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Electricity Act, 1998
Loi de 1998 sur l’électricité

ontario REGULATION 610/98

THE ieso

Consolidation Period:  From January 1, 2015 to the e-Laws currency date.

Last amendment:  O. Reg. 279/14.

This Regulation is made in English only.

Board of Directors

1. A person who has a material interest in a market participant is a member of a class who may not hold office as a director of the IESO. O. Reg. 279/14, s. 1.

2., 3. Revoked:  O. Reg. 334/07, s. 2.

Application of the Business Corporations Act and the Corporations Act

4. (1) The following provisions of the Business Corporations Act apply, with necessary modifications, to the IESO:

1. Subsections 132 (1) to (7) and 132 (9).

2. Section 136.  O. Reg. 610/98, s. 4 (1); O. Reg. 334/07, s. 3 (1).

(2) For the purposes of subsection (1),

(a) a reference in the Business Corporations Act to an officer of a corporation shall be deemed to include a member of a panel established by the IESO; and

(b) a contract or transaction that requires compliance with any of the market rules is not for that reason alone a material contract or transaction for the purposes of section 132 of the Business Corporations Act.  O. Reg. 610/98, s. 4 (2); O. Reg. 334/07, s. 3 (2).

(3) Despite subsection (1), subsections 132 (1) to (7) and 132 (9) of the Business Corporations Act do not apply,

(a) so as to prohibit a director of the IESO or a member of a panel established by the IESO from voting on the market rules or an amendment to the market rules; or

(b) so as to require a director of the IESO or a member of a panel established by the IESO, in connection with a vote on the market rules or an amendment to the market rules, to make any disclosure or request any entry in the minutes of meetings.  O. Reg. 610/98, s. 4 (3); O. Reg. 334/07, s. 3 (3).

5. The following provisions of the Corporations Act apply, with necessary modifications, to the IESO:

1. Subsections 59 (1) and (2) and sections 60 and 61.

2. Section 96.

3. Section 122.

4. Sections 273 and 275.

5. Subsections 286 (4) and (5) and section 292.

6. Subsection 298 (4) and sections 299 to 305.  O. Reg. 610/98, s. 5; O. Reg. 334/07, s. 4.

6. Revoked:  O. Reg. 334/07, s. 5.

Procedure for Amending the Market Rules

7. The following information is prescribed for the purpose of subsection 33 (2) of the Act:

1. If a member of the IESO’s board of directors is of the opinion that the assessment of the impact of the amendment that was given to the Board under subsection 32 (6) of the Act is not correct and the member has made a written statement expressing his or her reasons for that opinion, a copy of the statement.

2. A summary of any comments received by the IESO, during any consultation process undertaken by the IESO with respect to the amendment, that relate to the impact of the amendment on the interests of consumers with respect to prices or the reliability or quality of electricity service.

3. A summary of any discussions of the IESO’s Technical Panel with respect to the amendment that relate to the impact of the amendment on the interests of consumers with respect to prices or the reliability or quality of electricity service.

4. The date the amendment is intended to come into force.  O. Reg. 334/07, s. 6.

8. The following information is prescribed for the purpose of subsection 34 (2.1) of the Act:

1. The information prescribed under section 7.

2. A statement of the reasons why, in the opinion of the IESO, the amendment is urgently required.  O. Reg. 343/02, s. 1; O. Reg. 334/07, s. 7.

9. The following additional reasons are prescribed for the purpose of paragraph 5 of subsection 34 (1) of the Act:

1. To facilitate the implementation of any of subsections 32 (6), 33 (2) and (3) and 34 (2.1) and (2.2) of the Act.

2. To facilitate the implementation of any of sections 79.1 to 79.5 and 79.14 of the Ontario Energy Board Act, 1998 or regulations made under that Act that relate to those sections.

3. To facilitate the implementation of regulations made under section 88.0.1 of the Ontario Energy Board Act, 1998.  O. Reg. 343/02, s. 1; O. Reg. 334/07, s. 8.