jswizzle3737/ontario_laws_and_regs huggingface dataset:
2 The Minister shall maintain a register of all investment corporations and the register shall be open for public inspection during normal office hours.  1992, c. 18, s. 2; 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 23 (1) - 7/05/1997 2004, c. 16, s. 1 (2) - 01/01/2004 Part II (ss. 3 to 11) Repealed:  2011, c. 9, Sched. 7, s. 2. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 77 (1-3) - 6/05/1994; 1994, c. 17, s. 77 (4) - 3/12/1992; 1994, c. 17, s. 79, 80 (1, 11) - 15/10/1991; 1994, c. 17, s. 80 (5-8, 10, 14) - 3/12/1992; 1994, c. 17, s. 80 (2, 4, 9, 13, 15, 16) - 20/05/1993; 1994, c. 17, s. 80 (3, 12), 81 - 6/05/1994; 1997, c. 43, Sched. C, s. 3, 4, 23 (1) - 7/05/1997; 1999, c. 9, s. 51 - 27/11/1998 2000, c. 42, s. 2
- 1/01/2001 2002, c. 22, s. 17-19
- 9/12/2002 2004, c. 16, s. 1 (2)
- 01/01/2004; 2004, c. 31, Sched. 7, s. 2 - 16/12/2004 2005, c. 31, Sched. 3, s. 1, 2 - 29/08/2005 CTS 18 AU 10 - 1 2011, c. 9, Sched. 7, s. 2 - 12/05/2011 PART III   LABOUR SPONSORED INVESTMENT FUND CORPORATIONS
15 (1) An employee organization is entitled to registration of a corporation by the Minister unless, (a) this Part has not been satisfied; or (b) the employee organization fails to file the material required by this Act or the regulations.  1992, c. 18, s. 15 (1); 2004, c. 16, s. 1 (2). Refusal to register (2) Subject to section 31, the Minister may refuse to register a corporation if, in the Minister’s opinion, the corporation is disentitled to registration under subsection (1).  1992, c. 18, s. 15 (2); 2004, c. 16, s. 1 (2). Idem (3) Subject to section 31, the Minister may refuse to register a corporation if, in the Minister’s opinion, the proposed investment or the actions of the corporation or the employee organization do not comply with the spirit and intent of this Act and the regulations.  1992, c. 18, s. 15 (3); 2004, c. 16, s. 1 (2). Moratorium (4) Despite subsection (1), the Minister may declare a registration moratorium during which no employee organization is entitled to registration of a corporation under this Part.  2004, c. 31, Sched. 7, s. 4. Time (5) A moratorium is effective for the period of time declared by the Minister, but the Minister may terminate or extend a moratorium if the Minister in his or her sole discretion considers the termination or extension necessary or advisable in the circumstances.  2004, c. 31, Sched. 7, s. 4. Notice (6) The Minister may impose, terminate or extend a moratorium without prior notice.  2004, c. 31, Sched. 7, s. 4. Transitional (7) Any moratorium declared by the Minister on or after May 18, 2004 and before subsection (4) comes into force shall be deemed to be a moratorium declared in accordance with this section, effective for the period of time declared by the Minister.  2004, c. 31, Sched. 7, s. 4. Section Amendments with date in force (d/m/y) 2004, c. 16, s. 1 (2)
- 1/01/2004; 2004, c. 31, Sched. 7, s. 4. - 16/12/2004
16 (1) If the employee organization and the corporation comply with this Act, the Minister shall, (a) endorse on each duplicate of the proposal “Registered/Agréé” and the day, month and year of the registration thereof; (b) file one of the duplicates in the Minister’s office; (c) place the name of the corporation in the register of investment corporations as a labour sponsored investment fund corporation; and (d) issue to the corporation a certificate of registration to which the Minister shall affix the other duplicate.  1992, c. 18, s. 16 (1); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Order by Minister (2) If the Minister considers it appropriate in order to carry out the intent of this Act, the Minister may, at the request of a labour sponsored investment fund corporation, order that the corporation be deemed to have been registered under this Act on a date before the date of actual registration and the corporation shall be deemed to have been so registered.  1992, c. 18, s. 16 (2); 2004, c. 16, s. 1 (2). Effective date (3) An order may be made under subsection (2) even though the deemed date of registration is a date before this Act came into force.  1992, c. 18, s. 16 (3); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 23 (1) - 7/05/1997 2004, c. 16, s. 1 (2)
- 1/01/2004
18.4 (1) No corporation may be registered under this Part unless, (a) the corporation was incorporated under the Business Corporations Act or the Canada Business Corporations Act and is in compliance with that Act and the Securities Act; (b) the corporation has never previously carried on business other than the business related to obtaining registration under this Act; (c) the articles of the corporation provide that the capital of the corporation shall consist of Class A shares issuable only to eligible investors under this Part and such other shares as may be authorized, if the rights, privileges, restrictions and conditions attached to the shares are approved by the board of directors of the corporation and the Minister; (d) the articles of the corporation restrict investment in shares of the corporation by a single investor or a related group to a maximum of $5 million; (d.1) the articles of the corporation restrict the aggregate investment in shares of the corporation to a maximum of $10 million; (d.2) the articles of the corporation specify that each eligible investor must invest at least $25,000 in Class A shares of the corporation; (e) the articles of the corporation prohibit the payment of any fee or remuneration to a shareholder of the corporation or to any person related to a shareholder; (f) the articles of the corporation restrict the business of the corporation to, (i) assisting the development of eligible businesses, creating, maintaining and protecting jobs by providing financial and managerial advice to eligible businesses and by making eligible investments, and (ii) incorporating and controlling other corporations as the corporation may consider advisable to provide financial, investment or managerial advice and expertise; (g) the articles of the corporation provide that at least one member of the board of directors of the corporation shall be appointed by a community sponsor of the corporation; and (h) the corporation meets all other prescribed conditions.  1997, c. 43, Sched. C, s. 10; 1998, c. 34, s. 16; 1999, c. 9, s. 58; 2004, c. 16, s. 1 (2). Exception (2) The fees and remuneration referred to in clause (1) (e) and any amounts paid on the purchase of goods and services are deemed not to include, (a) banking fees and other amounts normally charged by a bank to its customers for providing services in the ordinary course of the bank’s business; and (b) reasonable salaries and wages paid to employees.  1997, c. 43, Sched. C, s. 10; 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 10 - 7/05/1997; 1998, c. 34, s. 16 (1) - 7/05/1997; 1999, c. 9, s. 58 - 14/12/1999 2004, c. 16, s. 1 (2) - 1/01/2004
18.5 (1) A community sponsor is entitled to registration of a corporation by the Minister if all of the following requirements are met: 1. The community sponsor applies for registration under this Part and files the required documents before January 1, 2004. 2. The other requirements of this Part are satisfied. 3. The corporation has received offers from eligible investors to subscribe for its shares for an aggregate amount of not less than $2 million. 4. The corporation has received offers from eligible investors described in clauses (a) and (b) of the definition of “eligible investor” in subsection 18.2 (1) to subscribe for its shares for an aggregate amount greater than 25 per cent of the proposed capitalization of the corporation (as specified in the investment plan referred to in subsection 18.3 (2)).  1999, c. 9, s. 59; 2001, c. 23, s. 14; 2002, c. 22, s. 24; 2004, c. 16, s. 1 (2). Refusal to register (2) Subject to section 31, the Minister may refuse to register a corporation if, in the Minister’s opinion, the corporation is not entitled to be registered.  1997, c. 43, Sched. C, s. 10; 2004, c. 16, s. 1 (2). Same (3) Subject to section 31, the Minister may refuse to register a corporation if, in the Minister’s opinion, the proposed investments or the actions of the corporation, its officers, directors or shareholders, or of a community sponsor, do not comply with the spirit and intent of this Act and the regulations.  1997, c. 43, Sched. C, s. 10; 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 10 - 7/05/1997; 1999, c. 9, s. 59 - 14/12/1999 2001, c. 23, s. 14
- 5/12/2001 2002, c. 22, s. 24
- 9/12/2002 2004, c. 16, s. 1 (2) - 1/01/2004
18.6 On registration of a corporation under this Part, the Minister shall, (a) endorse on each duplicate of the proposal “Registered/Agréé” and the day, month and year of registration; (b) file one of the duplicate proposals in the Minister’s office; (c) place the name of the corporation in the register of investment corporations as a registered community small business investment fund corporation; and (d) issue to the corporation a certificate of registration to which the Minister shall affix the other duplicate proposal.  1997, c. 43, Sched. C, s. 10; 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 10 - 7/05/1997 2004, c. 16, s. 1 (2) - 1/01/2004
18.7 A community small business investment fund corporation shall invest in eligible investments,  (a) by the end of the 30th month following the end of its investment period, an amount equal to at least 35 per cent of the amount of equity capital it received on the issue of its Class A shares; and (b) by the end of the 72nd month following the end of its investment period, an amount equal to at least 70 per cent of the amount of equity capital it received on the issue of its Class A shares.  1997, c. 43, Sched. C, s. 10; 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 10 - 7/05/1997 2004, c. 16, s. 1 (2) - 1/01/2004
18.9 A community small business investment fund corporation shall not pay dividends or authorize any return of capital to an eligible investor within six years after the end of the investment period of the corporation and until at least 70 per cent of the equity capital received by the corporation on the issue of its Class A shares has been invested in eligible investments.  1997, c. 43, Sched. C, s. 10; 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 10 - 7/05/1997 2004, c. 16, s. 1 (2) - 1/01/2004
18.10 (1) A corporation that is or was registered under this Part and that has issued Class A shares shall not liquidate its assets or wind-up within 10 years after the date of its registration under this Part without the prior consent of the Minister.  1997, c. 43, Sched. C, s. 10; 2004, c. 16, s. 1 (2). Same (2) The Minister may give his consent subject to terms and conditions that the Minister considers reasonable in the circumstances.  1997, c. 43, Sched. C, s. 10; 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 10 - 7/05/1997 2004, c. 16, s. 1 (2) - 1/01/2004 PART III.2   ONTARIO COMMERCIALIZATION INVESTMENT FUNDs Interpretation
18.12 The policy intent of this Part is to, (a) raise the profile of venture capital support for commercialization at Ontario-based research institutes; (b) encourage research institutes to partner with investors in commercializing research developed by the faculty, staff, students and alumni of research institutes; and (c) encourage the investment of capital to support the growth and development of new entrepreneurial firms created as a result of research developed through research institutes.  2004, c. 31, Sched. 7, s. 9; 2006, c. 9, Sched. C, s. 7. Section Amendments with date in force (d/m/y) 2004, c. 31, Sched. 7, s. 9 - 16/12/2004 2006, c. 9, Sched. C, s. 7 - 14/09/2005
18.14 (1) A corporation or a partnership is entitled to be registered under this Part by the Minister if all of the following requirements are met: 1. The sponsor or sponsors of the corporation or partnership apply for registration under this Part and file the required documents before January 1, 2007. 2. The requirements of section 18.13 are satisfied.  2004, c. 31, Sched. 7, s. 9. Refusal (2) Subject to section 31, the Minister may refuse to register a corporation or a partnership if, in the Minister’s opinion, the corporation or the partnership is not entitled to be registered.  2004, c. 31, Sched. 7, s. 9. Same (3) Subject to section 31, the Minister may refuse to register a corporation or a partnership if, in the Minister’s opinion, the proposed investments or the actions of the corporation or the partnership, its officers, directors, shareholders, partners, or of a sponsor, do not comply with the policy intent of this Part.  2004, c. 31, Sched. 7, s. 9. Issuance of certificate of registration (4) On registration of a corporation or a partnership under this Part, the Minister shall, (a) endorse on each duplicate of the proposal “Registered/Agréée” and the day, month and year of registration; (b) file one of the duplicates in the Minister’s office; (c) place the name of the corporation or partnership in the register of investment corporations as a registered Ontario commercialization investment fund; and (d) issue to the corporation or partnership a certificate of registration to which the Minister shall affix the other duplicate proposal.  2004, c. 31, Sched. 7, s. 9. Section Amendments with date in force (d/m/y) 2004, c. 31, Sched. 7, s. 9 - 16/12/2004
18.16 (1) An Ontario commercialization investment fund that meets the conditions described in section 18.15 may, not later than March 31 of the year following the year in which the fund satisfied the conditions, apply for its first Ontario commercialization investment fund grant in respect of all eligible investments made by the end of the year in which the conditions were satisfied.  2004, c. 31, Sched. 7, s. 9. Application for subsequent grants (2) An Ontario commercialization investment fund that has met the conditions described in section 18.15 before the beginning of a year and has previously applied for a grant under subsection (1) may apply during the year for an Ontario commercialization investment fund grant in respect of eligible investments for which it has not previously applied for a grant under subsection (1) or this subsection.  2004, c. 31, Sched. 7, s. 9. Time for applying (3) An application under subsection (2) for a grant in respect of an eligible investment shall be made not later than March 31 of the year following the year in which the fund made the eligible investment.  2004, c. 31, Sched. 7, s. 9. Form and manner of application (4) An application under subsection (1) or (2) must be made in the form and manner approved by the Minister and shall contain such information as the Minister may require to verify the amount of the investment and to confirm that the investment was an eligible investment at the time it was made.  2004, c. 31, Sched. 7, s. 9. Grant payment (5) Subject to subsections (6) and 18.15 (6), (7) and (8), the Minister shall pay Ontario commercialization investment fund grants to Ontario commercialization investment funds in the amounts determined under subsection 18.15 (5).  2004, c. 31, Sched. 7, s. 9. No grant payable (6) The Minister shall not pay an Ontario commercialization investment fund grant to an Ontario commercialization investment fund if, (a) the fund is not in compliance with this Act; or (b) the Minister is of the opinion that the fund is conducting its business and affairs in a manner that is contrary to the policy intent of this Part, whether or not there has been a contravention of this Act or the regulations.  2004, c. 31, Sched. 7, s. 9. Section Amendments with date in force (d/m/y) 2004, c. 31, Sched. 7, s. 9 - 16/12/2004
18.17 If the Minister determines that an Ontario commercialization investment fund received a grant to which it was not entitled or received a grant in an amount in excess of the amount to which it was entitled, the Minister shall demand repayment of the grant or excess amount of the grant in accordance with subsection 30 (1).  2004, c. 31, Sched. 7, s. 9. Section Amendments with date in force (d/m/y) 2004, c. 31, Sched. 7, s. 9 - 16/12/2004
18.18 Every Ontario commercialization investment fund shall provide annually to the Minister, in a form and in a manner approved by the Minister, such information with respect to its eligible investments as the Minister may require.  2004, c. 31, Sched. 7, s. 9. Section Amendments with date in force (d/m/y) 2004, c. 31, Sched. 7, s. 9 - 16/12/2004 PART IV   ASSETS, CREDITS AND ADMINISTRATION
19 (1) An investment corporation shall maintain its assets in one or more of, (a) investments that are eligible investments for the particular investment corporation; (b) reserves; (c) investments that were eligible investments at the time they were acquired by the investment corporation; (d) the shares of any corporation the investment corporation is otherwise permitted under this Act to hold; (d.1) investments purchased from a labour sponsored investment fund corporation, (i) if the investment corporation purchasing and holding the investments is a labour sponsored investment fund corporation, and (ii) if, immediately before they were purchased, the investments were eligible investments of the labour sponsored investment fund corporation that sold them; and (e) any other prescribed form.  1992, c. 18, s. 19 (1); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2); 2009, c. 34, Sched. D, s. 4. Exception (1.1) Despite subsection (1), the Minister may permit an investment corporation to maintain assets in an investment that is not an eligible investment, (a) if the investment is an additional investment in a business that was an eligible business when the corporation first invested in the business; (b) if the additional investment is made in order to facilitate a financial restructuring of the business; and (c) if the corporation undertakes (in a form satisfactory to the Minister) to dispose of the additional investment within 36 months after it is made or within such other period as the Minister approves.  1998, c. 34, s. 19 (1); 2004, c. 16, s. 1 (2). Definition, reserves (2) For the purposes of subsection (1), “reserves” means, (a) property described in any of paragraphs (a), (b), (c), (f) and (g) of the definition of “qualified investment” in section 204 of the Income Tax Act (Canada), (a.1) shares that are a qualified investment under paragraph (d) or (h) of the definition of “qualified investment” in section 204 of Income Tax Act (Canada), but only if the investment corporation is a labour sponsored investment fund corporation, or (b) any other prescribed investments. (c)  Repealed:  2002, c. 8, Sched. I, s. 6. 1992, c. 18, s. 19 (2); 1997, c. 43, Sched. C, s. 11; 1998, c. 34, s. 19 (2, 3); 2002, c. 8, Sched. I, s. 6; 2004, c. 16, s. 1 (2, 3); 2006, c. 9, Sched. C, s. 9. No other restrictions (2.1) Subsection (1) does not apply to limit the investments that can be made or maintained by an Ontario commercialization investment fund.  2004, c. 31, Sched. 7, s. 10. Annual expenses (3) The annual expenses of an investment corporation shall not exceed a prescribed amount, determined in the prescribed manner.  1992, c. 18, s. 19 (3); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 11, 23 (1) - 7/05/1997; 1998, c. 34, s. 19 (1) - 23/11/1998; 1998, c. 34, s. 19 (2) - 7/05/1997; 1998, c. 34, s. 19 (3) - 18/12/1998 2002, c. 8, Sched. I, s. 6 - 5/01/2005 2004, c. 16, s. 1 (2) - 1/01/2004; 2004, c. 16, s. 1 (3)
- 5/01/2005; 2004, c. 31, Sched. 7, s. 10 - 16/12/2004 2006, c. 9, Sched. C, s. 9 - 1/01/2005 2009, c. 34, Sched. D, s. 4 - 15/12/2009
20 (1) An investment corporation shall not invest or maintain an investment in a business that is or was at any time an eligible business if the eligible business does not deal at arm’s length from the corporation or any of the directors of the corporation unless, (a) the eligible business would deal at arm’s length with the corporation but for the corporation’s interest as the holder of investments in the eligible business; or (b) the investment was approved by special resolution of the shareholders of the corporation before the investment was made.  1997, c. 43, Sched. C, s. 12 (1); 2004, c. 16, s. 1 (2). Exception (1.1) Clause (1) (b) does not apply to an investment corporation registered under Part III.1.  1997, c. 43, Sched. C, s. 12 (1); 2004, c. 16, s. 1 (2). Same (1.2) Subsection (1) does not apply to a community small business investment fund corporation operating within an eligible aboriginal community as defined in subsection 18.2 (1).  1997, c. 43, Sched. C, s. 12 (1); 2004, c. 16, s. 1 (2). Definition (1.3) In subsection (1), “arm’s length” has the meaning set out in subsection 251 (1) of the Income Tax Act (Canada).  1997, c. 43, Sched. C, s. 12 (1); 2004, c. 16, s. 1 (2). Labour sponsored investment fund corporation (2) A labour sponsored investment fund corporation (the “corporation”) shall not invest or maintain an investment in a business that is or was at any time an eligible business for the purposes of Part III if the aggregate of all investments made by the corporation in the business and any related business exceeds $20 million or, if a different amount is prescribed, the prescribed amount.  2004, c. 31, Sched. 7, s. 11 (1); 2005, c. 28, Sched. C, s. 4; 2006, c. 9, Sched. C, s. 10. (3) Repealed:  2004, c. 31, Sched. 7, s. 11 (2). (4) Repealed:  2011, c. 9, Sched. 7, s. 3. Investment restriction (5) A community small business investment fund corporation shall not invest more than 20 per cent of the equity capital it receives on the issue of its Class A shares in a business that is an eligible business for the purposes of Part III.1.  1999, c. 9, s. 61 (3); 2004, c. 16, s. 1 (2). (6) Repealed:  1999, c. 9, s. 61 (3). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 87 (2) - 6/05/1994; 1997, c. 43, Sched. C, s. 12 (1) - 7/05/1997; 1999, c. 9, s. 61 - 14/12/1999 2004, c. 16, s. 1 (2) - 1/01/2004; 2004, c. 31, Sched. 7, s. 11 - 1/01/2004 2005, c. 28, Sched. C, s. 4 - 12/12/2005 2006, c. 9, Sched. C, s. 10 - 1/01/2005 2011, c. 9, Sched. 7, s. 3 - 12/05/2011
21 (1) An investment corporation shall notify the Minister in the form approved by the Minister of any material change in any of its investments within thirty days of the occurrence of the material change.  1992, c. 18, s. 21 (1); 1997, c. 19, s. 11 (1); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Effect of material change (2) If there is a material change, the investment by an investment corporation shall remain an eligible investment, with respect to investments made before the material change, for a period of twelve months from the date of the material change.  1992, c. 18, s. 21 (2); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Effect of material change, labour sponsored investment fund corporation (2.1) Despite subsection (2), if there is a material change, the investment by a labour sponsored investment fund corporation shall remain an eligible investment, with respect to investments made before the material change, (a) for a period of 24 months or, if a longer period of time is prescribed, that period of time, if the material change occurred on or after January 1, 2005; or (b) for a period of 12 months, in any other case.  2006, c. 9, Sched. C, s. 11. Interpretation (3) In this section, a material change occurs if the investment made by an investment corporation ceases to be an eligible investment.  1992, c. 18, s. 21 (3); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 11 (1) - 10/10/1997; 1997, c. 43, Sched. C, s. 23 (1) - 7/05/1997 2004, c. 16, s. 1 (2) - 1/01/2004 2006, c. 9, Sched. C, s. 11 - 1/01/2005
22 (1) Every investment corporation shall, within six months after the end of each fiscal year of the corporation, complete and file with the Minister a return in the form approved by the Minister setting out as of the end of the fiscal year the information required by the return.  1992, c. 18, s. 22 (1); 1997, c. 19, s. 11 (1); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Enlargement of time (2) The Minister may, in his or her discretion, enlarge the time for filing a return under this section.  1992, c. 18, s. 22 (2); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 11 (1) - 10/10/1997; 1997, c. 43, Sched. C, s. 23 (1) - 7/05/1997 2004, c. 16, s. 1 (2) - 1/01/2004
23 The Minister may at any time by notice require an investment corporation or a corporation or partnership in which the investment corporation has invested to file within the time specified in the notice a return upon any subject connected with the affairs of the investment corporation and, in the opinion of the Minister, relevant to the administration or enforcement of this Act.  1992, c. 18, s. 23; 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 23 (1) - 7/05/1997 2004, c. 16, s. 1 (2) - 1/01/2004
24 (1) The Minister may allow a tax credit under the Income Tax Act, the Corporations Tax Act or the Taxation Act, 2007 or an investment credit with respect to equity capital invested by eligible investors in Class A shares issued by an investment corporation.  1992, c. 18, s. 24 (1); 1997, c. 43, Sched. C, ss. 13 (1), 23 (1); 2004, c. 16, s. 1 (2); 2008, c. 19, Sched. V, s. 2 (9). Exception (1.1) Subsection (1) does not apply in respect of an investment corporation that is an Ontario commercialization investment fund corporation.  2004, c. 31, Sched. 7, s. 12. Refusal of tax credit (2) Subject to section 31, if the Minister is of the opinion that the investment corporation or its officers, directors or shareholders are conducting their business and affairs in a manner that is contrary to the spirit and intent of this Act or for the purpose of enabling a person to obtain a tax credit or investment credit to which they would not otherwise be entitled, the Minister may refuse to allow a tax credit under the Income Tax Act, the Corporations Tax Act or the Taxation Act, 2007 or to allow an investment credit under this Act.  1997, c. 43, Sched. C, s. 13 (2); 2004, c. 16, s. 1 (2); 2008, c. 19, Sched. V, s. 2 (10). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 13, 23 (1) - 7/05/1997 2004, c. 16, s. 1 (2) - 1/01/2004; 2004, c. 31, Sched. 7, s. 12 - 16/12/2004 2008, c. 19, Sched. V, s. 2 (9, 10) - 1/01/2009
25.0.1 (1) An eligible investor may apply for a research investment incentive if the investor, or a qualifying trust for the eligible investor, purchases Class A shares issued by a research oriented investment fund after 2000 and before March 2, 2001.  2000, c. 42, s. 8; 2004, c. 16, s. 1 (2). Application by eligible investor (2) An application for a research investment incentive shall be made to the Minister and shall be in a form approved by the Minister.  2000, c. 42, s. 8; 2004, c. 16, s. 1 (2). Same, by corporation (3) The Minister may authorize a labour sponsored investment fund corporation to apply on behalf of its shareholders for research investment incentives and may impose conditions with respect to the authorization.  2000, c. 42, s. 8; 2004, c. 16, s. 1 (2). Payment of incentive (4) Subject to subsection (5), the Minister shall pay the research investment incentive to the eligible investor in an amount that is the lesser of, (a) $250; and (b) 5 per cent of the amount paid by the eligible investor, or by the qualifying trust for the eligible investor, after 2000 and before March 2, 2001 to the labour sponsored investment fund corporation on the issue of the Class A shares.  2000, c. 42, s. 8; 2004, c. 16, s. 1 (2). Exception (5) The Minister shall not pay the research investment incentive to the eligible investor if the Minister considers that the labour sponsored investment fund corporation that issued the Class A shares, or its directors, officers or shareholders, are conducting the business and affairs of the corporation in a manner that is contrary to the spirit and intent of this Act, whether or not this Act or the regulations have been contravened.  2000, c. 42, s. 8; 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 2000, c. 42, s. 8
- 21/12/2000 2004, c. 16, s. 1 (2) - 1/01/2004
28.1 (1) Subject to subsection (1.1), a shareholder in a community small business investment fund corporation that does not meet the level of eligible investments required by section 18.7 to be held by the corporation at the end of a particular year shall immediately pay to the Minister a tax for the year equal to the amount determined using the formula, T = [(P × A) – B] × C/D where, “T” is the tax payable by the shareholder under this subsection; “P” is, (a) 15 per cent if the shareholder is a labour sponsored investment fund corporation, (b) 30 per cent if the shareholder is a qualifying financial institution or a specified corporation or insurance corporation related to the qualifying financial institution for the purposes of section 66.1 of the Corporations Tax Act or subdivision b of Division E of Part III of the Taxation Act, 2007, or (c) 7.5 per cent if the shareholder is a qualifying individual or qualifying corporation; “A” is the amount by which, (a) the amount of the community small business investment fund corporation’s equity capital received on the issue of its Class A shares that is required by this Act to be invested in eligible investments at the end of the year, exceeds, (b) the total of all amounts, each of which is the cost to the corporation of an eligible investment held by the corporation at the end of the year; “B” is the amount of any tax paid by the shareholder under this subsection in respect of any prior year that has not been rebated to the shareholder under subsection (2); “C” is percentage of the equity capital received by the corporation on the issue of its Class A shares that are held by the shareholder; and “D” is the percentage of the equity capital received by the corporation on the issue of all Class A shares that are held by eligible investors. 1997, c. 43, Sched. C, s. 18; 1998, c. 34, s. 24 (1, 2); 1999, c. 9, s. 69 (1, 2); 2004, c. 16, s. 1 (2); 2008, c. 19, Sched. V, s. 2 (22). Maximum amount (1.1) A shareholder who is a qualifying individual or qualifying corporation is not required to pay tax under subsection (1) in an amount greater than $37,500 less the total of all amounts paid under that subsection that have not been rebated.  1998, c. 34, s. 24 (3); 1999, c. 9, s. 69 (3); 2004, c. 16, s. 1 (2). Tax rebate (2) Upon receipt of an application from a shareholder of a community small business investment fund corporation who has paid a tax under subsection (1) with respect to a year, the Minister may rebate the tax without interest to the shareholder if the corporation meets the investment requirements for the year within the year following the year in respect of which the tax was imposed.  1997, c. 43, Sched. C, s. 18; 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 18 - 7/05/1997; 1998, c. 34, s. 24 - 1/01/1998; 1999, c. 9, s. 69 - 14/12/1999 2004, c. 16, s. 1 (2) - 1/01/2004 2008, c. 19, Sched. V, s. 2 (22) - 1/01/2009
28.2 (1) An Ontario commercialization investment fund that disposes of an eligible investment in respect of which a grant under section 18.16 was obtained shall pay to the Minister not later than the 31st day after the date of disposition an amount of money equal to 30 per cent of the lesser of, (a) the original cost of the investment to the fund; and (b) the fair market value of the investment at the time of the disposition.  2004, c. 31, Sched. 7, s. 18. Exception (2) Subsection (1) does not apply if the fund disposes of the eligible investment more than 365 days after the day on which it acquired the eligible investment.  2004, c. 31, Sched. 7, s. 18. Limit on grant recapture (3) The amount of money that an Ontario commercialization investment fund shall pay to the Minister under subsection (1) in respect of the disposition of an eligible investment shall not exceed the total of all Ontario commercialization investment fund grants that the fund received in the year of disposition or in any preceding year.  2004, c. 31, Sched. 7, s. 18. Section Amendments with date in force (d/m/y) 2004, c. 31, Sched. 7, s. 18 - 16/12/2004
29 (1) An amount payable under this Act to the Minister or the Crown by an investment corporation or any other corporation shall be deemed to be a tax imposed on the corporation under Part II of the Corporations Tax Act or Part III of the Taxation Act, 2007, payable on the date the liability arises, for the purposes of collection and enforcement under that Act.  1992, c. 18, s. 29 (1); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2); 2008, c. 19, Sched. V, s. 2 (23). Corporations Tax Act applies (2) For the purposes of subsection (1), sections 98 to 108 of the Corporations Tax Act apply and for the purpose, (a) “corporation” means person; and (b) “tax” means an amount payable under this Act to the Minister or the Crown in right of Ontario.  1992, c. 18, s. 29 (2); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 23 (1) - 7/05/1997 2004, c. 16, s. 1 (2) - 1/01/2004 2008, c. 19, Sched. V, s. 2 (23) - 1/01/2009
30 (1) If an amount is payable to the Minister or the Crown or is deemed to be so payable under this Act, the Minister may, by notice of demand in writing to the person by whom the payment is owing or claimed to be owing, demand payment immediately or in such number of days as are specified in the demand, and, if the payment is not made as demanded, the Minister may recover and collect the amount by any of the remedies or procedures provided for in this Act.  1992, c. 18, s. 30 (1); 2004, c. 16, s. 1 (2). Effect (2) Even if an objection or other proceeding under section 31 has been commenced or may be commenced, every amount demanded under subsection (1) remains payable and recoverable until the demand therefor is revoked in writing by the Minister.  1992, c. 18, s. 30 (2); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 2004, c. 16, s. 1 (2) - 1/01/2004
33 (1) Every investment corporation and every eligible business shall keep records and books of account at its permanent establishment in Ontario, or at such other place as is designated by the Minister, in such form and containing such information as will enable the Minister to verify that the investment corporation or eligible business has complied with this Act and the regulations.  1992, c. 18, s. 33 (1); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Order to keep records and books of account (2) The Minister may require an investment corporation or eligible business that has failed to prepare and maintain adequate records and books of account for the purposes of this Act to prepare and maintain such records and books of account as the Minister specifies.  1992, c. 18, s. 33 (2); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Compliance with order (3) The investment corporation or eligible business shall prepare and maintain the records and books of account specified in the order by the Minister.  1992, c. 18, s. 33 (3); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Retention of books and records (4) Every investment corporation and every eligible business required by this Act to keep records and books of account shall, until permission for their disposal is obtained from the Minister, retain every such record or book of account and every document or voucher necessary to verify the information in such records and books of account.  1992, c. 18, s. 33 (4); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 23 (1) - 7/05/1997 2004, c. 16, s. 1 (2) - 1/01/2004
35 (1) The Minister may apply to the Superior Court of Justice for an order against a person who fails to comply with or contravenes this Act or the regulations.  1992, c. 18, s. 35 (1); 2004, c. 16, s. 1 (2); 2006, c. 19, Sched. C, s. 1 (1). Nature of order (2) An order under subsection (1) may direct the person to comply with, or may restrain the person from contravening, one or more specific provisions of this Act or the regulations, or the court may make such further or other order as the court considers appropriate in the circumstances.  1992, c. 18, s. 35 (2); 2004, c. 16, s. 1 (2). Persons affected by order (3) An order under subsection (1) may be directed also to any one or more of, (a) the directors and senior officers of the person if the person is a corporation; (b) the partners, if the person is a partnership; (c) the members who comprise the person, if the person is an unincorporated association, unincorporated syndicate, unincorporated organization or a trust; (d) the directors and senior officers of a corporation that is a partner or member mentioned in clause (b) or (c); and (e) the partners of a partnership that is a member mentioned in clause (c).  1992, c. 18, s. 35 (3); 2004, c. 16, s. 1 (2). Effect of other remedy or penalty (4) An order may be made under subsection (1) despite any other remedy or penalty under this Act or the Securities Act.  1992, c. 18, s. 35 (4); 2004, c. 16, s. 1 (2). Appeal (5) An appeal lies to the Divisional Court from an order under subsection (1).  1992, c. 18, s. 35 (5); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 2004, c. 16, s. 1 (2) - 1/01/2004 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006 36 Repealed:  2011, c. 9, Sched. 7, s. 7. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 92 - 6/05/1994 2004, c. 16, s. 1 (2) - 1/01/2004 2011, c. 9, Sched. 7, s. 7 - 12/05/2011 37., 38 Repealed:  1994, c. 17, s. 93. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 93 - 6/05/1994 39., 40 Repealed:  2011, c. 9, Sched. 7, s. 7. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 94 (1) - 20/05/1993; 1994, c. 17, s. 94 (2) - 6/05/1994 2011, c. 9, Sched. 7, s. 7 - 12/05/2011
41 The Minister may delegate in writing any of the Minister’s duties or powers under this Act to a public servant employed under Part III of the Public Service of Ontario Act, 2006.  1992, c. 18, s. 41; 2004, c. 16, s. 1 (2); 2006, c. 35, Sched. C, s. 18. Section Amendments with date in force (d/m/y) 2004, c. 16, s. 1 (2) - 1/01/2004 2006, c. 35, Sched. C, s. 18 - 20/08/2007
42 (1) No action or other proceeding for damages shall be instituted against the Commission, the Director, any member, employee or agent of the Commission, or any person delegated to carry out any of the Minister’s duties or powers under this Act for any act done in good faith in the execution or intended execution of his or her duty or for any alleged neglect or default in the execution in good faith of his or her duty.  1992, c. 18, s. 42 (1); 2004, c. 16, s. 1 (2). Liability of Crown (2) Subsection (1) does not by reason of subsection 8 (3) of the Crown Liability and Proceedings Act, 2019
relieve the Crown of liability in respect of a tort committed by a person mentioned in subsection (1) to which it would otherwise be subject, and the Crown is liable under that Act for any such tort in a like manner as if subsection (1) had not been enacted.  1992, c. 18, s. 42 (2); 2004, c. 16, s. 1 (2); 2019, c. 7, Sched. 17, s. 53. Section Amendments with date in force (d/m/y) 2004, c. 16, s. 1 (2) - 1/01/2004 2019, c. 7, Sched. 17, s. 53 - 01/07/2019
43 No person has any right or remedy and no proceeding lies or shall be brought against another person for an act or omission of such other person done or omitted in compliance with this Act, the regulations or a direction, decision, order, ruling or other requirement made or given under this Act or the regulations.  1992, c. 18, s. 43; 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 2004, c. 16, s. 1 (2) - 1/01/2004 44 Repealed:  2011, c. 9, Sched. 7, s. 7. Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 20 - 7/05/1997 2002, c. 22, s. 29
- 9/12/2002 2004, c. 16, s. 1 (2) - 1/01/2004 2011, c. 9, Sched. 7, s. 7 - 12/05/2011
45.1 (1) The Minister may approve the use of forms for any purpose of this Act and the forms may provide for such information to be furnished as the Minister may require.  1997, c. 19, s. 11 (3); 2004, c. 16, s. 1 (2). Fees (2) The Minister may establish and charge fees for anything that the Minister or the Ministry is required or authorized to do under this Act.  1997, c. 19, s. 11 (3); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 11 (3) - 7/10/1997 2004, c. 16, s. 1 (2) - 1/01/2004