Bill 112 2003

An Act, in memory of
Sir Adam Beck,
to prevent the privatization of
Hydro One Inc.

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

1. Sections 49 and 50 of the Electricity Act, 1998, as re-enacted by the Statutes of Ontario, 2002, chapter 1, Schedule A, section 10, are repealed and the following substituted:

Rights of the Minister

49. (1) The Minister, on behalf of Her Majesty in right of Ontario, may acquire and hold securities or debt obligations of, or any other interest in, Hydro One Inc. or any of its subsidiaries.

Agreements

(2) The Minister, on behalf of Her Majesty in right of Ontario, may enter into any agreement or arrangement that the Minister considers necessary or incidental to the exercise of a power under subsection (1).

Privatization forbidden

50. Despite any other provision of this Act or of any other Act or law, neither Her Majesty in right of Ontario nor Hydro One Inc. may,

(a) dispose of any securities or assets of Hydro One Inc. in whole or in part; or

(b) transfer control of any securities or assets of Hydro One Inc. in whole or in part.

2. Sections 50.1, 50.2 and 50.3 of the Act, as enacted by the Statutes of Ontario, 2002, chapter 1, Schedule A, section 10, are repealed.

Commencement

3. This Act comes into force on the day it receives Royal Assent.

Short title

4. The short title of this Act is the Sir Adam Beck Memorial Act, 2003.

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EXPLANATORY NOTE

The Electricity Act, 1998 is amended to prevent the privatization of Hydro One Inc.