20. (1) Subject to subsections (2) and (3), a person who is the beneficial and registered owner of equity shares of a small business development corporation may make an application in the form prescribed by the Minister for a grant and the Minister may pay a grant equal to, (a) 30 per cent in the case of shares of a Northern and Eastern small business development corporation; or (b) 25 per cent in the case of shares of a small business development corporation that is not a Northern and Eastern small business development corporation, of the amount of money actually paid by the applicant to the small business development corporation for equity shares issued to the applicant by that corporation.  R.S.O. 1990, c. S.12, s. 20 (1). Idem (2) No grant shall be paid by the Minister under subsection (1) unless, (a) the equity shares are purchased or acquired directly from the corporation issuing the equity shares; (b) the applicant is ordinarily resident in Ontario; and (c) the applicant has made an application no later than July 1, 1993.  R.S.O. 1990, c. S.12, s. 20 (2); 1994, c. 17, s. 139. Supporting material (3) An application under subsection (1) shall be accompanied by, (a) a certificate containing the prescribed information signed by the secretary and one authorized officer of the small business development corporation that has issued the equity shares in respect of which a grant is sought; and (b) such additional material as may be prescribed by the Minister. Definition (4) In this section and in section 19, “person” means an individual, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator, or other legal representative that is ordinarily resident in Ontario, but does not include a partnership, association, syndicate, organization or trust that has a corporation as one of its members or beneficiaries. Pension funds (5) Despite anything in this section, a pension fund with 10 per cent or more of its contributors resident in Ontario that meets the prescribed terms and conditions shall be deemed to be a person ordinarily resident in Ontario. Grants to corporations (6) Despite anything in this section, a corporation incorporated as a credit union or caisse populaire under the Credit Unions and Caisses Populaires Act, or a predecessor of that Act, and such other corporations as may be prescribed, may apply for and receive a grant under subsection (1) in lieu of a tax credit under section 21. Where applicant not the beneficial owner (7) When the person applying for a grant under subsection (1) is the registered, but not the beneficial, owner of equity shares of a small business development corporation, the Minister may prescribe the terms and conditions relating to the beneficial ownership of the shares that shall be complied with in order to entitle the person to the grant. Transitional (8) Despite subsection (1), the Minister may pay a grant equal to 30 per cent of the amount of money actually paid by the applicant to the small business development corporation for equity shares where the Minister is satisfied that the shares were fully paid for and issued to the applicant by the small business development corporation prior to the 24th day of October, 1985. Idem (9) Where, prior to the 24th day of October, 1985, (a) the Minister has consented in writing to the repayment of any advance owing to a shareholder of a small business development corporation in accordance with provisions prescribed under subclause 9 (1) (d) (v); and (b) a substantial portion of the advance approved by the Minister has been made, an application for a grant under subsection (1) shall be treated as if an investment equal to the full amount of the advance approved by the Minister was paid by the applicant to the small business development corporation for equity shares that were fully paid for and issued to the applicant prior to the 24th day of October, 1985.  R.S.O. 1990, c. S.12, s. 20 (3-9).