30 (0.1) In this section, “public work” has the same meaning as in the Ministry of Infrastructure Act, 2011 as it read immediately before the day section 2 of the Forfeited Corporate Property Act, 2015 came into force. 2015, c. 38, Sched. 7, s. 56 (7). Transition, corporate matters (1) The following occurs when subsection 2 (1) comes into force: 1.  The Ontario Realty Corporation, the Ontario Infrastructure Projects Corporation and the Stadium Corporation of Ontario Limited cease to exist as entities separate from the amalgamated Corporation. 2.  All rights, property and assets, other than public works, that belonged to the Ontario Realty Corporation or to the Ontario Infrastructure Projects Corporation immediately before the subsection came into force become the rights, property and assets of the Corporation. 3.  All public works that belonged to the Ontario Realty Corporation or to the Ontario Infrastructure Projects Corporation immediately before the subsection came into force vest in the Crown as represented by the Minister. 4.  All rights, property and assets, including public works, that belonged to the Stadium Corporation of Ontario Limited immediately before the subsection came into force become the rights, property and assets of the Crown as represented by the Minister. 5.  All debts, liabilities and obligations of the Ontario Realty Corporation and the Ontario Infrastructure Projects Corporation immediately before the subsection came into force become the debts, liabilities and obligations of the Corporation. 6.  All debts, liabilities and obligations of the Stadium Corporation of Ontario Limited immediately before the subsection came into force become the debts, liabilities and obligations of the Crown as represented by the Minister. 7.  Despite subsection 9 (1), the members of the boards of directors of the Ontario Realty Corporation and the Ontario Infrastructure Projects Corporation holding office immediately before the subsection came into force form the initial board of directors of the Corporation. 8.  Despite subsection 9 (4), the individual who was the chair of the board of directors of the Ontario Infrastructure Projects Corporation immediately before the subsection came into force is the first chair of the board of directors of the Corporation. 9.  Despite section 10, the individual holding the position of chief executive officer of the Ontario Infrastructure Projects Corporation immediately before the subsection came into force is the first chief executive officer of the Corporation. 10.  The by-laws of the Ontario Infrastructure Projects Corporation in effect immediately before the subsection came into force become the by-laws of the Corporation. 11.  An agreement, security or instrument to which the Ontario Realty Corporation or the Ontario Infrastructure Projects Corporation was a party immediately before the subsection came into force has effect as if, i.  the Corporation were substituted for the Ontario Realty Corporation or the Ontario Infrastructure Projects Corporation, as the case requires, as a party to the agreement, security or instrument, and ii.  any reference in the agreement, security or instrument to the Ontario Realty Corporation or the Ontario Infrastructure Projects Corporation were a reference to the Corporation. 12.  Despite paragraph 11, and subject to subsections (3) and (4), if under an agreement mentioned in paragraph 11 the Corporation would gain an interest in real property, the interest vests in the Crown as represented by the Minister. 13.  An agreement to which the Stadium Corporation of Ontario Limited was a party immediately before the subsection came into force has effect as if, i.  the Minister were substituted for the Stadium Corporation of Ontario Limited as a party to the agreement, and ii.  any reference in the agreement to the Stadium Corporation of Ontario Limited were a reference to the Minister. 14.  The Corporation becomes a party to each ongoing proceeding to which the Ontario Realty Corporation, the Ontario Infrastructure Projects Corporation or the Stadium Corporation of Ontario Limited was a party immediately before the subsection came into force, replacing the Ontario Realty Corporation, the Ontario Infrastructure Projects Corporation, or the Stadium Corporation of Ontario Limited, as the case may be. 15.  Despite paragraph 14, and subject to subsections (3) and (4), if as a result of a proceeding mentioned in paragraph 14, the Corporation would gain an interest in real property, the interest vests in the Crown as represented by the Minister.  2011, c. 9, Sched. 32, s. 30 (1). Same, par. 11 of subs. (1) (2) The operation of paragraph 11 of subsection (1) does not constitute a breach, termination or repudiation of the agreement, security or instrument or the frustration of the agreement or an event of default or force majeure.  2011, c. 9, Sched. 32, s. 30 (2). Same (3) Where the Ontario Infrastructure Projects Corporation or the Ontario Realty Corporation holds an interest in real property under an agreement, security or instrument in respect of which the Ontario Infrastructure Projects Corporation or the Ontario Realty Corporation made a declaration that it was not acting as a Crown agent under subsection 5 (2) of the Ontario Infrastructure Projects Corporation Act, 2006
or subsection 24 (1) of the Capital Investment Plan Act, 1993, paragraph 12 of subsection (1) does not apply and the interest in real property held by the Ontario Infrastructure Projects Corporation or the Ontario Realty Corporation, as the case may be, vests in the Corporation.  2011, c. 9, Sched. 32, s. 30 (3). Same (4) Where, immediately before subsection 2 (1) came into force, the Ontario Infrastructure Projects Corporation held an interest in real property as security for indebtedness in respect of financing provided under paragraph 1 of section 3 of the Ontario Infrastructure Projects Corporation Act, 2006 under an agreement, security or instrument, paragraph 12 of subsection (1) does not apply and the interest in real property held by the Ontario Infrastructure Projects Corporation vests in the Corporation.  2011, c. 9, Sched. 32, s. 30 (4). Same, pars. 3 and 11 of subs. (1) (5) For the purposes of paragraphs 3 and 11 of subsection (1), a declaration of the Ontario Realty Corporation or the Ontario Infrastructure Projects Corporation that it was not acting as a Crown agent applies as if it had been made by the Corporation.  2011, c. 9, Sched. 32, s. 30 (5). Same, references (6) A reference to the Ontario Realty Corporation, the Ontario Infrastructure Projects Corporation or the Stadium Corporation of Ontario Limited in any by-law, resolution, agreement or other document shall be read as if it were a reference to the Corporation.  2011, c. 9, Sched. 32, s. 30 (6). Section Amendments with date in force (d/m/y) 2015, c. 38, Sched. 7, s. 56 (7) - 10/12/2016