PART IX FINANCE
Powers of Minister re debt
257.34 (1) In this section, “indebtedness” includes, (a) any instrument prescribed under clause 247 (3) (f), debentures issued under a repealed provision or other debt of the board, (b) any interest on any indebtedness of the board.  1997, c. 31, s. 113 (4); 2009, c. 25, s. 36 (1). Same (2) Where a board is subject to an order under subsection 257.31 (2) or (3), the Minister, with respect to the board’s indebtedness, has the power by order to authorize or direct, (a) the consolidation of all or any part of the board’s indebtedness; (b) the issue, on the terms and conditions, in the manner and at the times that the Minister may approve, of instruments prescribed under clause 247 (3) (f) or other evidences of indebtedness, in substitution and exchange for any debentures or such debt instruments that are outstanding or in payment and satisfaction of all or any part of any other indebtedness, and compulsory acceptance of those instruments or other evidences of indebtedness in payment and satisfaction of the instruments that are outstanding or other indebtedness; (c) the issue of new instruments prescribed under clause 247 (3) (f) to cover any consolidation under clause (a) or (b); (d) the retirement and cancellation of all or any part of the existing debenture debt and debt incurred by any instrument prescribed under clause 247 (3) (f) and debt instruments prescribed under clause 247 (3) (f) that are outstanding, on the issue of new debt instruments prescribed by clause 247 (3) (f) to cover them or in exchange for them; (e) the terms, conditions, places and times for exchange of new instruments prescribed under clause 247 (3) (f) for debt instruments that are outstanding; (f) the variation of the basis, terms, times and places of payment of all or any part of the board’s indebtedness; (g) the creation and setting aside of sinking funds, retirement funds and funds prescribed under clause 247 (3) (e) and the restriction of money out of any portion of the revenues of the board for meeting obligations relating to all or any part of the board’s indebtedness; (h) the custody, management, investment and application of sinking funds, retirement funds, funds prescribed under clause 247 (3) (e), deferred revenues and surpluses; (i) the ratification and confirmation of any agreement, arrangement or compromise entered into with any of the board’s creditors respecting all or any part of the board’s indebtedness; (j) any amendment or cancellation of any order made by the Minister under this section or of the terms of any agreement, arrangement or compromise ratified and confirmed by the Minister under clause (i); (k) the implementation of an interim plan, pending a final plan, or of a final plan, which may cancel all or any portion of interest in arrears and may alter, modify or compromise the rights of debenture holders, holders of instruments prescribed under clause 247 (3) (f) or other creditors during any period of time between the relevant date of default and the end of the fifth year following the date on which the final plan was ordered implemented by the Minister.  1997, c. 31, s. 113 (4); 2009, c. 25, s. 36 (2); 2009, c. 34, Sched. I, s. 13; 2010, c. 26, Sched. 5, s. 5. Limitation (3) The Minister shall not make any order under clause (2) (k) unless creditors, representing not less than two-thirds in amount of the aggregate of the indebtedness of the board, excluding indebtedness in respect of which the board is not directly but only contingently or collaterally liable, have filed in writing with the Minister their approval of the making of the order.  1997, c. 31, s. 113 (4). Publication of notice of intention to exercise powers (4) Where the Minister intends to exercise a power under subsection (2), he or she shall first give notice of the intention in The Ontario Gazette and by any other publication and to the persons and in the manner that the Minister considers proper.  1997, c. 31, s. 113 (4). Same (5) The notice shall state the date after which the matter is to be dealt with by the Minister.  1997, c. 31, s. 113 (4). Same (6) The time stated under subsection (5) shall be at least two months after the notice is published in The Ontario Gazette.  1997, c. 31, s. 113 (4). Incidental matters (7) Subsection (4) does not apply with respect to any matter that, in the opinion of the Minister, is merely incidental to the exercise of a power under subsection (2).  1997, c. 31, s. 113 (4). Objection to be filed with Minister (8) The Minister shall not make any order under subsection (2) if an objection in writing to the making of the order is filed with the Minister by creditors representing not less than one-third in amount of the aggregate of the indebtedness of the board, excluding indebtedness in respect of which the board is not directly but only contingently or collaterally liable.  1997, c. 31, s. 113 (4). Approval by creditors (9) If creditors, representing not less than two-thirds in amount of the aggregate of the indebtedness of the board, excluding indebtedness in respect of which the board is not directly but only contingently or collaterally liable, have filed in writing with the Minister their approval of the making of any order of the Minister under subsection (1), it is not necessary that two months referred to in subsection (6) elapse.  1997, c. 31, s. 113 (4). Notice when matter to be varied (10) When a matter is being dealt with by the Minister under this section and the Minister intends to vary the terms of any indebtedness, he or she shall first give notice of the intention to the persons and in the manner that the Minister considers proper.  1997, c. 31, s. 113 (4). Same (11) The notice shall state the date after which the variation is to be dealt with by the Minister.  1997, c. 31, s. 113 (4). Same (12) The time stated under subsection (11) shall be at least two weeks after the notice.  1997, c. 31, s. 113 (4). Section Amendments with date in force (d/m/y) 1997, c. 31, s. 113 (4) - 01/01/1998 2009, c. 25, s. 36 (1, 2)
- 15/12/2009; 2009, c. 34, Sched. I, s. 13 (1, 2) - 01/09/2010 2010, c. 26, Sched. 5, s. 5 - 08/12/2010