O. Reg. 250/03: CLEAN WATER LEGACY TRUST CORPORATION

Development Corporations Act
Loi sur les sociétés de développement

ONTARIO REGULATION 250/03

Amended to O. Reg. 324/04

CLEAN WATER LEGACY TRUST CORPORATION

Note: This Regulation was revoked on October 13, 2004. See: O. Reg. 324/04, s. 1.

This Regulation is made in English only.

Definitions

1. In this Regulation,

“Minister” means the Minister of the Environment;

“Trust” means the Clean Water Legacy Trust established under section 2. O. Reg. 250/03, s. 1.

Corporation established

2. A corporation to be known in English as the Clean Water Legacy Trust and in French as Fonds de protection du patrimoine des eaux is established as a corporation without share capital. O. Reg. 250/03, s. 2.

Crown agent

3. The Trust is, for all its purposes, an agent of Her Majesty within the meaning of the Crown Agency Act and its powers may be exercised only as an agent of Her Majesty. O. Reg. 250/03, s. 3.

Objects

4. The objects of the Trust are,

(a) to receive and maintain funds and to use all or part of the principal and income from the funds for, or create partnerships with organizations involved in,

(i) drinking water research and technology,

(ii) increasing access to training related to the management of safe drinking water,

(iii) the promotion of environmentally sound water stewardship, or

(iv) increasing public understanding of environmental issues; and

(b) to provide funding, consistent with the objects set out in this section and in accordance with applicable policy directives and funding practices, for the activities of the Clean Water Centre of Excellence. O. Reg. 250/03, s. 4.

Board of directors

5. (1) The Trust shall consist of as many members, not fewer than three and not more than 12, as the Lieutenant Governor in Council may appoint and those members form the board of directors. O. Reg. 250/03, s. 5 (1); O. Reg. 252/03, s. 1 (1).

(2) The members shall be appointed for such term, not exceeding two years, as may be determined by the Lieutenant Governor in Council. O. Reg. 250/03, s. 5 (2).

(3) The members of the Trust who are not public servants within the meaning of the Public Service Act shall be paid such remuneration and expenses as may be determined by the Lieutenant Governor in Council. O. Reg. 250/03, s. 5 (3).

(4) The Lieutenant Governor in Council shall designate one of the members of the board as chair and one or two members as vice-chairs. O. Reg. 250/03, s. 5 (4); O. Reg. 252/03, s. 1 (2).

(5) The chair shall preside over the meeting of the board of directors. O. Reg. 250/03, s. 5 (5).

(6) In the absence of both chair and vice-chair, a director designated by the board shall act as the chair. O. Reg. 250/03, s. 5 (6).

(7) A majority of the directors constitutes a quorum for the conduct of business of the board. O. Reg. 250/03, s. 5 (7).

Powers, duties of board

6. (1) The affairs of the Trust are under the management and control of its board of directors. O. Reg. 250/03, s. 6 (1).

(2) The board may pass by-laws and resolutions for conducting and managing the affairs of the Trust including,

(a) appointing officers and assigning to them such powers and duties as the board considers appropriate;

(b) maintaining bank accounts and making other banking arrangements; and

(c) establishing committees. O. Reg. 250/03, s. 6 (2).

(3) Section 132, subsection 134 (1) and section 136 of the Business Corporations Act apply with necessary modifications to the Trust and to the board of directors. O. Reg. 250/03, s. 6 (3).

(4) Despite subsection (3), no indemnity may be given by the Trust under section 136 of the Business Corporations Act to any person unless the indemnity has been approved in accordance with section 28 of the Financial Administration Act. O. Reg. 250/03, s. 6 (4).

(5) The board of directors shall follow any policy directives issued by the Minister. O. Reg. 250/03, s. 6 (5).

Trust corporation

7. (1) Except as limited by this Regulation, the Trust has the capacity, rights and powers of a natural person for carrying out its objects. O. Reg. 250/03, s. 7 (1).

(2) The Trust shall not, except with the approval of the Lieutenant Governor in Council,

(a) acquire, hold or dispose of any interest in land;

(b) borrow money;

(c) pledge the assets of the Trust; or

(d) create a subsidiary. O. Reg. 250/03, s. 7 (2).

(3) The revenues of the Trust, including all money or assets received by the Trust by grant, gift, contribution, profit or otherwise, shall only be used to further its objects. O. Reg. 250/03, s. 7 (3).

(4) The Corporations Act and the Corporations Information Act do not apply to the Trust. O. Reg. 250/03, s. 7 (4).

(5) The Trust may temporarily invest any surplus money not immediately required for the objects of the Trust in,

(a) securities issued by or guaranteed as to principal and interest by the Province of Ontario, any other province of Canada, or Canada;

(b) guaranteed investment certificates of any trust corporation that is registered under the Loan and Trust Corporations Act; or

(c) deposit receipts, deposit notes, certificates of deposits, acceptances and other similar instruments issued or endorsed by any bank listed in Schedule I or II to the Bank Act (Canada). O. Reg. 250/03, s. 7 (5).

Employees, others

8. (1) Such employees as are considered necessary for the proper conduct of the business of the Trust may be appointed under the Public Service Act. O. Reg. 250/03, s. 8 (1).

(2) In accordance with Government of Ontario policies, the Trust may engage persons, other than those appointed under subsection (1), to provide professional, technical or other assistance to or on behalf of the Trust, in accordance with previously prepared business plans, and may prescribe their duties and other terms of engagement and provide for payment of the remuneration and expenses of such persons. O. Reg. 250/03, s. 8 (2).

Reports

9. The Trust shall make such reports to the Minister concerning its affairs as the Minister may from time to time require. O. Reg. 250/03, s. 9.

Winding-up

10. If the Minister considers it to be in the public interest to wind up the affairs of the Trust, he or she may do all things necessary to accomplish that, including dealing with the assets of the Trust by,

(a) liquidating or selling the assets and paying the proceeds into the Consolidated Revenue Fund; or

(b) transferring the assets to the Crown or another agency of the Crown. O. Reg. 250/03, s. 10.

Audit

11. The accounts and financial transactions of the Trust shall be audited annually and the audit is subject to the review of the Provincial Auditor. O. Reg. 250/03, s. 11.

Annual report

12. The Trust shall submit an annual report, including the audited financial statements signed by the chair and one other member of the board, to the Minister and the Minister shall submit the report to the Lieutenant Governor in Council and shall then lay the report before the Assembly if it is in session or, if not, at its next session. O. Reg. 250/03, s. 12.

Review

13. The Minister shall ensure that a review of the operations of the Trust is undertaken at least once every three years. O. Reg. 250/03, s. 13.