Assets
14.(1)All the real and personal property owned by or vested in The Corporation of the City of Ottawa for the use of the Former Commission and all real and personal property owned by or vested in the Former Commission are vested in the Commission. Liabilities (2)The Commission shall assume all liabilities of the Former Commission except those referred to in subsection (5), which shall be assumed by the Regional Corporation. No compensation (3)No compensation or damages shall be payable to the Former Commission or The Corporation of the City of Ottawa in respect of any undertaking, assets and property vested in the Commission under this Part. Disputes (4)In the event of any doubt as to whether any particular asset is vested in the Commission or any particular liability is assumed by the Commission or the Regional Corporation the Municipal Board upon application shall determine the matter and its decision is final. Debenture payments to area municipalities (5)The Regional Corporation shall pay to each area municipality before the due date all amounts of principal and interest becoming due upon any outstanding debt of that area municipality in respect of any property vested in the Regional Corporation under this section, or issued by that area municipality for or on behalf of the Former Commission. Default (6)If the Regional Corporation fails to make any payment as required by subsection (5), interest shall be payable thereon at the rate of 15 per cent per annum, or such lower rate as the council of the area municipality determines from the date payment is due until it is made. Settling of disputes (7)In the event of any doubt as to whether any outstanding debenture or portion thereof was issued in respect of any property vested in the Commission under this section, or for or on behalf of the Former Commission, the Municipal Board, upon application, may determine the matter and its decision is final. Debenture repayments by Commission (8)The Regional Council may pass by-laws to require the Commission to pay to the Regional Corporation amounts required to be raised annually by the Regional Corporation to meet interest, principal and sinking fund instalments on debentures or other debts assumed under this Part or subsequently incurred by the Regional Corporation for public transport purposes, upon such terms as to time, manner of payment and interest, as the by-law may prescribe. Regional Area deemed one urban municipality under Public Vehicles Act (9)For the purposes of the Public Vehicles Act, all passenger transport provided by the Commission within the Regional Area shall be deemed to be within the corporate limits of one urban municipality. Transfer of title (10)For the purposes of the Registry Act, the Land Titles Act, the Personal Property Security Act, the Bulk Sales Act and any other Act affecting title to property, it is sufficient to cite this Act to show the transmission of title to the Regional Corporation or the Commission as the case may be and the vesting therein of any real or personal property or any interest therein, but, if an order has been made by the Municipal Board under this Part the order shall be cited as well, and the transfer of assets effected by this Part shall be conclusively deemed to have been made in conformity with each and all such Acts. Municipal Franchises Act not to apply (11)The Municipal Franchises Act shall not apply to any passenger transport services provided under this Part. Penalties (12)Part XIX of the Municipal Act applies to any by-laws passed under this Part. Agreements (13)For the purposes of this Part, the Regional Corporation may enter into agreements with any person. R.S.O. 1990, c. R.14, s. 14.