16. Subject to subsection 4 (4), the Institute shall maintain all funds that it administers in a bank named in Schedule I to the Bank Act (Canada). 1996, c. 17, Sched. B, s. 16. Provincial Auditor 17. The accounts and financial transactions of the Institute shall be audited annually by the Provincial Auditor. 1996, c. 17, Sched. B, s. 17. Financial year 18. (1) The financial year of the Institute begins on April 1 in each year and ends on the following March 31. Estimates, reports (2) The board of directors of the Institute shall submit to the Minister annually, before the beginning of the Institute’s financial year, its written estimates for spending in the year. Annual report (3) The board of directors of the Institute shall make an annual report, within 120 days after the end of the Institute’s financial year, to the Minister on the affairs of the Institute containing the information that the Minister requires. Tabling (4) The Minister shall submit the annual report to the Lieutenant Governor in Council and shall then lay the report before the Assembly if it is in session or, if not, at the next session. Other reports (5) At the request of the Minister, the board of directors of the Institute shall submit to the Minister a detailed business plan on its affairs and the reports, other than the annual report, that the Minister requires. 1996, c. 17, Sched. B, s. 18. Regulations 19. (1) Subject to the approval of the Minister, the Institute may, in respect of its objects, make regulations, (a) fixing and imposing levies or charges, other than the fees and service charges mentioned in subsection 4 (2), that any class of persons is required to pay to the Institute or a corporation described in subsection 4 (5); (b) specifying terms for the payment of the levies and charges; and (c) providing for the collection of the levies and charges by the Institute, the corporation to which they are payable or any class of persons. Same, Minister’s regulations (2) The Minister may make regulations, (a) designating lands as agricultural lands for the purpose of this Act; (b) prescribing the qualifications that a person is required to have to be eligible to be appointed as a member of the Institute; (c) restricting the capacity and powers of the Institute under this Act; and (d) respecting any matter necessary or advisable to carry out effectively the intent and purpose of this Act. 1996, c. 17, Sched. B, s. 19. Transition 20. (1) The terms of office of all members of the Institute, the chair and vice-chair of the board of directors of the Institute and the Director of Research of the Institute who are in office immediately before the coming into force of this Act expire on the day this Act comes into force. Same, Director (2) The chair of the board of directors of the Institute shall be the first Director until the board appoints a Director under subsection 10 (1). Reference to Institute (3) A reference to the Agricultural Research Institute of Ontario in any program, agreement, easement, covenant, document or regulation in force immediately before the coming into force of this Act shall be deemed to be a reference to the Agriculture and Food Institute of Ontario. 1996, c. 17, Sched. B, s. 20. Note: This Act comes into force on a day to be named by proclamation of the Lieutenant Governor. ___________________  Français