PART IX FINANCE
Investigation of board’s financial affairs
257.30 (1) The Minister may direct an investigation of the financial affairs of a board if, (a) the financial statements of the board for a fiscal year, or the auditor’s report on the statements, required to be submitted to the Ministry under section 252, indicate that the board had an accumulated deficit for that year; (a.1) the board was required under subsection 257.29.1 (1), (2) or (4) to submit a financial recovery plan to the Minister within the time specified by the Minister and the board failed to do so; (a.2) the board was required under subsection 257.29.1 (3) to comply with a financial recovery plan and the board failed to do so; (a.3) the board was required to comply with a regulation made under subsection 257.29.1 (5) and the board failed to do so; (b) the board has failed to pay any of its debentures or instruments prescribed under clause 247 (3) (f) or interest on them, after payment of the debenture, instrument or interest is due and has been demanded; (c) the board has failed to pay any of its other debts or liabilities when due and default in payment is occasioned from financial difficulties affecting the board; or (d) the Minister has concerns about the board’s ability to meet its financial obligations.  1997, c. 31, s. 113 (4); 2009, c. 34, Sched. I, s. 12 (1); 2010, c. 26, Sched. 5, s. 4 (1). Same (1.1) The Minister may direct an investigation under subsection (1) whether or not he or she has ordered the board to submit a financial recovery plan under section 257.29.1 or considered any such plan that has been submitted.  2009, c. 34, Sched. I, s. 12 (2). Appointment of investigator (2) The Minister may appoint as an investigator, (a) an individual licensed under the Public Accounting Act, 2004 or a corporation that holds a certificate of authorization under that Act; or (b) an employee in the Ministry. 2023, c. 11, Sched. 2, s. 27. Powers of investigator (3) An investigator may, (a) require the production of any records that may in any way relate to the financial affairs of the board; (b) examine and copy any records required under clause (a); and (c) require any officer of the board or any other person to appear before him or her and give evidence, on oath or affirmation, relating to the financial affairs of the board.  1997, c. 31, s. 113 (4). Application of Public Inquiries Act, 2009 (4) Section 33 of the Public Inquiries Act, 2009 applies to an investigation.  2009, c. 33, Sched. 6, s. 53 (4). Report of investigator (5) On completion of an investigation, an investigator shall report in writing to the Minister, who shall promptly transmit a copy of the report to the secretary of the board.  1997, c. 31, s. 113 (4). Same (6) The investigator may not recommend that control and charge over the administration of the affairs of the board be vested in the Ministry unless the investigation discloses evidence of financial default or probable financial default, of an accumulated deficit or a probable accumulated deficit or of serious financial mismanagement.  1997, c. 31, s. 113 (4); 2010, c. 26, Sched. 5, s. 4 (2). Section Amendments with date in force (d/m/y) 1997, c. 31, s. 113 (4) - 01/01/1998 2004, c. 8, s. 46, Table
- 01/11/2005 2009, c. 33, Sched. 6, s. 53 (4) - 01/06/2011; 2009, c. 34, Sched. I, s. 12 (1, 2) - 01/09/2010 2010, c. 26, Sched. 5, s. 4 (1, 2) - 08/12/2010 2023, c. 11, Sched. 2, s. 27 - 28/07/2023