PART II INDEPENDENT ELECTRICITY SYSTEM OPERATOR
Transition, corporate matters
25.8 (1) The following occur when subsection 3 (1) of Schedule 7 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force: 1. The predecessor Independent Electricity System Operator and the Ontario Power Authority cease to exist as entities separate from the IESO. 2. All rights, property and assets that belong to the predecessor Independent Electricity System Operator and the Ontario Power Authority immediately before the subsection comes into force become the rights, property and assets of the IESO. 3. All outstanding debts, liabilities and obligations of the predecessor Independent Electricity System Operator and the Ontario Power Authority immediately before the subsection comes into force become the debts, liabilities and obligations of the IESO. 4. The members of the boards of directors of the predecessor Independent Electricity System Operator and the Ontario Power Authority holding office immediately before the subsection comes into force cease to be members of their respective board of directors when the subsection comes into force, but nothing in this paragraph prevents them from being appointed to the board of directors of the IESO. 5. An individual who ceases to hold office as director by reason of paragraph 4 has no right of recourse against the Crown or any person. 6. The by-laws of the predecessor Independent Electricity System Operator in effect immediately before the subsection comes into force become the by-laws of the IESO. 7. Any licence issued by the Board to the predecessor Independent Electricity System Operator or the Ontario Power Authority in effect immediately before the subsection comes into force is deemed to be a licence issued by the Board to the IESO and remains in effect until amended or revoked. 8. An agreement, security, licence, approval, permit or other instrument to which the predecessor Independent Electricity System Operator or the Ontario Power Authority is a party immediately before the subsection comes into force has effect after the subsection comes into force as if, i. the IESO were substituted for the predecessor Independent Electricity System Operator or the Ontario Power Authority, as the case requires, as a party to the agreement, security, licence, approval, permit or other instrument, and ii. any reference in the agreement, security, licence, approval, permit or other instrument to the predecessor Independent Electricity System Operator or the Ontario Power Authority were a reference to the IESO. 9. The IESO is a party to each on-going proceeding to which the predecessor Independent Electricity System Operator or the Ontario Power Authority is a party immediately before the subsection comes into force, replacing the predecessor Independent Electricity System Operator or the Ontario Power Authority, as the case may be. 10. Any direction issued by the Minister under section 25.32 or 25.35, as those provisions read immediately before the subsection comes into force, remains in full force and in effect in respect of the IESO. 2014, c. 7, Sched. 7, s. 3 (1). Same, par. 3 of subs. (1) (2) The operation of paragraph 3 of subsection (1), (a) does not constitute a breach, termination or repudiation of the debt, liability or obligation or the frustration of any agreement related to the debt, liability or obligation or an event of default or force majeure; and (b) does not constitute or give rise to any estoppel or any right to terminate or repudiate an agreement related to the debt, liability or obligation. 2014, c. 7, Sched. 7, s. 3 (1). Same, par. 8 of subs. (1) (3) The operation of paragraph 8 of subsection (1), (a) does not constitute a breach, termination or repudiation of the agreement, security, licence, approval, permit or other instrument or the frustration of the agreement or an event of default or force majeure; and (b) does not constitute or give rise to any estoppel or any right to terminate or repudiate an agreement, security, licence, approval, permit or other instrument. 2014, c. 7, Sched. 7, s. 3 (1). Same, references (4) A reference to the predecessor Independent Electricity System Operator or the Ontario Power Authority in any by-law, resolution, agreement or other document shall be read as if it were a reference to the IESO. 2014, c. 7, Sched. 7, s. 3 (1). Section Amendments with date in force (d/m/y) 2004, c. 23, Sched. A, s. 29 - 20/12/2004 2014, c. 7, Sched. 7, s. 3 (1) - 01/01/2015