jswizzle3737/ontario_laws_and_regs huggingface dataset:
1. In this Regulation,  “Corporation” means the Ontario Aerospace Corporation. O.Reg. 111/92, s. 1.
2. (1) The Corporation is hereby constituted on behalf of Her Majesty in right of Ontario as a corporation without share capital. (2) The objects of the Corporation are to encourage and assist in the development and diversification of industrial undertakings in the aerospace and airframe sectors in Ontario including, without limiting the generality of the foregoing, the provision of financial assistance by way of loan, grant, guarantee or purchase of shares or other securities. (3) For the purpose of carrying out its objects, and subject to the Development Corporations Act and this Regulation, the Corporation has the capacity and powers of a natural person. (4) The Corporation shall not provide financial assistance in an amount greater than $1,000,000, including a guarantee for a loan greater than $1,000,000, without the prior approval of the Lieutenant Governor in Council. (5) A guarantee of the Corporation is not valid unless it is executed under the corporate seal of the Corporation and signed by the Minister of Finance. O.Reg. 111/92, s. 2.
3. (1) The Corporation shall have a board of directors consisting of not less than three members to be appointed by the Lieutenant Governor in Council. (2) The Corporation may pay to those of its directors who are not public servants of Ontario such remuneration and allowances as may be fixed by the Lieutenant Governor in Council. (3) At the first meeting of the board of directors, and until otherwise provided for by by-law, a quorum shall be a majority of the directors appointed and, thereafter, a quorum shall be the number of directors that the board designates by by-law. (4) The board may make by-laws regulating its proceedings and generally for the conduct and management of the affairs of the Corporation. (5) The chair shall preside at all meetings of the board and, in the chair’s absence or if the office of chair is vacant, the vice-chair has all the powers and shall perform all the duties of the chair. O.Reg. 111/92, s. 3.
4. The fiscal year of the Corporation shall commence on the 1st day of April in each year and end on the 31st day of March in the following year. O.Reg. 111/92, s. 4.
5. The affairs of the Corporation shall be managed and supervised by its board of directors, but the board shall comply with any directions respecting the policies of the Government of Ontario given to it from time to time in writing by the Minister. O.Reg. 111/92, s. 5.
6. The Corporation may, if so authorized by the Lieutenant Governor in Council, act as agent for the Province of Ontario in respect of programs, projects or matters undertaken or carried out by the Province in connection with the aerospace and airframe sectors. O.Reg. 111/92,  s. 6.
7. The Corporation may, by any action or conduct signifying its intention to be bound thereby, adopt an oral or written contract made in its name or on its behalf before it came into existence. O.Reg. 111/92, s. 7.
8. (1) Such employees may be appointed under the Public Service Act as are considered necessary for the proper conduct of the business of the Corporation. (2) The Corporation may engage persons other than those appointed under subsection (1) to provide professional, technical or other assistance to or on behalf of the Corporation, and may prescribe the duties and other terms of engagement and provide for payment of the remuneration and expenses of such persons. O.Reg. 111/92, s. 8.
9. (1) The money required for the purposes of defraying the administrative expenses of the Corporation shall be paid out of the money appropriated by the Legislature for the purpose. (2) All money received by the Corporation shall be deposited in one or more accounts of the Corporation and the money shall be applied solely in carrying out the objects of the Corporation. (3) All or part of the money deposited in an account referred to in subsection (2) shall, on the order of the Lieutenant Governor in Council, be paid into and form part of the Consolidated Revenue Fund. O.Reg. 111/92, s. 9.
10. The accounts and financial transactions of the Corporation shall be audited annually by the Provincial Auditor and reports of the audit shall be made to the Corporation and to the Minister. O.Reg. 111/92, s. 10.
11. (1) The Corporation shall make an annual report to the Minister of all financial assistance provided under subsection 2 (2). (2) The Corporation shall, in addition to making an annual report under subsection (1), make such other reports of its affairs and operations to the Minister as the Minister may require. O.Reg. 111/92, s. 11.