28 (1) Despite any other Act, a ministry or public entity shall not enter into any financial arrangement, financial commitment, guarantee, indemnity or similar transaction that would increase, directly or indirectly, the indebtedness or contingent liabilities of Ontario, or seek the approval of the Lieutenant Governor in Council to do so, unless the arrangement, commitment, guarantee, indemnity or transaction, Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 28 (1) of the Act is amended by striking out “a ministry or public entity” in the portion before clause (a) and substituting “a ministry or prescribed public entity”. (See: 2017, c. 8, Sched. 10, s. 1 (1)) (a) is approved under subsection (1.1); (b) falls within a class that is approved under subsection (1.2); (c) is exempted from the application of this subsection under subsection (1.3); or (d) falls within a class that is exempted from the application of this subsection under subsection (1.4). 2015, c. 20, Sched. 11, s. 12 (1). Approval by the Minister (1.1) The Minister may, in writing, approve a financial arrangement, financial commitment, guarantee, indemnity or similar transaction referred to in subsection (1) and may impose terms and conditions that apply in relation to the approval. 2015, c. 20, Sched. 11, s. 12 (1). Same, class of transactions (1.2) The Minister may, in writing, approve a class of financial arrangements, financial commitments, guarantees, indemnities or similar transactions referred to in subsection (1) and may impose terms and conditions that apply in relation to the approval. 2015, c. 20, Sched. 11, s. 12 (1). Exemption by the Minister (1.3) The Minister may, in writing, exempt a financial arrangement, financial commitment, guarantee, indemnity or similar transaction from the application of subsection (1) and may impose terms and conditions that apply in relation to the exemption. 2015, c. 20, Sched. 11, s. 12 (1). Same, class of transactions (1.4) The Minister may, by regulation, exempt a class of financial arrangements, financial commitments, guarantees, indemnities or similar transactions from the application of subsection (1) and may impose terms and conditions that apply in relation to the exemption. 2015, c. 20, Sched. 11, s. 12 (1). Liability not binding or enforceable without approval, unless exempted (2) A financial arrangement, financial commitment, guarantee, indemnity or similar transaction that a ministry or public entity purports to enter into contrary to subsection (1) on or after April 1, 2003 is not binding on or enforceable against any ministry or public entity unless the Minister declares, in writing, that this subsection does not apply to the transaction.  The Minister may impose terms and conditions that apply in relation to the declaration.  2010, c. 1, Sched. 7, s. 22 (3); 2015, c. 20, Sched. 11, s. 12 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 28 (2) of the Act is amended by striking out “a ministry or public entity purports to enter into” and substituting “a ministry or prescribed public entity enters into”. (See: 2017, c. 8, Sched. 10, s. 1 (2)) Non-application of Legislation Act, 2006, Part III (3) Part III (Regulations) of the Legislation Act, 2006 does not apply with respect to an approval under subsection (1.2). 2015, c. 20, Sched. 11, s. 12 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, section 28 of the Act is amended by adding the following subsections: (See: 2017, c. 8, Sched. 10, s. 1 (3)) Prescribed public entities (4) The Minister may, by regulation, prescribe a public entity or a class of public entities for the purposes of this section and may impose terms and conditions that apply to the public entity or the class for the purposes of this section. 2017, c. 8, Sched. 10, s. 1 (3). Same (5) For the purposes of subsection (4) and without limitation, a class may be defined in terms of the existence or nonexistence of specified circumstances. 2017, c. 8, Sched. 10, s. 1 (3). Transition (6) This section, as it read immediately before the day subsection 1 (3) of Schedule 10 to the Stronger, Healthier Ontario Act (Budget Measures), 2017 came into force, continues to apply with respect to transactions entered into before that day. 2017, c. 8, Sched. 10, s. 1 (3). Section Amendments with date in force (d/m/y) 1991, c. 55, s. 13 - 19/10/1991; 1994, c. 17, s. 62 (2) - 23/06/1994 2002, c. 8, Sched. B, s. 11 - 1/04/2003; 2002, c. 22, s. 71 - 1/04/2003 2010, c. 1, Sched. 7, s. 22 (1-3) - 1/04/2010 2015, c. 20, Sched. 11, s. 12 (1-3) - 4/06/2015 2017, c. 8, Sched. 10, s. 1 - not in force