O. Reg. 279/99: ONTARIO IMMIGRANT INVESTOR CORPORATION

Development Corporations Act
Loi sur les sociétés de développement

ONTARIO REGULATION 279/99

ONTARIO IMMIGRANT INVESTOR CORPORATION

Historical version for the period April 30, 1999 to March 2, 2011.

No amendments.

This Regulation is made in English only.

1. In this Regulation,

“approved fund” means an approved fund, as defined in the Immigration Regulations, 1978 (Canada);

“investor” means an investor, as defined in the Immigration Regulations, 1978 (Canada). O. Reg. 279/99, s. 1.

2. The Ontario Immigrant Investor Corporation is established under section 5 of the Act as a corporation without share capital. O. Reg. 279/99, s. 2.

3. The Ontario Immigrant Investor Corporation 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. 279/99, s. 3.

4. The objects of the Ontario Immigrant Investor Corporation are,

(a) to create or continue employment in Ontario in order to foster development of a strong and viable economy;

(b) to do all things necessary or desirable to become and conduct itself as an approved fund;

(c) to assist in the development of the Ontario economy in accordance with the policies of the Province of Ontario; and

(d) to manage the monies borrowed from investors in order to satisfy its obligations to them. O. Reg. 279/99, s. 4.

5. (1) The Ontario Immigrant Investor Corporation shall consist of as many members, not fewer than three, as the Lieutenant Governor in Council may appoint. O. Reg. 279/99, s. 5 (1).

(2) The members shall be appointed for such term, not exceeding three years, as the Lieutenant Governor in Council may determine. O. Reg. 279/99, s. 5 (2).

(3) The members of the Ontario Immigrant Investor Corporation form and are its board of directors. O. Reg. 279/99, s. 5 (3).

(4) The Ontario Immigrant Investor Corporation shall pay its members who are not public servants within the meaning of the Public Service Act the remuneration and expenses that the Lieutenant Governor in Council determines. O. Reg. 279/99, s. 5 (4).

(5) The Lieutenant Governor in Council shall designate one of the members to be chair of the board of directors and one of the members to be vice-chair of the board of directors. O. Reg. 279/99, s. 5 (5).

(6) The chair shall preside at the meetings of the board of directors. O. Reg. 279/99, s. 5 (6).

(7) In the case of the absence or illness of the chair or there being a vacancy in the office of chair, the vice-chair or, if there is no vice-chair available, the director designated by the board of directors for the purpose, shall act as and have all the powers of the chair. O. Reg. 279/99, s. 5 (7).

(8) A majority of the directors constitutes a quorum of the board of directors. O. Reg. 279/99, s. 5 (8).

6. (1) The affairs of the Ontario Immigrant Investor Corporation are under the management and control of its board of directors. O. Reg. 279/99, s. 6 (1).

(2) The board of directors may pass by-laws and resolutions regulating its proceedings and generally for the conduct and management of the affairs of the Ontario Immigrant Investor Corporation. O. Reg. 279/99, s. 6 (2).

(3) Without limiting the generality of subsection (2), the board of directors of the Ontario Immigrant Investor Corporation may pass by-laws or resolutions to,

(a) appoint officers and assign to them such powers and duties as the board of directors determines to be appropriate;

(b) make banking arrangements;

(c) establish committees of the board of directors;

(d) establish, with the approval of the Lieutenant Governor in Council, job classifications, personnel classifications, salaries, benefits and other remuneration for such persons as the board of directors considers necessary to employ for the proper conduct of the affairs of the Ontario Immigrant Investor Corporation; and

(e) effect the orderly transaction of the business of the Ontario Immigrant Investor Corporation. O. Reg. 279/99, s. 6 (3).

7. (1) In this section,

“revenue” includes all money or money’s worth received by the Ontario Immigrant Investor Corporation, whether by grant, gift, contribution, return on investments made by it, borrowing pursuant to clause 8 (2) (b), profit or otherwise. O. Reg. 279/99, s. 7 (1).

(2) The revenues of the Ontario Immigrant Investor Corporation shall be used only to further its objects. O. Reg. 279/99, s. 7 (2).

(3) The cost of operations of the Ontario Immigrant Investor Corporation shall be paid out of its revenues. O. Reg. 279/99, s. 7 (3).

8. (1) Except as limited by this Regulation, the Ontario Immigrant Investor Corporation has the capacity, rights, powers and privileges of a natural person for carrying out its objects. O. Reg. 279/99, s. 8 (1).

(2) Without limiting the generality of subsection (1), the Ontario Immigrant Investor Corporation has the power to do anything that is necessary or desirable in order to become and carry out the duties and obligations of an approved fund, including, without limiting the generality of the foregoing,

(a) entering into agreements with an agent, as defined in the Immigration Regulations, 1978 (Canada);

(b) borrowing money from investors and issuing debt obligations to them;

(c) entering into agreements or other arrangements for the management of monies; and

(d) making and managing investments in accordance with the Ontario Immigrant Investor Corporation’s investment policy. O. Reg. 279/99, s. 8 (2).

(3) The Ontario Immigrant Investor Corporation shall not, except with the approval of the Lieutenant Governor in Council,

(a) borrow money, except pursuant to clause (2) (b); or

(b) pledge or in any other way provide security over the assets of the Ontario Immigrant Investor Corporation. O. Reg. 279/99, s. 8 (3).

9. No director, officer or employee of the Ontario Immigrant Investor Corporation, or other person acting on its behalf, is personally liable for anything done or omitted in good faith in the exercise or purported exercise of the powers conferred or duties imposed by this Regulation. O. Reg. 279/99, s. 9.

10. The Corporations Act and Corporations Information Act do not apply to the Ontario Immigrant Investor Corporation. O. Reg. 279/99, s. 10.

11. Sections 19 and 132, subsection 134 (1) and section 136 of the Business Corporations Act apply to the Ontario Immigrant Investor Corporation with necessary modifications. O. Reg. 279/99, s. 11.

12. The Minister may issue directions to the board of directors and, if the Minister issues a direction to the board of directors, the board of directors shall carry it out. O. Reg. 279/99, s. 12.

13. The accounts and financial transactions of the Ontario Immigrant Investor Corporation shall be audited annually and the audit is subject to the review of the Provincial Auditor. O. Reg. 279/99, s. 13.

14. (1) Annually, the Ontario Immigrant Investor Corporation shall deliver to the Minister an annual report on its affairs, including the audited financial statements signed by the chair of the board of directors and one other director and such other materials as the Minister directs, 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. 279/99, s. 14 (1).

(2) The Ontario Immigrant Investor Corporation shall also make such other reports on its affairs to the Minister or the Minister of Finance as he or she may from time to time request. O. Reg. 279/99, s. 14 (2).

15. Every five years, beginning on the fifth anniversary of the day this Regulation comes into force, the Minister shall conduct a review of the affairs of the Ontario Immigrant Investor Corporation and shall submit a report on the affairs of the Ontario Immigrant Investor Corporation to the Executive Council. O. Reg. 279/99, s. 15.