Consequential regulatory amendment to O. Reg. 389/95: Application of the Corporations Act, under the Centennial Centre of Science and Technology Act, in anticipation of proclamation of the Not-For-Profit Corporations Act.
O. Reg. 389/95
Regulation - LGIC
Bill or Act:
Centennial Centre of Science and Technology Act
Summary of Decision:
The ONCA consequential amendment to regulation O. Reg. 389/95: Application of the Corporations Act, under the Centennial Centre of Science and Technology Act does not change the policy intent of the regulation and will replace references to the Corporations Act with appropriate references to the ONCA once ONCA is proclaimed and in force. The regulation will continue to provide the Ontario Science Centre with power to borrow money normally but only from the Province or a provincial agency.
The regulatory amendment to O. Reg. 389/95 was filed on August 5, 2021 and will come into force upon the proclamation of ONCA on October 19, 2021.
Analysis of Regulatory Impact:
No new administrative or compliance costs for regulated entities.
Summary of Proposal:
Ministry of Heritage, Sport, Tourism and Culture Industries
400 University Ave
Toronto ON M7A 2R9
October 19, 2021