O. Reg. 158/13: CITY SERVICES CORPORATIONS
filed May 17, 2013 under City of Toronto Act, 2006, S.O. 2006, c. 11, Sched. ASkip to content
ontario regulation 158/13
made under the
City of Toronto Act, 2006
Made: May 15, 2013
Filed: May 17, 2013
Published on e-Laws: May 17, 2013
Printed in The Ontario Gazette: June 1, 2013
Amending O. Reg. 609/06
(CITY SERVICES CORPORATIONS)
1. Ontario Regulation 609/06 is amended by adding the following section before the heading “Rules for City”:
Athletic or aquatic facility corporation
10.1 (1) The City and The Governing Council of the University of Toronto may together establish a corporation whose purposes are restricted to managing and operating the athletic or aquatic fieldhouse or centre constructed and initially used in connection with an international athletic competition to be held in the City in 2015.
(2) This Regulation applies to the City and to a corporation incorporated under subsection (1) as if the corporation were established under clause 3 (b) and, for that purpose, any reference in this Regulation to a corporation established by a public sector entity, by the City alone or with one or more public sector entities or by one or more public sector entities other than the City shall be read as referring to a corporation established by the City and The Governing Council of the University of Toronto under subsection (1).
(3) Despite subsection 18 (6), a corporation established under subsection (1) may,
(a) if it is a share corporation, issue shares or give voting rights attached to the shares to The Governing Council of the University of Toronto;
(b) if it is a non-share corporation and The Governing Council of the University of Toronto is a member of the corporation, allocate voting rights to The Governing Council of the University of Toronto.
(4) A corporation established under subsection (1) is deemed to be a wholly-owned corporation for the purposes of clause 15 (1) (a), section 20 and subsection 21 (3) if,
(a) all of the shares of the corporation are owned by the City and The Governing Council of the University of Toronto; or
(b) the City, together with The Governing Council of the University of Toronto, has an entitlement to all of the voting rights allocated to the members of the corporation.
2. This Regulation comes into force on the day it is filed.