Government Notices Respecting Corporations

Notice of Default in Complying with the Corporations Tax Act

The Director has been notified by the Minister of Finance that the following corporations are in default in complying with the Corporations Tax Act.

Notice Is Hereby Given under subsection 241(1) of the Business Corporations Act, that unless the corporations listed hereunder comply with the requirements of the Corporations Tax Act within 90 days of this notice, orders will be made dissolving the defaulting corporations. All enquiries concerning this notice are to be directed to Ministry of Finance, Corporations Tax, 33 King Street West, Oshawa, Ontario L1H 8H6.

William D. Snell
Director, Ministry of Government Services
(147-G181)

Cancellation of Certificate of Incorporation (Corporations Tax Act Defaulters)

Notice Is Hereby Given that, under subsection 241(4) of the Business Corporations Act, the Certificate of Incorporation of the corporations named hereunder have been cancelled by an Order for default in complying with the provisions of the Corporations Tax Act, and the said corporations have been dissolved on that date.

William D. Snell
Director, Ministry of Government Services
(147-G182)

Certificate of Dissolution

Notice Is Hereby Given that a certificate of dissolution under the Business Corporations Act, has been endorsed. The effective date of dissolution precedes the corporation listings.

William D. Snell
Director, Ministry of Government Services
(147-G183)

Notice of Default in Complying with the Corporations Information Act

Notice Is Hereby Given under subsection 241(3) of the Business Corporations Act that unless the corporations listed hereunder comply with the filing requirements under the Corporations Information Act within 90 days of this notice orders dissolving the corporation(s) will be issued. The effective date precedes the corporation listings.

William D. Snell
Director
(147-G184)

Cancellation of Certificate of Incorporation (Business Corporations Act)

Notice Is Hereby Given that by orders under subsection 241(4) of the Business Corporation Act, the certificates of incorporation set out hereunder have been cancelled and corporation(s) have been dissolved. The effective date of cancellation precedes the corporation listing.

William D. Snell
Director
(147-G185)

Notice of Default in Complying with a Filing Requirement under the Corporations Information Act

Notice Is Hereby Given under subsection 317(9) of the Corporations Act, that unless the corporations listed hereunder comply with the requirements of the Corporations Information Act within 90 days of this Notice, orders will be made dissolving the defaulting corporations. The effective date precedes the corporation listings.

William D. Snell
Director
(147-G186)

Cancellation for Filing Default (Corporations Act)

Notice Is Hereby Given that orders under Section 317(9) of the Corporations Act have been made cancelling the Letters Patent of the following corporations and declaring them to be dissolved. The date of the order of dissolution precedes the name of the corporation.

William D. Snell
Director
(147-G187)à

Cancellation for Cause (Business Corporations Act)

Notice Is Hereby Given that by orders under section 240 of the Business Corporation Act, the certificates set out hereunder have been cancelled for cause and in the case of certificates of incorporation the corporations have been dissolved. The effective date of cancellation precedes the corporation listing.

William D. Snell
Director
(147-G188)

Foreign Cultural Objects Immunity from Seizure Act Determination

Pursuant to delegated authority and in accordance with subsection 1(1) of the Foreign Cultural Objects Immunity from Seizure Act, R.S.O 1990, c.F-23, the works of art or objects of cultural significance listed in Schedule “A” attached hereto, which works or objects are to be on temporary exhibit during the Into the Light: The Paintings of William Blair Bruce exhibition at the Art Gallery of Hamilton in Hamilton, Ontario pursuant to loan agreements between the Art Gallery of Hamilton and the lenders listed in the attached Schedule “A”, are hereby determined to be of cultural significance and the temporary exhibition of these works or objects in Ontario is in the interest of the people of Ontario.

Date: April 1, 2014. Determined by Kevin Finnerty, Assistant Deputy Minister Culture DivisionMinistry of Tourism, Culture and Sport

Schedule “A” – List of Works

“Into the Light: The Paintings of William Blair Bruce”

Art Gallery of Hamilton

(147-G189)

Marriage Act

Certificate Of Permanent Registration as a person authorized to solemnize marriage in Ontario have been issued to the following:

March 24, 2014 to March 28, 2014

Certificate Of Cancellation Of Registration as a person authorized to solemnize marriage in Ontario have been issued to the following:

March 24, 2014 to March 28, 2014

Jacques L’Abbe
Deputy Registrar General
(147-G190)

Dico Differential Premium Score Determination

March 31, 2014

Published, The Ontario Gazette, April 12, 2014

1. Overview

This document is issued by the Deposit Insurance Corporation of Ontario (“Corporation”) under subsection 105(4.2) of Ontario Regulation 237/09 made under the Credit Unions and Caisses Populaires Act, 1994 (“Act”). It sets out the rules for determining the differential premium score of a credit union or league with a financial year beginning on or after January 1, 2015. The score will be used by the Corporation to calculate the annual deposit insurance premium payable by a credit union or league under the regulation.

2. Differential Premium Score Determination

The differential premium score of a credit union or league is calculated with reference to the following components:

• Capital as measured by the level of regulatory capital of the credit union or league; and
• Corporate Governance as measured by the effectiveness of the corporate governance and risk management practices of the credit union or league.

The maximum score attainable is 100 points. A credit union or league may receive a maximum of:

• 64 points for the capital component; and
• 36 points for the governance component.

Where a credit union or league does not file its annual return or the resolution of the board of directors as required under the Corporation’s By-law No. 5 respecting Standards of Sound Business and Financial Practices, the credit union or league will be assigned a score of zero points.

3. Capital Component

Points for the capital component of the score are calculated based on information from the annual return filed with the Corporation by the credit union or league.

Class 1 Credit Union or League:

For a class 1 credit union or league, the number of points received for the capital component will be determined as follows:

• Where regulatory capital expressed as a percentage of its total assets is less than 5.00%, the credit union or league will receive zero points.
• Where regulatory capital expressed as a percentage of its total assets is greater than or equal to 5.00% and less than 5.06%, the credit union or league will receive one point.
• Where regulatory capital expressed as a percentage of its total assets is greater than or equal to 5.06% and less than 8.75%, the credit union or league will receive points based on the following formula:

[(A – 5.00%) ÷ 3.75%] × 64

in which,

“A” is regulatory capital expressed as a percentage of its total assets

• Where regulatory capital expressed as a percentage of its total assets is 8.75% or greater, the credit union or league will receive 64 points.

Class 2 Credit Union:

For a class 2 credit union, the number of points received for the capital component will be determined as follows:

• Where regulatory capital expressed as a percentage of its total assets is less than 4.00%, the credit union will receive zero points for the capital component
• Where regulatory capital expressed as a percentage of its total assets is 4.00% or greater, the points for the capital component received by a credit union will be based on its regulatory capital expressed as a percentage of its risk-weighted assets, as follows:

• Where regulatory capital expressed as a percentage of its risk weighted assets is less than 8.00%, the credit union will receive zero points.
• Where regulatory capital expressed as a percentage of its risk weighted assets is greater than or equal to 8.00% and less than 8.10%, the credit union will receive one point.
• Where regulatory capital is greater than or equal to 8.10% and less than 14.00%, the credit union will receive points based on the following formula:

[(D – 8.00%) ÷ 6.00%] × 64

in which,

“D” is regulatory capital expressed as a percentage of its risk weighted assets

• Where regulatory capital expressed as a percentage of its risk weighted assets is 14.00% or greater, the credit union will receive 64 points.

4. Corporate Governance Component

Points for corporate governance will be based on ratings determined during the examination of the credit union or league as conducted by the Corporation. Examination ratings will be based on an assessment of compliance with the Act and regulations, orders made by the Superintendent of the Financial Services Commission of Ontario and by the Corporation, the by-laws of the Corporation, and the credit union’s or league’s own by-laws and policies.

The maximum rating for each standard is set out in Table 1 below.

Table 1: Corporate Governance Rating Allocations

The ratings for each standard are totaled and then converted to points, based on the following formula:

(G ÷ 100) × 36

in which,

“G” is the total rating of all corporate governance standards

Each standard has a number of specific elements that will be separately assessed during the examination of the credit union or league by the Corporation. There are three ratings that can be obtained: Adequate, Needs Improvement, or Inadequate. Ratings will be assigned for each element within each standard as set out in Tables 2, 3 and 4 below:

Table 2: Board Of Directors

Examination Ratings

Table 3: Audit Committee

Examination Ratings

Table 4: Management

Examination Ratings

At a minimum, the following will be assessed under each standard and element:

Board Of Directors

Practices and Expertise

• understands and fulfills its responsibilities
• exercises independent judgment
• establishes the training requirements and qualifications for directors and members of the audit committee
• establishes the responsibilities, accountability and authority of the CEO, the audit committee and other board committees, as applicable
• establishes standards of business conduct and ethical behaviour
• evaluates the effectiveness of the board and oversees the responsibilities of the audit committee
• affirms a control environment and ensures that the credit union or league is in control

Human Resources

• selects and evaluates the effectiveness of the CEO
• ensures that management is appropriately skilled and experienced to implement the board’s objectives
• ensures that employee compensation plans are consistent with prudential incentives

Risk Management

• establishes appropriate and prudent risk management policies
• oversees risk management policies and obtains reasonable assurance that the credit union or league is adhering to its risk management policies for significant risks

Enterprise Risk Management (class 2 credit union or league only):

• establishes appropriate and prudent enterprise risk management policies that set out the risk appetite and risk tolerances for all significant risk areas
• reviews and confirms that the credit union’s or league’s risk exposure is aligned with its risk appetite and risk tolerances

Business Strategy and Business Plans

• establishes business objectives of the credit union or league consistent with co-operative principles and approves the credit union’s or league’s business strategy and business plans
• evaluates the credit union’s or league’s actual operating and financial results against business plans and addresses any material variances

Audit Committee

Practices and Expertise

• develops a work plan for all meetings for the year that addresses all the duties and responsibilities set out in the Act and regulations

Internal Audit

• oversees an independent internal audit function to evaluate internal controls and ensures that management has mitigated any material weaknesses

External Audit

• undertakes its duties with respect to the external audit as set out in s.27 of Ontario Regulation 237/09.

Risk Management and Compliance

• takes all reasonable steps to ensure that the credit union or league is in compliance with the Act, regulations and other legislative requirements
• ensures appropriate follow-up on all outstanding issues, weaknesses and deficiencies, including findings and recommendations of examinations and internal and external auditors

Enterprise Risk Management (class 2 credit union or league only):

• reviews management’s identification of the significant risks of the credit union or league in accordance with the Enterprise Risk Management (Erm) policy
• ensures there are ERM processes in place to measure, monitor, manage and mitigate significant risk exposures, including appropriate policies, procedures and controls
• oversees the application of ERM practices and the ongoing identification of emerging risks
• reports to the board on risk exposure levels

Management

Risk Management

• implements appropriate and prudent risk management policies, procedures and controls with respect to the following:

• Capital Management
• Credit Risk Management
• Operational Risk Management
• Market Risk Management
• Structural Risk Management
• Liquidity Risk Management
• monitors the effectiveness of risk management practices and controls for the credit union’s or league’s significant risks

Enterprise Risk Management (class 2 credit union or league only):

• identifies, measures and evaluates significant strategic, business and process risk exposures
• mitigates risk exposures through appropriate risk responses
• monitors the application of risk responses and mitigation strategies
• reports on ERM processes and findings, including the level and direction of risk exposures and extent of risk management activities.

Business Strategy and Business Plans

• develops and implements an appropriate and prudent business strategy and business plans

Operational and Financial Results

• effectively monitors and evaluates the credit union’s actual operating and financial performance and results against business plans and addresses any material variances
• follows-up and addresses all outstanding issues, weaknesses and deficiencies including findings and recommendations of examinations performed on operational and financial processes

Board Reports

• provides the board of directors with timely, relevant, accurate reports on the implementation of the credit union’s or league’s business strategy, business and financial plans and any material risk that may affect the business objectives and financial stability of the credit union or league

(147-G192E)