7.1 (1) The Minister of Finance may establish and maintain one or more proxy investment funds if he or she considers it advisable for the purposes of determining adjustments to be applied in respect of one or more special purpose accounts for one or more supplemental pension funds. 2020, c. 36, Sched. 13, s. 3. Money not received for a special purpose (2) For greater certainty, money held in or paid out of a proxy investment fund established under subsection (1) is not money received by or on behalf of the Crown for a special purpose. 2020, c. 36, Sched. 13, s. 3. Rate of return (3) The Minister of Finance shall determine the annual rate of return for a proxy investment fund, taking into account any investment costs or expenses. 2020, c. 36, Sched. 13, s. 3. Adjusting special purpose account (4) The Minister of Finance may adjust a special purpose account in respect of which a proxy investment fund has been established under subsection (1) with an amount determined by applying the annual rate of return determined under subsection (3) to the special purpose account. 2020, c. 36, Sched. 13, s. 3. Same (5) The following rules apply where an adjustment is made under subsection (4): 1. Any positive adjustment is a charge upon and payable out of the Consolidated Revenue Fund. 2. Any negative adjustment shall reduce the amount that may be charged upon and paid from the Consolidated Revenue Fund in respect of the special purpose account. 3. No interest may be paid by the Minister of Finance under subsection 7 (2) upon any money in the special purpose account in respect of a period of time for which an adjustment has been made to the special purpose account. 2020, c. 36, Sched. 13, s. 3. Owner of fund (6) The Crown is the legal and beneficial owner of any proxy investment fund established under subsection (1). 2020, c. 36, Sched. 13, s. 3. Authorization to OFA (7) The Minister of Finance may, in writing, authorize the Ontario Financing Authority to perform any of his or her powers and duties under this section and, for the purposes of establishing or maintaining a proxy investment fund under subsection (1), his or her powers referred to in subsections 3 (1), (2), (4) and (4.1). 2020, c. 36, Sched. 13, s. 3. Same (8) Where the Ontario Financing Authority, pursuant to an authorization given under this section, performs any of the Minister of Finance’s powers referred to in subsections 3 (1), (2), (4) and (4.1), subsections 3 (2.1), (3), (5) and (6), as applicable, apply with necessary modifications. 2020, c. 36, Sched. 13, s. 3. Same (9) An authorization under subsection (7) is subject to such limitations, conditions and requirements as are set out in it. 2020, c. 36, Sched. 13, s. 3. Powers of the OFA (10) For the purposes of performing the powers and duties it has been authorized to carry out under subsection (7), the Ontario Financing Authority may execute all documents and do such other acts and things as it considers necessary or desirable, subject to any regulations prescribed for the purposes of clause 3 (1) (h.1) and any limitations, conditions or requirements set out in the authorization. 2020, c. 36, Sched. 13, s. 3. No action to be commenced (11) No action or proceeding of any kind shall be commenced against the Ontario Financing Authority or against an employee, officer or director of the Ontario Financing Authority for any act, omission, neglect or default in good faith done or omitted to be done in connection with the performance of the powers and duties it has been authorized to perform under subsections (7) and (10). 2020, c. 36, Sched. 13, s. 3. Responsibility of OFA (12) If the Ontario Financing Authority enters into an investment management agreement with the Investment Management Corporation of Ontario with respect to a proxy investment fund established or maintained by the Ontario Financing Authority pursuant to an authorization, the Ontario Financing Authority, and not the Minister of Finance, is responsible for investing the proxy investment fund for the purposes of section 9 of the Investment Management Corporation of Ontario Act, 2015. 2020, c. 36, Sched. 13, s. 3. Section Amendments with date in force (d/m/y) 2020, c. 36, Sched. 13, s. 3 - 01/03/2022