Operation, continuation of The Guild
60. (1) In this section, “Board” means the Board of Management of The Guild; (“conseil de gestion”) “The Guild” means the land and buildings situated in the former Borough of Scarborough and described in Article I of the Indenture of Lease dated June 16, 1978, between The Metropolitan Toronto and Region Conservation Authority, Ravenna Guild Inn Limited, Metro and H. Spencer Clark. (“domaine The Guild”) 1997, c. 26, s. 60 (1). Acquisition of Guild (2) The city may purchase, lease or otherwise acquire The Guild from the Toronto and Region Conservation Authority and may operate, manage and maintain the property as a hotel, restaurant, recreational, cultural, conference and seminar facility. 1997, c. 26, s. 60 (2). Board continued (3) The corporation without share capital known as the Board of Management of The Guild is continued under the name Board of Management of The Guild in English and Conseil de gestion du domaine The Guild in French; its purposes are the operation, management and maintenance referred to in subsection (2). 1997, c. 26, s. 60 (3). Application of common provisions (4) Subsection 67 (1) applies in respect of the Board. 1997, c. 26, s. 60 (4). Composition (5) The Board shall consist of 15 members appointed by the council, of whom seven shall be nominees of the Lieutenant Governor in Council. 1997, c. 26, s. 60 (5). Agreement between council and Board (6) The agreement between Metro Council and the Board that is in existence on December 31, 1997, entrusting to the Board the operation, management and maintenance of The Guild on certain conditions, is hereby continued as an agreement between the city council and the Board; the agreement may be renewed or amended by a further agreement between the council and the Board. 1997, c. 26, s. 60 (6). Budget (7) The Board shall submit to the council its budget for the current year, at the time and in the form the council specifies; the budget is subject to approval, with or without modification, by the council. 1997, c. 26, s. 60 (7). Same (8) After the council approves the Board’s annual budget, all spending by the Board shall be in accordance with the approved budget in such level of detail as the council determines. 1997, c. 26, s. 60 (8). Borrowing (9) With the council’s approval, obtained in advance, the Board may borrow money to acquire working capital; however, nothing in this subsection authorizes the Board to issue debentures. 1997, c. 26, s. 60 (9). Participation in OMERS (10) The Board shall be deemed to have elected to participate in the Ontario Municipal Employees Retirement System on January 1, 1984. 1997, c. 26, s. 60 (10). Pension benefits (11) If any person who was employed by Guildwood Hall on June 15, 1983, and continued to be so employed on December 31, 1983, accepted employment with the Board commencing on January 1, 1984, (a) he or she became a member of the Ontario Municipal Employees Retirement System on the transfer date; and (b) his or her employment with Guildwood Hall shall be deemed to have been employment with the Board f for the purposes of the Ontario Municipal Employees Retirement System Act, 2006. 1997, c. 26, s. 60 (11); 2006, c. 2, s. 46 (6). Same (12) The Board shall be deemed to have assumed responsibility, as of December 31, 1983, for the accrued pension benefits of any pension plan in existence on that date respecting any employees referred to in subsection (11), and the rights of Guildwood Hall in any such plan are hereby vested in the Board. 1997, c. 26, s. 60 (12). Same (13) Nothing in this section requires the Board to provide benefits other than those already earned and funded. 1997, c. 26, s. 60 (13). Exhibition Place