Education Act
ONTARIO REGULATION 470/97
No Amendments
FINANCIAL STATEMENTS AND AUDITOR’S REPORTS FOR OLD BOARDS
Historical Version for the period February 1, 1998 to August 12, 2004.
This is the English version of a bilingual regulation.
1. (1) A district school board shall at its first meeting in 1998 or as soon as possible after the first meeting require its treasurer to prepare the financial statements for 1997 for each old board that was merged into the district school board by a regulation made under clause 58.1 (2) (h) of the Act. O. Reg. 470/97, s. 1 (1).
(2) Instead of requiring its treasurer to prepare the financial statements mentioned in subsection (1), the district school board may require the person who was the treasurer of the old board to prepare the old board’s financial statements if that person is an employee of the district school board. O. Reg. 470/97, s. 1 (2).
(3) Aperson required to prepare financial statements under this section shall do so in accordance with the direction of the district school board and shall do so as soon as reasonably possible. O. Reg. 470/97, s. 1 (3).
2. (1) A district school board shall obtain an auditor’s report on the financial statements required to be prepared under section 1 as soon as reasonably possible after the financial statements have been prepared. O. Reg. 470/97, s. 2 (1).
(2) Upon receipt of the auditor’s report, the treasurer of the district school board shall promptly give the Ministry of Education and Training two copies of the auditor’s report and two copies of the financial statements mentioned in subsection (1). O. Reg. 470/97, s. 2 (2).
(3) Within one month after the district school board has received the auditor’s report, the treasurer of the district school board shall,
(a) publish the financial statements to which the auditor’s report relates, and the auditor’s report, in a daily or weekly newspaper that, in the opinion of the treasurer, has sufficient circulation within the area of jurisdiction of the old board in respect of which the financial statements were prepared, to provide reasonable notice to those affected by them; or
(b) mail or deliver a copy of the financial statements and auditor’s report to each of the old board’s supporters. O. Reg. 470/97, s. 2 (3).
(4) The financial statements and auditor’s report published, mailed or delivered under subsection (3) shall be in the same form as financial statements and auditor’s report prepared under subsection 252 (2) of the Act. O. Reg. 470/97, s. 2 (4).
(5) For purposes of obtaining the auditor’s report mentioned in subsection (1), the district school board shall retain the person who was the auditor of the old board to prepare the audit report on the financial statements of the old board, unless that is not reasonably possible and, if that person is retained, the district school board is subject to the same rights and obligations as the old board would have been had the retainer of the auditor by the old board been continued. O. Reg. 470/97, s. 2 (5).
3. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 470/97, s. 3.
