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Investing in Ontario Act, 2008

S.O. 2008, CHAPTER 6

Consolidation Period: From December 15, 2009 to the e-Laws currency date.

Last amendment: 2009, c. 34, Sched. J, s. 29.

Interpretation

1. (1) A word or expression that is defined in section 1 of the Financial Administration Act or section 1 of the Fiscal Transparency and Accountability Act, 2004 has the same meaning in this Act. 2008, c. 6, s. 1 (1).

Eligible recipient

(2) In this Act,

“eligible recipient” means a person or entity, other than an individual but including a partnership whose members may be individuals, that does not carry on activities for the purpose of gain or profit. 2008, c. 6, s. 1 (2).

Province’s consolidated financial statements

(3) In this Act, a reference to the province’s consolidated financial statements for a fiscal year is a reference to the summary financial statements set out in the Public Accounts for the fiscal year prepared in accordance with Part 0.1 of the Financial Administration Act. 2008, c. 6, s. 1 (3); 2009, c. 34, Sched. J, s. 29.

Authorized payments

2. (1) The Minister of Finance may, out of money appropriated therefor by the Legislature and in accordance with this Act and the regulations, make payments in respect of a fiscal year beginning on or after April 1, 2007 to eligible recipients on such terms and conditions as the Minister considers advisable. 2008, c. 6, s. 2 (1).

Maximum amount

(2) The maximum amount that may be paid to eligible recipients under this Act in respect of a fiscal year shall not exceed the lesser of the amount appropriated by the Legislature for the purposes of this Act in respect of the fiscal year and the amount, if any, by which “A” exceeds “B”, where,

“A” is the amount that, but for the payments made under this Act in respect of the fiscal year, would be the surplus for the fiscal year as provided in the province’s consolidated financial statements, and

“B” is the amount, if any, prescribed in the regulations that represents the amount of the surplus referred to in “A” that is to be allocated to the reduction of the accumulated deficit. 2008, c. 6, s. 2 (2).

Regulations

3. (1) The Lieutenant Governor in Council may make regulations,

(a) prescribing eligible recipients and classes of eligible recipients for the purposes of this Act;

(b) prescribing the purposes for which payments may be made under this Act;

(c) prescribing the method of and the basis for calculating payments to be made under this Act;

(d) prescribing activities in which the Minister of Finance may engage in furtherance of the purposes of this Act;

(e) prescribing, for the purposes of the definition of “B” in subsection 2 (2), the amount, if any, of the surplus for a fiscal year to be allocated to the reduction of the accumulated deficit shown in the province’s consolidated financial statements for the fiscal year. 2008, c. 6, s. 3 (1).

Retroactive regulations

(2) A regulation is, if it so provides, effective with reference to a period before it is filed. 2008, c. 6, s. 3 (2).

4.-6. Omitted (amends or repeals other Acts). 2008, c. 6, ss. 4-6.

7. Omitted (provides for coming into force of provisions of this Act). 2008, c. 6, s. 7.

8. Omitted (enacts short title of this Act). 2008, c. 6, s. 8.

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