3.1 (1) In this section, “pension plan” means the Ontario Teachers’ Pension Plan or any other pension plan.  2009, c. 18, Sched. 29, s. 2. Authorized by agreement (2) If authorized by an agreement between the Minister of Education and the executive of The Ontario Teachers’ Federation under section 12.1, the Board may incorporate or cause to be incorporated and may make and maintain an investment in one or more corporations that, after the investment is made, are authorized subsidiaries of the Board.  2009, c. 18, Sched. 29, s. 2. Authorized subsidiary (3) For the purposes of this section, a corporation is an authorized subsidiary of the Board if, (a)  the corporation carries on business with a view to profit; (b)  the business of the corporation is limited to providing one or more eligible services to one or more persons and entities described in subsection (6); and (c)  the Board has beneficial ownership of shares of the corporation representing more than 50 per cent of the shareholders’ equity of the corporation.  2009, c. 18, Sched. 29, s. 2. Authority re investment entity (4) An authorized subsidiary of the Board may, for the purpose of providing eligible services, incorporate, establish, manage or operate one or more corporations, trusts, partnerships or other entities as investment entities.  2009, c. 18, Sched. 29, s. 2. Eligible services (5) For the purposes of this section, each of the following is an eligible service if it is carried out in compliance with all applicable laws: 1.  Providing advice to an administrator of a pension plan regarding the administration of the pension plan or the investment policies for the pension fund maintained to provide benefits in respect of that pension plan. 2.  Providing advice to a client on investing in, holding, buying or selling securities or other assets. 3.  Buying, selling, holding and managing investments for a client, with or without discretionary authority granted by the client to manage the client’s investment portfolio. 4.  Activities and services ancillary to the services listed in paragraphs 1 to 3, including, i.  activities relating to the distribution or sale to clients of securities issued by an investment entity referred to in subsection (4), and ii.  entering into derivative contracts in which the return is based in whole or in part on the performance of all or part of the pension fund maintained to provide benefits in respect of the Ontario Teachers’ Pension Plan or of any of the pension fund’s investments. 5.  Providing administrative services to an administrator of a pension plan.  2009, c. 18, Sched. 29, s. 2. Clients (6) An authorized subsidiary may provide services described in subsection (5) only to one or more of the following: 1.  The Board. 2.  The administrator of another pension plan, whether the pension plan is in or outside Canada. 3.  The Government of Canada or the government of a province or territory of Canada, or i.  a Crown corporation, Crown agency or wholly-owned entity of the Government of Canada or of the government of a province or territory of Canada, or ii.  a corporation established by federal or provincial statute. 4.  A municipal corporation or a municipal or public body performing a function of government in Canada. 5.  A board, within the meaning of the Education Act, or a school board or similar authority that operates under comparable legislation in another province of Canada. 6.  A college of applied arts and technology established under the Ontario Colleges of Applied Arts and Technology Act, 2002, a university that receives regular and ongoing operating funding from Ontario for purposes of post-secondary education or an educational institution in another province in Canada that receives regular and ongoing operating funding from the province. 7.  An educational institution outside Canada. 8.  An endowment fund for a university, college or educational institution referred to in paragraph 6 or 7. 9.  A registered charity within the meaning of the Income Tax Act (Canada). 10.  A national, federal, state, provincial, territorial or municipal government of or in any jurisdiction outside Canada or any entity owned or controlled by that government. 11.  An investment entity referred to in subsection (4). 12.  A client or class of clients prescribed by the regulations or that satisfies conditions prescribed by the regulations.  2009, c. 18, Sched. 29, s. 2. Investing in or through investment entity of authorized subsidiary (7) With the approval of the Board, assets of the pension fund maintained to provide benefits in respect of the Ontario Teachers’ Pension Plan may be invested, directly or indirectly, (a)  in an investment entity referred to in subsection (4); or (b)  in an investment in which assets of an investment entity referred to in subsection (4) are also invested.  2009, c. 18, Sched. 29, s. 2. Regulations (8) The Minister of Finance may make regulations, (a)  prescribing clients or classes of clients for the purposes of paragraph 12 of subsection (6); (b)  prescribing conditions that must be satisfied by a client or class of clients for the purposes of paragraph 12 of subsection (6).  2009, c. 18, Sched. 29, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 18, Sched. 29, s. 2 - 05/06/2009