Interpretation
1. (1) In this Act, “bank” means a bank or authorized foreign bank within the meaning of section 2 of the Bank Act (Canada); (“banque”) “business premises” does not include a dwelling; (“locaux commerciaux”) “dwelling” means any premises or any part thereof occupied as living accommodation; (“logement”) “equity share” means a share of a class of shares that carries a voting right either under all circumstances or under some circumstances that have occurred and are continuing; (“action participante”) “Minister” means the Minister of Finance; (“ministre”) “mortgage” has the same meaning as in the Mortgages Act; (“hypothèque”) “mortgage broker” means a person who carries on the business of lending money on the security of real estate, whether the money is the person’s money or that of another person, or who holds himself, herself or itself out as or who by an advertisement, notice or sign indicates that the person is a mortgage broker, or a person who carries on the business of dealing in mortgages; (“courtier en hypothèques”) “non-resident” means an individual, corporation or trust that is not a resident; (“non-résident”) “prescribed” means prescribed by this Act or the regulations; (“prescrit”) “registered” means registered under this Act; (“inscrit”) “regulations” means the regulations made under this Act; (“règlements”) “resident” means, (a) an individual who is a Canadian citizen or has been lawfully admitted to Canada for permanent residence and who is ordinarily resident in Canada, (b) a corporation that is incorporated, formed or organized in Canada and that is controlled directly or indirectly by persons who are residents or by a resident trust, or (c) a trust that is established by resident individuals or a resident corporation or one in which resident individuals or corporations hold more than 50 per cent of the beneficial interest; (“résident”) “Superintendent” means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997; (“surintendant”) “Tribunal” means the Financial Services Tribunal established under the Financial Services Commission of Ontario Act, 1997. (“Tribunal”) R.S.O. 1990, c. M.39, s. 1 (1); 1994, c. 27, s. 91 (1); 1997, c. 28, s. 173; 2001, c. 8, s. 186. Note: Despite the re-enactment of the definition of “Tribunal” by the Statutes of Ontario, 1997, chapter 28, subsection 173 (4), The Commercial Registration Appeal Tribunal shall continue to conduct, and decide issues raised in, proceedings that were commenced under the Act but not concluded on July 1, 1998. See: 1997, c. 28, s. 173 (5). Note: Despite subsection 173 (5) of the Financial Services Commission of Ontario Act, 1997, the Licence Appeal Tribunal shall conduct, and decide issues raised in, proceedings under this Act that were before the Commercial Registration Appeal Tribunal immediately before April 1, 2000. See: 1999, c. 12, Sched. G, s. 28. Control (2) For the purposes of clause (b) of the definition of “resident” in section 1, a corporation shall be deemed to be controlled by another person or corporation or by two or more corporations if, (a) equity shares of the first-mentioned corporation carrying more than 50 per cent of the votes for the election of directors are held, otherwise than by way of security only, by or for the benefit of such other person or corporation or by or for the benefit of such other corporations; and (b) the votes carried by such securities are sufficient, if exercised, to elect a majority of the board of directors of the first-mentioned corporation. R.S.O. 1990, c. M.39, s. 1 (2).