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O. Reg. 252/01: ONTARIO SUPERBUILD CORPORATION
filed June 25, 2001 under Development Corporations Act, R.S.O. 1990, c. D.10
Skip to contentontario regulation 252/01
made under the
Development Corporations act
Made: June 20, 2001
Filed: June 25, 2001
Printed in The Ontario Gazette: July 14, 2001
Amending O. Reg. 592/99
(Ontario Superbuild Corporation)
1. Subsections 5 (6), (7) and (8) of Ontario Regulation 592/99 are revoked and the following substituted:
(6) The Lieutenant Governor in Council shall appoint a director who is a public servant as president and chief executive officer of the Corporation who shall preside at the meetings of the board of directors and perform such duties and exercise such powers and authority as are assigned by the board of directors.
(7) In the case of absence or illness of the president and chief executive officer or there being a vacancy in that office, the board of directors may designate another director who is a public servant to act as and to have all of the powers of the president and chief executive officer.
(8) A majority of the public servants on the board of directors constitutes a quorum of the board of directors.
2. Section 6 of the Regulation is revoked and the following substituted:
6. (1) The affairs of the Corporation are under the management and control of its board of directors.
(2) Only the directors who are public servants have the authority to propose resolutions and by-laws, to vote at meetings of the board of directors, and to pass by-laws and resolutions regulating proceedings of the board and the management of the affairs of the Corporation.
(3) The directors who are not public servants shall serve on the board of directors in an advisory capacity only, are not entitled to vote on any matter and are not liable for any decision, acts or omissions of the board of directors.
(4) Without limiting the generality of subsection (2), the directors who are public servants may pass by-laws and resolutions to,
(a) appoint officers and assign them such powers and duties as the board of directors considers appropriate;
(b) make banking arrangements;
(c) establish committees of the board of directors; and
(d) effect the orderly transaction of the business of the Corporation.
3. Section 15 of the Regulation is revoked and the following substituted:
15. (1) The Corporation shall deliver to the Minister of Finance an annual report on its affairs, including the audited financial statements, and such other materials as the Minister of Finance directs.
(2) The report and financial statements must be signed by the president and chief executive officer and one other director who is a public servant.
(3) The Minister of Finance 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.