13.1 (1) The Ontario Mortgage Corporation is hereby dissolved and all its assets, liabilities, rights and obligations are hereby transferred to and vested in the Ontario Mortgage and Housing Corporation. 2014, c. 7, Sched. 25, s. 13. Agreements, securities or instruments to which Ontario Mortgage Corporation is party (2) An agreement, security or instrument, including a mortgage, to which the Ontario Mortgage Corporation is a party immediately before the day section 13 of Schedule 25 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force has effect as if, (a) the Ontario Mortgage and Housing Corporation were substituted for the Ontario Mortgage Corporation as a party to the agreement, security or instrument; and (b) any reference in the agreement, security or instrument to the Ontario Mortgage Corporation or its predecessor, Housing Corporation Limited, were a reference to the Ontario Mortgage and Housing Corporation. 2014, c. 7, Sched. 25, s. 13. Operation of subss. (1) and (2) (3) The operation of subsections (1) and (2) does not constitute a breach, termination or repudiation of the agreement, security or instrument or the frustration of the agreement or an event of default or force majeure. 2014, c. 7, Sched. 25, s. 13. Protection from personal liability (4) Subsection 10.1 (1) applies, with necessary modifications, to the following persons with respect to any act done in good faith in the exercise or performance or intended exercise or performance of the person’s power or duty or with respect to any alleged neglect or default in the exercise or performance in good faith of the person’s power or duty: 1. A former director or officer of the Ontario Mortgage Corporation. 2. A person employed under Part III of the Public Service of Ontario Act, 2006 who provided services to the Ontario Mortgage Corporation. 3. A former servant or agent of the Ontario Mortgage Corporation. 2014, c. 7, Sched. 25, s. 13. Corporation’s liability (5) Subsection (4) does not relieve the Ontario Mortgage and Housing Corporation of any liability transferred to it under subsection (1) in respect of a cause of action arising from any act, neglect or default referred to in subsection (4). 2014, c. 7, Sched. 25, s. 13. No proceeding against the Crown (6) No proceeding shall be commenced against the Crown in right of Ontario as a result of any act, neglect or default of the Ontario Mortgage Corporation or a person referred to in subsection (4). 2014, c. 7, Sched. 25, s. 13. Exception (7) Subsection (6) does not apply to a proceeding to enforce against the Crown in right of Ontario its obligations under a written contract to which it is a party. 2014, c. 7, Sched. 25, s. 13. Former directors and officers of Ontario Mortgage Corporation (8) A person who is a director or officer of the Ontario Mortgage Corporation immediately before the day section 13 of Schedule 25 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force, ceases to be a director or officer when that section comes into force. 2014, c. 7, Sched. 25, s. 13. Proceedings commenced by or against Ontario Mortgage Corporation (9) If a proceeding has been commenced by or against the Ontario Mortgage Corporation before the day section 13 of Schedule 25 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force and has not been finally determined before that day, the proceeding is deemed to have been commenced by or against the Ontario Mortgage and Housing Corporation and shall be continued by or against the Ontario Mortgage and Housing Corporation. 2014, c. 7, Sched. 25, s. 13. Legislation from which transfers exempt (10) Subject to any prescribed conditions and limitations, Acts or provisions of Acts and regulations or provisions of regulations that are prescribed for the purposes of this subsection do not apply to the transfers made under this section. 2014, c. 7, Sched. 25, s. 13. Section Amendments with date in force (d/m/y) 2014, c. 7, Sched. 25, s. 13 - 1/04/2015