" in subsection 9.2 (1).

LOAN AND TRUST CORPORATIONS ACT

AND

BUDGET MEASURES ACT, 1994

13. (1) The definition of "total assets" in section 1 of the Loan and Trust Corporations Act is amended by inserting "provincial" before "trust corporation" in the third line.

(2) The following provisions of the Act are amended by striking out "prescribed form" wherever it occurs and substituting in each case "form approved by the Minister":

1. Subsection 6 (1).

2. Subsection 10 (5).

3. Subsection 31 (5).

4. Subsection 32 (4).

5. Subsection 32 (6).

6. Section 64.

7. Subsection 92 (6).

8. Subsection 135 (1).

(3) Section 39 of the Act is repealed.

(4) The French version of subsection 88 (5) of the Act is amended by striking out "visant essentiellement le même but" in the eleventh line and substituting "ayant essentiellement le même but ou le même effet".

(5) Subsection 126 (2) of the Act is amended by striking out "that does not have its head office in Ontario" in the first and second lines.

(6) Subsection 132 (9) of the Act is amended by striking out "prescribed" in the third line and substituting "established by the Minister".

(7) Section 134 of the Act is repealed and the following substituted:

Returns

134. Every registered corporation, at the times established by the Minister, shall provide to the Superintendent such financial or other information as may be specified by the Minister.

(8) Section 138 of the Act is repealed.

(9) Section 139 (2) of the Act is amended by striking out "prescribed fee" in the first line and substituting "fee established by the Minister".

(10) The following provisions of the Act are amended by striking out "registered" wherever it occurs and substituting in each case "provincial":

1. Section 141.

2. Section 142, as amended by the Statutes of Ontario, 1994, chapter 17, section 109.

3. Section 143.

4. Section 146.

5. Subsection 151 (2).

6. Section 153.

7. Section 154, as amended by the Statutes of Ontario, 1994, chapter 17, section 110.

8. Section 157, as amended by the Statutes of Ontario, 1994, chapter 17, section 112.

9. Section 158, as re-enacted by the Statutes of Ontario, 1994, chapter 17, section 113.

10. Subsections 159 (1), (5) and (6).

11. Section 160.

12. Section 161, as amended by the Statutes of Ontario, 1994, chapter 17, section 115.

13. Section 162, as re-enacted by the Statutes of Ontario, 1994, chapter 17, section 116.

14. Sections 163, 164 and 165, as re-enacted by the Statutes of Ontario, 1994, chapter 17, section 117.

15. Section 171.

16. Subsection 194 (5).

17. Subsection 203 (1).

18. Paragraph 23 of subsection 223 (1), as re-enacted by the Statutes of Ontario, 1994, chapter 17, section 119.

19. Paragraph 28 of subsection 223 (1).

(11) Subsection 145 (1) of the Act is repealed and the following substituted:

Exemption

(1) Upon the application of a provincial corporation filed with the Superintendent, the Superintendent may consent to the provincial corporation making or entering into any investment or other transaction set out in this Part, with a restricted party if, in the opinion of the Superintendent, the consent is in the best interests of the provincial corporation and the consent may be subject to such terms and conditions as are set out in the consent.

(12) Subsection 147 (2) of the Act is amended by inserting "for a provincial corporation" after "developed" in the second line.

(13) Subsection 155 (5) of the Act, as amended by the Statutes of Ontario, 1994, chapter 17, section 111, is further amended by inserting "provincial" before "trust corporation" in the first line.

(14) Subsection 159 (4) of the Act, as amended by the Statutes of Ontario, 1994, chapter 17, section 114, is further amended by striking out "registered" in the first line and substituting "provincial".

(15) Section 170 of the Act, as amended by the Statutes of Ontario, 1993, chapter 27, Schedule, is repealed and the following substituted:

Other investments authorized

170. (1) The Superintendent may authorize the acceptance or retention by a provincial corporation of securities or other assets not fulfilling the requirements of this Act but obtained,

(a) in payment or part payment for securities sold by the corporation;

(b) under an arrangement made in good faith for the reorganization of a body corporate whose securities were previously owned by the corporation;

(c) under an amalgamation with another body corporate of the body corporate whose securities were previously owned by the corporation;

(d) for the purpose of protecting investments of the corporation;

(e) by virtue of the purchase by the corporation of the assets of another corporation; or

(f) by virtue of realizing on the security for a loan where the security is shares in a body corporate.

Same

(2) Securities or other assets whose acceptance or retention is authorized under subsection (1) shall be sold and disposed of within two years from the date of the authorization or, subject to such terms and conditions as the Superintendent considers necessary, within such further period or periods of time as the Superintendent may specify.

(16) Section 188 of the Act is amended by striking out "prescribed fee" in the sixth and seventh lines and substituting "fee established by the Minister".

(17) Paragraphs 1, 2 and 12 of subsection 223 (1) of the Act are repealed.

(18) The Act is amended by adding the following sections:

Forms

223.1 (1) The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

Fees

(2) The Minister may establish and charge fees for anything that the Minister, the Ministry, the Superintendent or the Director is required or authorized to do under this Act or the regulations.

Same

(3) The Minister may establish and require payment of annual fees and fees for letters patent of incorporation and supplementary letters patent.

. . . . .

Transition, increase in loans

228. (1) Despite any other provision of this Act, if, before this section comes into force, a provincial corporation was authorized by its registration to make loans referred to in clause 162 (4) (c), as it was before Part X of the Budget Measures Act, 1994 comes into force, the corporation shall not increase the aggregate total of those loans beyond the percentage authorized by its registration until the corporation has filed with the Superintendent a certified copy of the board of directors' written procedures for prudent investment standards authorizing the increase.

Same

(2) Despite any other provision of this Act, if, before this section comes into force, a provincial corporation was authorized by its registration to make loans referred to in clause 162 (4) (d), as it was before Part X of the Budget Measures Act, 1994comes into force, the corporation shall not increase the aggregate total of those loans beyond the percentage authorized by its registration until the corporation has received the written approval of the Superintendent.

(19) Section 121 of the Budget Measures Act, 1994 is repealed.

(20) This section comes into force on a day to be named by proclamation of the Lieutenant Governor.

MINING TAX ACT

14. (1) Subsection 3.1 (1) of the Mining Tax Act, as enacted by the Statutes of Ontario, 1992, chapter 4, section 2, is amended by striking out "the prescribed form" in the eleventh line and substituting "a declaration and allocation for the mining tax exemption in the form approved by the Minister".

(2) Subclause 9 (1) (a) (iv) of the Act is amended by striking out "prescribed form" in the second line and substituting "form approved by the Minister".

(3) Subsection 9 (2) of the Act is amended by striking out "prescribed form" in the eighth line and substituting "form approved by the Minister".

(4) Clause 21 (1) (e) of the Act is repealed.

(5) The Act is amended by adding the following section:

Forms

22. The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

MORTGAGE BROKERS ACT

15. (1) Subsection 7 (7) of the Mortgage Brokers Act is amended by striking out "prescribed form" in the third and fourth lines and substituting "form approved by the Minister".

(2) Subsection 7 (8) of the Act is amended by striking out "prescribed fee" in the fifth line and substituting "fee established by the Minister".

(3) Clause 13 (f) of the Act is repealed and the following substituted:

(f) the fees established by the Minister.

(4) Subsection 31 (3) of the Act is amended by striking out "Minister" in the third line and substituting "Director".

(5) Subsection 31 (5) of the Act is repealed and the following substituted:

Limitation

(5) No proceeding under clause (1) (b) or (c) shall be commenced more than two years after the facts upon which the proceeding is based first came to the knowledge of the Director.

(6) Clauses 33 (c), (d) and (l) of the Act are repealed.

(7) The Act is amended by adding the following section:

Forms

34. (1) The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

Fees

(2) The Minister may establish and charge fees for an application for registration, a renewal of registration and for the filing of a prospectus.

MOTOR VEHICLE ACCIDENT CLAIMS ACT

16. (1) Subsection 1 (1) of the Motor Vehicle Accident Claims Act is amended by adding the following definition:

"Commissioner" means commissioner of insurance under the Insurance Act. ("commissaire")

(2) Section 3 of the Act is amended by adding the following subsection:

Exception

(2) Subsection (1) does not apply where any part of the claim made is in respect of an amount paid or payable by an insurer by reason of the existence of a policy of insurance within the meaning of the Insurance Act.

(3) Subsection 4 (1) of the Act is amended by striking out "prescribed by the Minister" in the eleventh line and substituting "approved by the Commissioner".

(4) The Act is amended by adding the following section:

Forms

28. (1) The Commissioner may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Commissioner may require.

Electronic forms

(2) The Commissioner may approve electronic forms for any purposes under this Act.

ONTARIO GUARANTEED ANNUAL INCOME ACT

17. (1) Subsection 9 (3) of the Ontario Guaranteed Annual Income Act is amended by striking out "prescribed form" in the sixteenth and seventeenth lines and substituting "form approved by the Minister".

(2) Subsection 17 (1) of the Act is repealed.

(3) The Act is amended by adding the following section:

Forms

18. The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

ONTARIO HOME OWNERSHIP SAVINGS PLAN ACT

18. (1) Paragraph 2 of subsection 5 (1) of the Ontario Home Ownership Savings Plan Act is amended by striking out "prescribed form" in the fourth and fifth lines and substituting "form approved by the Minister".

(2) Paragraph 3 of subsection 5 (1) of the Act is amended by striking out "and shall file with the Minister at the prescribed time a return in the prescribed form notifying the Minister of the particulars of the release" in the eighth, ninth, tenth and eleventh lines.

(3) Clause 9 (3) (a) of the Act is amended by striking out "prescribed form containing the prescribed information" in the second and third lines and substituting "form approved by the Minister".

(4) Subsection 10 (3) of the Act is amended striking out "prescribed form" in the seventh line and substituting "form approved by the Minister".

(5) Subsection 12 (3) of the Act is amended by striking out "prescribed form" in the eighth line and substituting "form approved by the Minister".

(6) Clause 15 (2) (a) of the Act is amended by striking out "or prescribed" in the second line.

(7) Clause 19 (1) (e) of the Act is repealed.

(8) The Act is amended by adding the following section:

Forms

20. The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

PROVINCIAL LAND TAX ACT

19. (1) Section 9 of the Provincial Land Tax Act is amended by striking out "prescribed by the Minister of Revenue" in the second and third lines and substituting "approved by the Minister of Finance".

(2) Subsection 15 (1) of the Act is amended by striking out "prescribed form" in the twelfth line and substituting "form approved by the Minister of Finance".

(3) Subsection 33 (1) of the Act is amended by striking out "in the prescribed form" in the sixth and seventh lines.

(4) Clause 38 (2) (b) of the Act is repealed.

(5) The Act is amended by adding the following section:

Forms

39. The Minister of Finance may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister of Finance may require.

RACE TRACKS TAX ACT

20. (1) Clause 14 (2) (b) of the Race Tracks Tax Act is repealed.

(2) The Act is amended by adding the following section:

Forms

15. The Minister may approve the use of forms for any purpose of this Act, and requiring their use, and the forms may provide for such information to be furnished as the Minister may require.

REGISTERED INSURANCE BROKERS ACT

21. Subsection 11 (1) of the Registered Insurance Brokers Act is amended by adding the following clauses:

(q.1) respecting and governing the nomination, election and term of office of the members to be elected to the Council, the filling of vacancies on the Council and controverted elections;

(q.2) governing the composition of the Council;

(q.3) respecting any matter ancillary to the provisions of this Act with regard to the issuing, renewal, suspension and revocation of certificates;

(q.4) providing for the expiration of certificates and governing and establishing the requirements and qualifications for the issuing and renewal of certificates;

(q.5) governing standards of practice for registered insurance brokers;

(q.6) providing for a program for the continuing education of members to maintain their standard of competence and requiring members to participate in such continuing education;

(q.7) respecting returns, reports, information or disclosure to be provided or made by members to the Corporation, the Superintendent, members of the public or any other person or persons;

(q.8) fixing maximum fines that may be imposed upon members found guilty of misconduct;

(q.9) establishing rules of practice and procedure for hearings held under this Act.

RETAIL SALES TAX ACT

22. (1) Subsection 4 (2) of the Retail Sales Tax Act, as re-enacted by the Statutes of Ontario, 1992, chapter 13, section 2, is repealed and the following substituted:

Definitions

(2) In this section,

"passenger vehicle" and "sport utility vehicle" mean a vehicle or type of vehicle determined by the Minister to be a passenger vehicle or a sport utility vehicle and in respect of which the Minister determines that a highway fuel consumption rating of 6.0 or more litres of gasoline or diesel fuel per 100 kilometres applies.

(2) Subsection 4 (5) of the Act, as re-enacted by the Statutes of Ontario, 1992, chapter 13, section 2, is amended by striking out "prescribed by the Minister of" in the sixth line and substituting "determined by the Minister to apply to".

(3) Subsection 4 (6) of the Act, as enacted by the Statutes of Ontario, 1992, chapter 13, section 2, is amended by striking out"prescribed by the Minister of" in the sixth line and substituting "determined by the Minister to apply to".

(4) Subsection 4 (9) of the Act, as enacted by the Statutes of Ontario, 1992, chapter 13, section 2, is amended by striking out "prescribed" in the second line and substituting "determined".

(5) Subsection 4.1 (2) of the Act, as enacted by the Statutes of Ontario, 1992, chapter 13, section 3, is repealed and the following substituted:

Definition

(2) In this section,

"passenger car" means a vehicle or type of vehicle determined by the Minister to be a passenger car and in respect of which the Minister determines that a highway fuel consumption rating of less than 6.0 litres of gasoline or diesel fuel per 100 kilometres applies.

(6) Subsection 5 (4) of the Act is amended by striking out "prescribed" in the second line and substituting "approved".

(7) Subsection 24 (1) of the Act is amended by striking out "prescribed form" in the ninth line and substituting "form approved by the Minister".

(8) Subsection 25 (2) of the Act is amended by striking out "prescribed form" in the fourth line and substituting "form approved by the Minister".

(9) Clause 48 (3) (c) of the Act is repealed.

(10) The Act is amended by adding the following section:

Forms

49. The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

SECURITIES ACT

23. (1) Subsection 1 (1) of the Securities Act, as amended by the Statutes of Ontario, 1994, chapter 11, section 350 and 1994, chapter 33, section 1, is further amended by adding the following definitions:

"quotation and trade reporting system" means a person or company that operates facilities that permit the dissemination of price quotations for the purchase and sale of securities and reports of completed transactions in securities for theexclusive use of registered dealers, but does not include a stock exchange or a registered dealer;

"recognized quotation and trade reporting system" means a quotation and trade reporting system recognized by the Commission under section 21.2.1.

(2) The Act is amended by adding the following section:

Quotation and trade reporting system

21.2.1 (1) The Commission may, on the application of a quotation and trade reporting system, recognize the quotation and trade reporting system if the Commission is satisfied that to do so is in the public interest.

Same

(2) A recognition under this section shall be made in writing and is subject to such terms and conditions as the Commission may impose.

Commission's powers

(3) The Commission may, if it is satisfied that to do so is in the public interest, make any decision with respect to any by-law, rule, regulation, policy, procedure, interpretation or practice of a recognized quotation and trade reporting system.

(3) Sections 21.3 and 21.4 of the Act, as enacted by the Statutes of Ontario, 1994, chapter 11, section 358, are repealed and the following substituted:

Council, committee or ancillary body

21.3 (1) A recognized stock exchange, a recognized quotation and trade reporting system or a recognized self-regulatory organization may, with the prior approval of the Commission and on such terms and conditions as the Commission determines to be necessary or appropriate in the public interest, establish a council, committee or ancillary body and assign to it regulatory or self-regulatory powers or responsibilities or both.

Inclusion

(2) A council, committee or ancillary body that exercises the powers or assumes the responsibilities of a recognized stock exchange, recognized quotation and trade reporting system or recognized self-regulatory organization is also included in,

(a) the recognition of the recognized stock exchange, recognized quotation and trade reporting system or recognized self-regulatory organization;

(b) any suspension, restriction or termination of the recognition of the recognized stock exchange,recognized quotation and trade reporting system or recognized self-regulatory organization; and

(c) any imposition of terms or conditions on the recognition of the recognized stock exchange, recognized quotation and trade reporting system or recognized self-regulatory organization.

Same

(3) The provisions of Ontario securities law that apply to recognized stock exchanges, recognized quotation and trade reporting systems and recognized self-regulatory organizations also apply with necessary modifications to the council, committee or ancillary body.

Voluntary surrender

21.4 On application by a recognized stock exchange, recognized self-regulatory organization, recognized quotation and trade reporting system or recognized clearing agency, the Commission may accept, and may impose terms and conditions that shall apply to the acceptance, the voluntary surrender of the recognition of the stock exchange, self-regulatory organization, quotation and trade reporting system or clearing agency, if the Commission is satisfied that the surrender of the recognition is not prejudicial to the public interest.

(4) Section 21.6 of the Act, as enacted by the Statutes of Ontario, 1994, chapter 11, section 358, is repealed and the following substituted:

Contravention of Ontario securities law

21.6 No by-law, rule, regulation, policy, procedure, interpretation or practice of a recognized stock exchange, recognized self-regulatory organization, recognized quotation and trade reporting system or recognized clearing agency shall contravene Ontario securities law, but a recognized stock exchange, recognized self-regulatory organization, recognized quotation and trade reporting system or recognized clearing agency may impose additional requirements within its jurisdiction.

(5) Subsection 21.7 (1) of the Act, as enacted by the Statutes of Ontario, 1994, chapter 11, section 358, is repealed and the following substituted:

Review of decisions

(1) The Executive Director or a person or company directly affected by, or by the administration of, a direction, decision, order or ruling made under a by-law, rule, regulation, policy, procedure, interpretation or practice of a recognized stock exchange, recognized self-regulatory organization, recognized quotation and trade reporting system or recognized clearingagency may apply to the Commission for a hearing and review of the direction, decision, order or ruling.

(6) Paragraph 3 of subsection 35 (1) of the Act, as amended by the Statutes of Ontario, 1994, chapter 11, section 364, is further amended by adding the following subparagraphs:

iii.1 a subsidiary of any company referred to in subparagraph i, ii.1 or iii, where the company owns all of the voting shares of the subsidiary,

iii.2 a dealer registered in the category of broker, investment dealer or securities dealer.

(7) Paragraph 19 of subsection 35 (1) of the Act is repealed and the following substituted:

19. A trade by an issuer in the securities of its own issue with its employees or the employees of an affiliate who are not induced to purchase by expectation of employment or continued employment, whether such trade takes place directly between the issuer and the employee or through a trustee or an administrator of a share purchase plan established for the benefit of employees of the issuer or its affiliates.

(8) Paragraph 1 of subsection 35 (2) of the Act, as amended by the Statutes of Ontario, 1994, chapter 11, section 364, is further amended by striking out "or" at the end of clause (d) and by adding the following clause:

(d.1) of or guaranteed by the International Finance Corporation established by Articles of Agreement approved by the Bretton Woods and Related Agreements Act (Canada), if the bonds, debentures or evidences of indebtedness are payable in the currency of Canada or the United States of America and if, with respect to such securities, such documents, certificates, reports, releases, statements, agreements or other information as may be required by the Commission are filed; or

. . . . .

(9) Section 36 of the Act is amended by adding the following subsection:

Exemption - Mutual fund trades

(7) A registered dealer need not send to its client a written confirmation of a trade in a security of a mutual fund where the manager of the mutual fund sends the client a writtenconfirmation containing the information required to be sent under this section.

(10) Subsection 62 (1) of the Act is repealed and the following substituted:

Refiling of prospectus

(1) No distribution of a security to which subsection 53 (1) applies shall continue longer than 12 months from the date of the issuance of the receipt for the final prospectus relating to the security, which shall be the lapse date, unless a new prospectus that complies with this Part is filed and a receipt therefor is obtained from the Director.

(11) Clause 72 (1) (a) of the Act, as amended by the Statutes of Ontario, 1994, chapter 11, section 369, is further amended by adding the following subclauses:

(iii.1) a subsidiary of any company referred to in subclause (i), (i.1), (ii) or (iii), where the company owns all of the voting shares of the subsidiary,

(iii.2) a dealer registered in the category of broker, investment dealer or securities dealer.

(12) Clause 72 (1) (n) of the Act is repealed and the following substituted:

(n) the trade is made by an issuer in the securities of its own issue with its employees or the employees of an affiliate who are not induced to purchase by expectation of employment or continued employment, whether such trade takes place directly between the issuer and the employee or through a trustee or an administrator of a share purchase plan established for the benefit of employees of the issuer or its affiliates.

(13) Paragraph 12 of subsection 143 (1) of the Act, as re-enacted by the Statutes of Ontario, 1994, chapter 33, section 8, is repealed and the following substituted:

12. Regulating recognized stock exchanges, recognized self-regulatory organizations, recognized quotation and trade reporting systems and recognized clearing agencies, including prescribing requirements in respect of the review or approval by the Commission of any by-law, rule, regulation, policy, procedure, interpretation or practice.

(14) Subsection 143 (3) of the Act, as enacted by the Statutes of Ontario, 1994, chapter 33, section 8, is repealed and the following substituted:

Revoking or amending regulations

(3) Subject to the approval of the Minister, the Commission, concurrently with making a rule, may make a regulation that amends or revokes any provision of a regulation made by the Lieutenant Governor in Council under this Act or by the Commission under this subsection that in the opinion of the Commission is necessary or advisable to effectively implement the rule.

(15) Subsection 143 (4) of the Act, as enacted by the Statutes of Ontario, 1994, chapter 33, section 8, is repealed and the following substituted:

Effective date

(4) A regulation made under subsection (3) is not effective before the rule referred to in that subsection comes into force.

(16) Paragraph 8 of subsection 143.2 (2) of the Act, as enacted by the Statutes of Ontario, 1994, chapter 33, section 8, is repealed and the following substituted:

8. A reference to every regulation or provision in a regulation to be amended or revoked under subsection 143 (3).

SMALL BUSINESS DEVELOPMENT CORPORATIONS ACT

24. (1) The following provisions of the Small Business Development Corporations Act are amended by striking out the term "prescribed form" wherever it occurs and substituting in each case "form approved by the Minister":

1. Subsection 13 (2).

2. Subsection 16 (1).

3. Subsection 16 (2).

(2) Clause 34 (1) (a) and subsection 34 (2) of the Act are repealed.

(3) The Act is amended by adding the following section:

Forms

34.1 (1) The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

Fees

(2) The Minister may establish and charge fees for anything that the Minister or the Ministry is required or authorized to do under this Act or the regulations.

TOBACCO TAX ACT

25. (1) Subsection 5 (9) of the Tobacco Tax Act is repealed and the following substituted:

Export of tobacco

(9) Every exporter shall forward to the Minister information in the form and manner required by the Minister in respect of tobacco to be exported.

(2) Subsection 21 (1) of the Act is amended by striking out "prescribed by the regulations" in the ninth and tenth lines and substituting "approved by the Minister".

(3) Subsection 22 (2) of the Act is amended by striking out "prescribed by the regulations" in the fourth line and substituting "approved by the Minister".

(4) Clause 41 (2) (a) of the Act is repealed.

(5) The Act is amended by adding the following section:

Forms

42. The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.

TORONTO STOCK EXCHANGE ACT

26. (1) The Toronto Stock Exchange Act is amended by adding the following heading before section 1:

PART I

DEFINITIONS

(2) The first definition of section 1 of the Act is repealed and the following substituted:

"associate", "director", "issuer", "Ontario securities law", "OTC security", "quotation and trade reporting system", "security", "senior officer" and "subsidiary" have the same meaning as in the Securities Act or the regulations or any rule thereunder, as the case may be. ("personne qui a un lien", "administrateur", "émetteur", "droit ontarien des valeurs mobilières", "valeur hors cote", "système de cotation et de déclaration des opérations", "valeur mobilière", "cadre dirigeant", "filiale")

(3) Section 1 of the Act is amended by adding the following definitions:

"OTC board of directors" means the board of directors of the OTC Corporation; ("conseil d'administration du Réseau")

"OTC Corporation" means the Canadian Dealing Network Inc; ("Réseau")

"OTC quotation and trade reporting system" means the quotation and trade reporting system operated by the OTC Corporation; ("système de cotation et de déclaration des opérations hors cote")

"Participant" means a dealer that uses the OTC quotation and trade reporting system. ("participant")

(4) The Act is amended by adding the following heading before section 2:

PART II

THE TORONTO STOCK EXCHANGE

(5) Subsection 4 (3) of the Act is repealed and the following substituted:

Compliance with Ontario securities law

(3) The Corporation shall operate the exchange in a manner that does not contravene the requirements of Ontario securities law, and the Corporation may impose any additional or higher requirement within its jurisdiction.

(6) Subsection 10 (1) of the Act, as amended by the Statutes of Ontario, 1994, chapter 11, section 394, is repealed and the following substituted:

Power of board

(1) For the purposes of the object of the Corporation under subsection 4 (1), the board of directors has the power to govern and regulate,

(a) the exchange;

(b) the partnership and corporate arrangements of the members and other persons authorized to trade on the exchange, including requirements as to financial condition;

(c) the business conduct of members and other persons authorized to trade by the exchange and of their current and former directors, officers, employees and agents and other persons currently or formerlyassociated with them in the conduct of business, but only in respect of their business conduct while employed or associated with a member; and

(d) the business conduct of former members and other persons formerly authorized to trade by the exchange and of their current and former directors, officers, employees and agents and other persons currently or formerly associated with them in the conduct of business, but only in respect of their business conduct while a member or while employed or associated with a member.

By-laws

(1.1) In the exercise of the powers set out in subsection (1), and in addition to its power to pass by-laws under Part III of the Corporations Act, the board of directors may pass such by-laws and make such rulings, adopt such policies, rules and regulations and issue such orders and directions pursuant to such by-laws as it considers necessary for the purpose, including the imposition of penalties and forfeitures for the breach of any such by-law, ruling, policy, rule, regulation, direction or order.

(7) The Act is amended by adding the following Part:

PART III

OVER-THE-COUNTER TRADING

OTC Corporation

13.1 (1) The object of the OTC Corporation is to operate a quotation and trade reporting system for the purchase and sale of OTC securities.

Operation of system

(2) The OTC Corporation shall operate the OTC quotation and trade reporting system in a manner that does not contravene the requirements of Ontario securities law, and the OTC Corporation may impose any additional or higher requirement within its jurisdiction.

Power of board

13.2 (1) For the purposes of the object of the OTC Corporation under subsection 13.1 (1), the OTC board of directors has the power to govern and regulate,

(a) the OTC quotation and trade reporting system;

(b) the conduct of Participants and of their current and former directors, officers, employees and agents and other persons currently or formerly associated with them in their use of the OTC quotation and tradereporting system, but only in respect of their conduct while employed or associated with a Participant; and

(c) the conduct of former Participants and of their current and former directors, officers, employees and agents and other persons currently or formerly associated with them in their use of the OTC quotation and trade reporting system, but only in respect of their conduct while a Participant or while employed or associated with a Participant.

Rulings, etc.

(2) In the exercise of the powers set out in subsection (1), the OTC board of directors may make such rulings, adopt such policies, rules and regulations and issue such orders and directions as it considers necessary for the purpose, including the imposition of trading halts and penalties and forfeitures for the breach of any such ruling, policy, rule, regulation, direction or order.

Restriction or suspension of privileges

(3) If the OTC board of directors makes a rule or regulation or issues an order or direction under subsection (2) restricting or suspending the privileges of any person or company before a hearing of the matter is held, the rule, regulation, order or direction shall provide that any such restriction or suspension shall be imposed only where the OTC board of directors considers it necessary for the protection of the public interest and that the restriction or suspension shall expire within thirty days after the date on which it was imposed unless a hearing is held within that period of time to confirm or set aside the restriction or suspension.

Delegation

(4) The OTC board of directors may delegate to one or more persons or committees, subject to such limitations, restrictions, conditions and requirements as the OTC board of directors may determine, the power of the OTC board of directors,

(a) to consider, hold hearings and make determinations regarding applications for any acceptance, approval or authorization and to impose terms and conditions on any such acceptance, approval or authorization;

(b) to investigate and examine the business conduct of Participants, former Participants and other persons referred to in clauses (1) (b) and (c) in their use of the OTC quotation and trade reporting system; and

(c) to hold hearings, make determinations and discipline Participants, former Participants and other persons referred to in clauses (1) (b) and (c) in mattersrelated to their business conduct in the use of the OTC quotation and trade reporting system.

(8) The Act is amended by adding the following heading before section 14:

PART IV

GENERAL

RELATED AMENDMENTS TO OTHER ACTS

BAILIFFS ACT

27. (1) Clause 14 (2) (b) of the Bailiffs Act is repealed and the following substituted:

(b) a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance; or

. . . . .

(2) Clause 14 (2) (c) of the Act is amended by striking out "a guarantee company" in the first and second lines and substituting "an insurer referred to in clause (b)".

BUSINESS PRACTICES ACT

28. (1) Clause 12 (2) (b) of the Business Practices Act is repealed and the following substituted:

(b) a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance.

(2) Clause 12 (2) (c) of the Act is amended by striking out "a guaranty company" in the first and second lines and substituting "an insurer referred to in clause (b)".

COLLECTION AGENCIES ACT

29. (1) Clause 19 (2) (b) of the Collection Agencies Act is repealed and the following substituted:

(b) a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance.

(2) Clause 19 (2) (c) of the Act is amended by striking out "a guarantee company" in the first and second lines and substituting "an insurer referred to in clause (b)".

CONSTRUCTION LIEN ACT

30. Clause 78 (10) (a) of the Construction Lien Act is repealed and the following substituted:

(a) a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance; or

. . . . .

CORPORATIONS ACT

31. (1) Section 182 of the Corporations Act is repealed.

(2) Subsection 196 (1) of the Act is amended by striking out "or is terminated otherwise than by effluxion of time and is not renewed" in the ninth and tenth lines and substituting "or is cancelled and is not revived".

(3) The definitions of "deposit", "reciprocal deposit" and "reciprocating province" in section 212 of the Act are repealed.

(4) Clause 215 (1) (a) of the Act is repealed.

(5) Subsection 216 (2) of the Act is amended by striking out "other than the deposit, unless otherwise directed under subsection (3)" in the eighth, ninth and tenth lines.

(6) Subsection 216 (3) of the Act is repealed.

(7) Subsection 218 (1) of the Act is amended by striking out "before any order granting administration of the deposit and" in the second and third lines.

(8) Paragraph 1 of subsection 218 (2) of the Act is amended by striking out "other than the deposit" in the second line and in the twenty-first and twenty-second lines.

(9) Paragraph 2 of subsection 218 (2) of the Act is repealed.

(10) Subsection 218 (3) of the Act is repealed.

(11) Subsection 218 (5) of the Act is amended by striking out "together with all or such portion, if any, of the deposit as is agreed upon under subsection (3)" in the third, fourth and fifth lines.

(12) Section 219 of the Act is repealed.

(13) Subsection 220 (3) of the Act is repealed.

(14) Clause 222 (1) (b) of the Act is repealed and the following substituted:

(b) all claims for losses covered by the insurer's contracts of insurance that occurred before the termination date fixed under section 220 and of which notice has been received by the insurer or the liquidator.

(15) Subsection 222 (2) of the Act is repealed and the following substituted:

Refund of unearned premiums

(2) Except in the case of life insurance, the assets remaining after payment or making provision for payment of the amounts mentioned in subsection (1) shall be used to pay the claims of the insured persons for refunds of unearned premiums on a proportionate basis in proportion to the periods of their contracts respectively unexpired on the termination date.

(16) Clause 222 (3) (a) of the Act is amended by striking out "section 79 of the Insurance Act or" in the second line.

(17) Section 226 of the Act is repealed.

COURTS OF JUSTICE ACT

32. Section 115 of the Courts of Justice Act is amended by striking out "a guarantee company to which the Guarantee Companies Securities Act applies" in the third and fourth lines and substituting "an insurer licensed under the Insurance Act to write surety and fidelity insurance".

EDUCATION ACT

33. Subsection 198 (3) of the Education Act is repealed and the following substituted:

Form of security

(3) The security to be given shall be a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance.

ENVIRONMENTAL PROTECTION ACT

34. (1) Clause (e) of the definition of "financial assurance" in section 131 of the Environmental Protection Act is repealed and the following substituted:

(e) the bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance in the form, terms and amount specified in the approval or order.

(2) Clause (f) of the definition of "financial assurance" in section 131 of the Act is amended by striking out "a guarantee company" in the first and second lines and substituting "an insurer referred to in clause (e)".

LOCAL ROADS BOARDS ACT

35. Subsection 10 (6) of the Local Roads Boards Act is repealed and the following substituted:

Nature of security

(6) The security to be given shall be the bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance in such form and on such terms as the Minister may approve.

MINING ACT

36. Paragraph 3 of subsection 145 (1) of the Mining Act, as re-enacted by the Statutes of Ontario, 1996, chapter 1, Sched. O, section 26, is repealed and the following substituted:

3. A bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance.

MORTGAGE BROKERS ACT

37. (1) Clause 26 (2) (b) of the Mortgage Brokers Act is repealed and the following substituted:

(b) a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance; or

. . . . .

(2) Clause 26 (2) (c) of the Act is amended by striking out "a guarantee company" in the first and second lines and substituting "an insurer referred to in clause (b)".

MOTOR VEHICLE DEALERS ACT

38. (1) Clause 16 (2) (b) of the Motor Vehicle Dealers Act is repealed and the following substituted:

(b) a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance; or

. . . . .

(2) Clause 16 (2) (c) of the Act is amended by striking out "a guarantee company" in the first and second lines and substituting "an insurer referred to in clause (b)".

MUNICIPAL ACT

39. Subsection 92 (2) of the Municipal Act is repealed and the following substituted:

Nature of security

(2) The security to be given shall be the bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance in such form and on such terms as the Minister may approve.

PRIVATE INVESTIGATORS AND SECURITY GUARDS ACT

40. (1) Clause 5 (2) (b) of the Private Investigators and Security Guards Act is repealed and the following substituted:

(b) a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance; or

. . . . .

(2) Clause 5 (2) (c) of the Act is amended by striking out the words "a guarantee company" in the first and second lines and substituting "an insurer referred to in clause (b)".

REAL ESTATE AND BUSINESS BROKERS ACT

41. (1) Clause 18 (2) (b) of the Real Estate and Business Brokers Act is repealed and the following substituted:

(b) a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance; or

. . . . .

(2) Clause 18 (2) (c) of the Act is amended by striking out "a guarantee company" in the first and second lines and substituting "an insurer referred to in clause (b)".

TRAVEL INDUSTRY ACT

42. (1) Clause 22 (2) (b) of the Travel Industry Act is repealed and the following substituted:

(b) a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance; or

. . . . .

(2) Clause 22 (2) (c) of the Act is amended by striking out "a guarantee company" in the first and second lines and substituting "an insurer referred to in clause (b)".

REPEALS

43. (1) The following are repealed:

1. The Canadian Insurance Exchange Act, 1986.

2. The Deposits Regulation Act and section 386 of the Credit Unions and Caisses Populaires Act, 1994.

3. The Employee Share Ownership Plan Act and section 7 of the Budget Statute Law Amendment Act, 1993.

4. The Guarantee Companies Securities Act.

5. The Investment Contracts Act.

6. The Ontario Deposit Insurance Corporation Act.

7. The Ontario Economic Council Act.

8. The Ontario Pensioners Property Tax Assistance Act and section 13 of the Income Tax and Ontario Pensioners Property Tax Assistance Statute Law Amendment Act, 1992.

(2) The Commercial Concentration Tax Act and section 6 of the Budget Statute Law Amendment Act, 1993 are repealed.

(3) Subsection (2) comes into force on a day to be named by proclamation of the Lieutenant Governor.

COMMENCEMENT AND SHORT TITLE

Commencement

44. Except as otherwise provided, this Act comes into force on the day it receives Royal Assent.

Short title

45. The short title of this Act is the Red Tape Reduction Act (Ministry of Finance), 1997.