Surplus funds
195. (1) Where the financial statement of a registered candidate filed under section 194 shows a surplus, the surplus shall be immediately paid over to the clerk who was responsible for the conduct of the election who shall hold it in trust for the registered candidate for use in whole or in part by the registered candidate in the next regular election. Release of funds, regular elections (2) The clerk shall not release the surplus held in trust for a candidate under subsection (1) to the candidate for use in whole or in part in the next regular election until the clerk has been notified by the Commission under section 169 that the candidate has become registered under this Part for that election. Idem, new elections (3) Where the candidate for whose benefit the surplus is held in trust under subsection (1) becomes registered under this Part for a new election that precedes the next regular election, the clerk, upon being so notified by the Commission, shall release the surplus to the candidate for use in whole or in part in that new election. R.S.O. 1990, c.M.53, s.195(1-3). Surplus (4) In any election, a surplus is the amount by which the total of, (a) the contributions to the registered candidate; and (b) the amount released to the registered candidate under subsection (2) or (3), exceeds the total of, (c) the campaign expenses of the registered candidate; and (d) any deficit of the registered candidate carried forward from the immediately preceding election if the office in respect of which the deficit was produced was an office on the same council, school board or local board, as the case may be, as the office in respect of which the surplus was produced. R.S.O. 1990, c.M.53, s.195(4); 1992, c.15, s.92(1). Interpretation (4.1) Despite the definition of “campaign expense” in subsection 163(1), for the purposes of subsection (4), “campaign expenses” include, (a) auditor’s and accounting fees; (b) interest on loans authorized under section 187; (c) expenses incurred in holding a fund-raising function referred to in section 178; and (d) expenses incurred for victory parties and appreciation notices published after closing of the poll. Idem (4.2) For the purposes of subsection (4), contribution includes, (a) collections of money at meetings referred to in subsection 179(1); (b) contributions by the registered candidate or the spouse of the registered candidate; (c) interest income earned on campaign accounts; and (d) revenue from the sale of election materials. 1992, c.15, s.92(2). Deficit (5) A deficit under clause (4) (d) is the amount by which, in respect of that preceding election, the total of the amounts described in clauses (4) (c) and (d) exceed the total of the amount described in clauses (4)(a) and (b). Interest (6) The amount released to the registered candidate under subsection (2) or (3) shall include the interest earned on the surplus while it was held in trust. Restriction (7) No surplus shall be released under subsection (2) or (3) to the registered candidate for whose benefit it is held in trust under subsection (1) where the office for which the candidate has been, or will be, nominated in the election is not on the same council, school board or local board, as the case may be, as the office in respect of which the surplus was produced. Disposal of surplus (8) Where the candidate for whose benefit the surplus is held in trust under subsection (1), (a) notifies the clerk in writing that the candidate does not intend to seek nomination; (b) fails to be nominated; (c) is ineligible to be nominated; or (d) fails to become registered, in the next regular election, the surplus shall be paid into the general funds of the municipality, school board or local board, as the case may be. Idem (9) Upon the repeal of any by-law passed under section 164 or any resolution passed under section 165 or 166, any surplus held by the clerk under this section shall be paid into the general funds of the municipality, school board or local board, as the case may be. R.S.O. 1990, c.M.53, s.195(5-9).