5.1 (1) The Minister may, in writing, designate one or more persons to collect the tax payable under this Act with respect to conveyances tendered for registration as electronic documents, and may attach such conditions and restrictions to a designation as the Minister considers appropriate.  2004, c. 31, Sched. 21, s. 8. Status (2) Every designated collector is an agent of the Minister for the purposes of collecting and remitting the tax imposed by this Act with respect to conveyances tendered for registration as electronic documents.  2004, c. 31, Sched. 21, s. 8. Security (3) The Minister shall demand security in a form acceptable to the Minister from every designated collector in an amount not less than the equivalent of an average of one month’s tax collectable by the designated collector calculated for the 12-month period immediately preceding the date of the Minister’s demand or $1 million, whichever is greater.  2004, c. 31, Sched. 21, s. 8. Same (4) Upon receiving the Minister’s demand for security under subsection (3), the designated collector shall forthwith furnish the security.  2004, c. 31, Sched. 21, s. 8. Same (5) The Minister may, at any time, increase or decrease the amount of security furnished or to be furnished under subsection (4).  2004, c. 31, Sched. 21, s. 8. Tax held in trust (6) All amounts collected or collectable as or on account of tax under this Act by a designated collector, (a) shall be deemed, despite any security interest in the amount so collected or collectable, to be held in trust for Her Majesty in right of Ontario; (b) shall be held separate and apart from the designated collector’s property and from property held by any secured creditor that but for the security interest would be the designated collector’s property; and (c) shall be remitted by the designated collector to the Minister in the manner and at the times provided under this Act.  2004, c. 31, Sched. 21, s. 8. (7) Repealed: 2012, c. 8, Sched. 29, s. 1. Minister’s certificate (8) Every person who, as assignee, liquidator, administrator, receiver, receiver-manager, secured or unsecured creditor or agent of the creditor, trustee or other like person, other than a trustee appointed under the Bankruptcy and Insolvency Act
(Canada), takes control or possession of any property of a designated collector shall, before distributing the property or proceeds from the realization of the property under that person’s control, obtain from the Minister a certificate that the amount deemed by subsection (6) to be held in trust, including any interest and penalties payable by the designated collector, has been paid or that security acceptable to the Minister has been given.  2004, c. 31, Sched. 21, s. 8. No distribution without Minister’s certificate (9) Any person described in subsection (8) who distributes any property described in that subsection or the proceeds of the realization of that property without having obtained the certificate required by that subsection is personally liable to Her Majesty in right of Ontario for an amount equal to the amount deemed by subsection (6) to be held in trust, including any interest and penalties payable by the designated collector.  2004, c. 31, Sched. 21, s. 8. Notice to be given (10) A person described in subsection (8) shall give written notice to the Minister of his or her assumption of possession or control of the property within seven days after assuming possession or control.  2004, c. 31, Sched. 21, s. 8. Minister to advise of indebtedness (11) As soon as practicable after receiving a notice under subsection (10), the Minister shall advise the person described in subsection (8) of the amount deemed by subsection (6) to be held in trust, including any interest and penalties.  2004, c. 31, Sched. 21, s. 8. Agreements (12) For the purposes of ensuring and facilitating the collection of tax under this Act, the Minister may enter into such arrangements and agreements with a designated collector as the Minister considers appropriate.  2004, c. 31, Sched. 21, s. 8. Definitions (13) In this section, “secured creditor” means a person who has a security interest in the property of another person or who acts for or on behalf of that person with respect to the security interest, and includes a trustee appointed under a trust deed relating to a security interest, a receiver or receiver-manager appointed by a secured creditor or by a court on the application of a secured creditor and any other person performing a similar function; (“créancier garanti”) “security interest” means any interest in property that secures payment or performance of an obligation, and includes an interest created by or arising out of a debenture, mortgage, lien, pledge, charge, deemed or actual trust, assignment or encumbrance of any kind whatsoever or whenever arising, created or deemed to arise or otherwise provided for, but does not include a security interest prescribed by the Minister as one to which subsections (6) to (10) do not apply. (“sûreté”)  2004, c. 31, Sched. 21, s. 8. Section Amendments with date in force (d/m/y) 2004, c. 31, Sched. 21, s. 8 - 16/12/2004 2012, c. 8, Sched. 29, s. 1 - 20/06/2012