O. Reg. 295/16: HYDRO ONE LIMITED - VOTING SECURITIES
under Trillium Trust Act, 2014, S.O. 2014, c. 7, Sched. 32
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HYDRO ONE LIMITED - VOTING SECURITIES
Note: This Regulation was revoked on April 1, 2019. (See: 2018, c. 17, Sched. 43, s. 3)
Last amendment: 2018, c. 17, Sched. 43, s. 3.
Legislative History: 90/17, 345/17, 92/18, 2018, c. 17, Sched. 43, s. 3.
This is the English version of a bilingual regulation.
Application
1. This Regulation applies with respect to voting securities of Hydro One Limited mentioned in paragraph 1 of subsection 3 (1) of the Act.
Specified dispositions in November 2015
2. (1) This section applies with respect to voting securities that were disposed of on or after November 4, 2015 and before November 19, 2015, other than those for which the Province provided a loan in respect of the purchase price.
(2) For the purposes of paragraph 2 of section 6 of the Act, the non-cash benefit that is recognized by the Crown in connection with the disposition of the securities, as disclosed in the Public Accounts for the fiscal year ending March 31, 2016, is prescribed.
(3) For the purposes of section 6 of the Act, the following amounts in connection with the disposition of the securities are to be credited to the Trillium Trust:
1. $783,305,571, being 100 per cent of the designated proceeds of disposition, as determined under section 4 of the Act.
2. $2,392,296,614, being 100 per cent of the prescribed non-cash benefit described in subsection 2 (2) of this Regulation.
(4) For the purposes of paragraph 2 of section 4 of the Act, $42,818,908 is prescribed as the amount of costs incurred by the Crown in connection with the disposition.
Same, loan in respect of purchase price
2.1 (1) This section applies with respect to voting securities that were disposed of on or after November 4, 2015 and before November 19, 2015 for which the Province provided a loan in respect of the purchase price. O. Reg. 345/17, s. 1.
(2) Each year, the Trillium Trust shall be credited with 100 per cent of the designated proceeds of disposition recognized by the Crown during the previous fiscal year, being the amount representing the portion of the deferred gain from the disposition that was recognized by the Crown during that previous fiscal year, as disclosed in the Public Accounts for that previous fiscal year. O. Reg. 345/17, s. 1.
Specified dispositions in April 2016
3. (1) This section applies with respect to voting securities that were disposed of on or after April 5, 2016 and before April 30, 2016, other than those that were purchased by Ontario Power Generation Inc. O. Reg. 90/17, s. 1.
(2) For the purposes of section 6 of the Act, the following amount in connection with the disposition of the securities is to be credited to the Trillium Trust:
1. $538,279,037, being 100 per cent of the designated proceeds of disposition, as determined under section 4 of the Act. O. Reg. 90/17, s. 1.
(3) For the purposes of paragraph 2 of section 4 of the Act, $40,517,963 is prescribed as the amount of costs incurred by the Crown in connection with the disposition. O. Reg. 90/17, s. 1.
Specified dispositions in May 2017
4. (1) This section applies with respect to voting securities that were disposed of on May 17, 2017. O. Reg. 92/18, s. 1.
(2) For the purposes of section 6 of the Act, the following amount in connection with the disposition of the securities is to be credited to the Trillium Trust:
1. $790,532,180, being 100 per cent of the designated proceeds of disposition, as determined under section 4 of the Act. O. Reg. 92/18, s. 1.
(3) For the purposes of paragraph 2 of section 4 of the Act, $56,667,820 is prescribed as the amount of costs incurred by the Crown in connection with the disposition. O. Reg. 92/18, s. 1.