PART IV HYDRO ONE INC.
Proceeds of disposition
50.3 (1) This section applies if an amount is payable into the Consolidated Revenue Fund in respect of, (a) the disposition of any securities or debt obligations of, or other interest in, Hydro One Inc. or any of its subsidiaries, a corporation established under section 50, a corporation or other entity established under section 50.1 or an arrangement made under section 50.1; or (b) capital for any shares of Hydro One Inc. 2015, c. 20, Sched. 9, s. 7. Payment to Financial Corporation (2) The Minister of Finance shall pay to the Financial Corporation an amount equal to the proceeds payable to the Crown in respect of the disposition of securities, debt obligations or other interest described in clause (1) (a), (a) less any amount that the Minister considers advisable in connection with the acquisition of the securities, debt obligations or interest, including the amount of the purchase price, any obligations assumed and any other costs incurred by the Crown and any amounts which have been allocated by the Crown to the Financial Corporation in respect of the securities; and (b) less the amount of any costs incurred by the Crown in disposing of the securities, debt obligation or interest. 2015, c. 20, Sched. 9, s. 7. Same (3) The Minister of Finance shall pay to the Financial Corporation an amount equal to the amount payable to the Crown in respect of capital for any shares of Hydro One Inc. less any amount that the Minister considers advisable in connection with the acquisition of the shares, including the amount of the purchase price, any obligations assumed and any other costs incurred by the Crown. 2015, c. 20, Sched. 9, s. 7. Payment methods (4) The amounts payable to the Financial Corporation under subsections (2) and (3) are payable out of the Consolidated Revenue Fund and the Minister of Finance shall make the payments in cash, by set off, through the issuance of securities or debt obligations or in another form as determined by the Minister. 2015, c. 20, Sched. 9, s. 7. Same (5) The Minister’s authority under subsection (4) to make a payment through the issuance of securities or debt obligations includes the authority to determine their terms and conditions. 2015, c. 20, Sched. 9, s. 7. Same (6) For greater certainty, the Minister’s authority under subsection (4) includes making a payment by granting a remission of all or part of a debt owed by the Financial Corporation to Her Majesty in right of Ontario, and any remission so granted shall be reported to the Legislature in the Public Accounts. 2015, c. 20, Sched. 9, s. 7. Repeal (7) This section is repealed on the day on which Part V is repealed under section 84.1. 2015, c. 20, Sched. 9, s. 7. Section Amendments with date in force (d/m/y) 1998, c. 15, Sched. A, s. 50.3 (4) - no effect - see 2015, c. 20, Sched. 9, s. 7 - 04/06/2015 1998, c. 15, Sched. A, s. 50.3 (7) - not in force - see 2015, c. 20, Sched. 9, s. 7 - 04/06/2015 2002, c. 1, Sched. A, s. 10 - 27/06/2002 2015, c. 20, Sched. 9, s. 7 - 04/06/2015 50.4 Repealed: 2015, c. 20, Sched. 9, s. 8. Section Amendments with date in force (d/m/y) 2002, c. 1, Sched. A, s. 10 - 27/06/2002 2015, c. 20, Sched. 9, s. 8 - 15/10/2015