PART IX FINANCE
Corporation to assist with board financing
248 (1) The Lieutenant Governor in Council may, by regulation, establish a corporation under the name specified in the regulation, (a) to provide financial services to boards in accordance with the regulations; (b) to borrow money as principal or agent on behalf of boards in accordance with the regulations; and (c) to lend money to boards on the terms and conditions that the corporation may impose.  1997, c. 31, s. 113 (1). Regulations (2) The Lieutenant Governor in Council may make regulations, (a) providing for the composition, management, administration and control of the corporation and prescribing the powers and duties of the corporation; (b) authorizing the corporation to provide financial services as specified in the regulations to boards in connection with their borrowing, investing, risk management and cash management activities; (c) authorizing the corporation to borrow money in the capital markets in its own name or in the name of one or more boards on behalf of which the corporation is authorized to act; (d) establishing terms, conditions and restrictions attaching to securities or other financial instruments issued by the corporation in connection with borrowing described in clause (c) including, (i) the maximum aggregate principal amount of the securities or other financial instruments authorized for issue at any one time or from time to time, (ii) any restrictions on the rate or rates of interest payable, the term to maturity, redemption rights, a bonus or discount payable, the currency of issue and selling restrictions, (iii) any collateral that may be pledged or charged as security, and (iv) the terms of any guarantee by the Province of repayment by the corporation; (e) respecting lending by the corporation to boards; (f) governing the application or non-application to the corporation of any provision of the Business Corporations Act, the Not-for-Profit Corporations Act, 2010
and the Corporations Information Act; (g) authorizing the corporation to provide financial services to municipalities, to borrow money as principal or agent on behalf of municipalities and to lend money to municipalities; (h) governing matters necessary or advisable to enable the corporation to carry out its duties.  1997, c. 31, s. 113 (1); 2017, c. 20, Sched. 8, s. 79. Deemed reference to municipality (3) If a regulation is made under clause (2) (g) respecting a matter referred to in this section or in section 249, a reference to a board in this section or in section 249 in respect of that matter shall be deemed to include a municipality.  1997, c. 31, s. 113 (1). Interpretation (4) In this section, “municipality” includes an upper-tier municipality.  2002, c. 17, Sched. F, Table. (5) Repealed:  2007, c. 7, Sched. 9, s. 1. General or particular (6) A regulation made under this section may be general or particular.  1997, c. 31, s. 113 (1). Consent of board, municipality (7) The corporation shall not provide financial services to a board or a municipality except at the request of the board or municipality and shall not borrow money in the name of a board or a municipality except with the prior approval of the board or municipality.  1997, c. 31, s. 113 (1). Section Amendments with date in force (d/m/y) 1997, c. 31, s. 113 (1) - 01/01/1998 2002, c. 17, Sched. F, Table - 01/01/2003 2007, c. 7, Sched. 9, s. 1 - 05/05/2008 2017, c. 20, Sched. 8, s. 79 - 19/10/2021