Surplus
151. (1) If the financial statement, report or statutory declaration of a registered candidate filed under section 150 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 (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 candidate has become registered under this Part for that election. Idem (3) If 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 shall release the surplus to the candidate for use in whole or in part in that new election. Interest (4) The amount released to the candidate under subsection (2) or (3) shall include the interest earned on the surplus while it was held in trust. R.S.O. 1990, c.M.53, s.151(1-4). Surplus (5) 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.151(5); 1992, c.15, s.91(1). Interpretation (5.1) Despite the definition of “campaign expense” in subsection 138(1), for the purposes of subsection (5), “campaign expenses” include, (a) auditing and accounting fees; (b) interest on loans under section 145; (c) expenses incurred in holding a fund-raising function referred to in section 143; and (d) expenses incurred for victory parties held and appreciation notices published after the closing of the poll. Idem (5.2) For the purposes of subsection (5), a contribution includes, (a) collections of money at meetings referred to in subsection 143(6); (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.91(2). Deficit (6) A deficit under clause (5)(d) is the amount by which, in respect of that preceding election, the total of the amounts described in clauses (5)(c) and (d) exceeds the total of the amounts described in clauses (5)(a) and (b). Restriction (7) No surplus shall be released under subsection (2) or (3) to the registered candidate for whose benefit it is held in trust if 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) The surplus shall be paid into the general funds of the municipality, school board or local board, as the case may be, if, in the next regular election, 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. Idem (9) Upon the passage of any by-law passed under section 164 or any resolution 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.151(6-9).