O. Reg. 607/06: ELIGIBLE INVESTMENTS AND RELATED FINANCIAL AGREEMENTS

 

ontario regulation 607/06

made under the

Municipal Act, 2001

Made: December 21, 2006
Filed: December 27, 2006
Published on e-Laws: December 29, 2006
Printed in The Ontario Gazette: January 13, 2007

Amending O. Reg. 438/97

(Eligible Investments and Related Financial Agreements)

1. (1) Subparagraphs 1 v.1 and v.2 of section 2 of Ontario Regulation 438/97 are revoked and the following substituted:

v.1 a university in Ontario that is authorized to engage in an activity described in section 3 of the Post-secondary Education Choice and Excellence Act, 2000,

v.2 the board of governors of a college established under the Ontario Colleges of Applied Arts and Technology Act, 2002,

(2) Paragraph 3 of section 2 of the Regulation is revoked and the following substituted:

3. Deposit receipts, deposit notes, certificates of deposit or investment, acceptances or similar instruments the terms of which provide that the principal and interest shall be fully repaid no later than two years after the day the investment was made, if the receipt, note, certificate or instrument was issued, guaranteed or endorsed by,

i. a bank listed in Schedule I, II or III to the Bank Act (Canada),

ii. a loan corporation or trust corporation registered under the Loan and Trust Corporations Act, or

iii. a credit union or league to which the Credit Unions and Caisses Populaires Act, 1994 applies.

3.1 Deposit receipts, deposit notes, certificates of deposit or investment, acceptances or similar instruments the terms of which provide that the principal and interest shall be fully repaid more than two years after the day the investment was made, if the receipt, note, certificate or instrument was issued, guaranteed or endorsed by,

i. a bank listed in Schedule I, II or III to the Bank Act (Canada),

ii. a loan corporation or trust corporation registered under the Loan and Trust Corporations Act,

iii. a credit union or league to which the Credit Unions and Caisses Populaires Act, 1994 applies.

(3) Paragraph 4 of section 2 of the Regulation is revoked and the following substituted:

4. Bonds, debentures, promissory notes or other evidence of indebtedness issued or guaranteed by an institution listed in paragraph 3.

(4) Subparagraphs 5 i and ii of section 2 of the Regulation are revoked and the following substituted:

i. a post-secondary educational institution that is authorized to engage in an activity described in section 3 of the Post-secondary Education Choice and Excellence Act, 2000,

ii. the board of governors of a college established under the Ontario Colleges of Applied Arts and Technology Act, 2002, or

2. Subsection 3 (1) of the Regulation is amended by striking out the portion before clause (a) and substituting the following:

(1) A municipality shall not invest in a security under subparagraph 1 v.1, v.2, vi.1, vi.2 or vi.3 or paragraph 3.1 or 4 of section 2 unless,

. . . . .

3. Clauses 4.1 (2) (c) and (d) of the Regulation are revoked and the following substituted:

(c) a university in Ontario that is authorized to engage in an activity described in section 3 of the Post-secondary Education Choice and Excellence Act, 2000;

(d) the board of governors of a college established under the Ontario Colleges of Applied Arts and Technology Act, 2002;

4. This Regulation comes into force on the later of the day section 8 of Schedule A to the Municipal Statute Law Amendment Act, 2006 comes into force and the day this Regulation is filed.