O. Reg. 60/11: ONTARIO PAYDAY LENDING EDUCATION FUND CORPORATION

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Payday Loans Act, 2008

ONTARIO REGULATION 60/11

ONTARIO PAYDAY LENDING EDUCATION FUND CORPORATION

Consolidation Period: From March 11, 2011 to the e-Laws currency date.

No amendments.

This is the English version of a bilingual regulation.

Designation of Corporation

1. The not-for-profit corporation without share capital incorporated under the Corporations Act as number 1806378 on October 8, 2009 is designated as the Corporation under section 68 of the Act. O. Reg. 60/11, s. 1.

Minister’s authorization required for borrowing, etc.

2. (1) It is prescribed as a requirement under clause 68 (1) (a) of the Act that the Corporation shall not borrow any money or enter into any security agreement without the prior written consent of the Minister. O. Reg. 60/11, s. 2 (1).

(2) Despite subsection (1), the Corporation may, without the written consent of the Minister, borrow money on the credit of the Corporation for the purchase of goods and services used in the normal course of carrying on its activities. O. Reg. 60/11, s. 2 (2).

Disclosure by directors and indemnification

3. Sections 71 and 80 and subsection 94 (5) of the Corporations Act do not apply to the Corporation. O. Reg. 60/11, s. 3.

Annual report

4. (1) The Corporation shall make its annual report under section 74 of the Act within 120 days of its fiscal year end. O. Reg. 60/11, s. 4 (1).

(2) The annual report shall relate to the most recently completed fiscal year and shall include,

(a) a list of the Corporation’s directors, the term of office of each of the directors and the office, if any, that each of them holds;

(b) the Corporation’s financial statements for the year which must have been audited by a person licensed under the Public Accounting Act, 2004 and the auditor’s report on them;

(c) a description of the Corporation’s activities during the year, including a discussion of all significant variances between actual and planned results for the year and an explanation of the actions to be taken, if any, to address the variances;

(d) a statement, expressed in the form of a percentage, of the money taken from the Corporation’s trust account during the year and allocated to its general account for the purpose of paying fees, costs, charges or expenses involved in the administration of the Fund or incurred by the Corporation in carrying out the purposes of the Fund;

(e) a statement of all changes in the percentage described in clause (d) since the last annual report of the Corporation;

(f) a list of the grants or transfer payments that the Corporation made to third parties during the year, including, for each grant or payment,

(i) the name of the third party,

(ii) the amount of the grant or payment,

(iii) the planned results of the grant or payment, and

(iv) the results achieved by the grant or payment or, if those results are not yet available, an indication when it is expected that they will be available; and

(g) a description of all educational and other activities, if any, undertaken directly by the Corporation during the year. O. Reg. 60/11, s. 4 (2).

(3) If the results achieved by a grant or transfer payment that the Corporation has made to third parties during any completed fiscal year are not available when the Corporation makes its annual report under section 74 of the Act relating to that year, the Corporation shall include those results in the annual report that it is required to make under that section after they become available. O. Reg. 60/11, s. 4 (3).

5. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 60/11, s. 5.

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