Interpretation
In this Act,
“city council” means the council of the City of Toronto; (“conseil municipal”)
“designated waterfront area” means the area specified by regulation; (“secteur riverain désigné”)
“federal government” means the Crown in right of Canada as represented by the member of the King’s Privy Council for Canada designated by the Governor General in Council; (“gouvernement fédéral”)
“provincial government” means the Crown in right of Ontario as represented by the Minister of Finance or such other member of the Executive Council as may be designated under the Executive Council Act to administer this Act. (“gouvernement provincial”)
Corporate Matters
(1) The Toronto Waterfront Revitalization Corporation established on November 1, 2001 under the Business Corporations Act is hereby continued as a corporation without share capital under the name Toronto Waterfront Revitalization Corporation in English and Société de revitalisation du secteur riverain de Toronto in French.
The Corporation is composed of the members of its board of directors.
The Corporation shall be deemed not to be a Crown agency within the meaning of the Crown Agency Act.
Section 132 (conflict of interest), subsection 134 (1) (standard of care) and section 136 (indemnification) of the Business Corporations Act apply, with necessary modifications, to the Corporation and to the members of its board of directors.
The Not-for-Profit Corporations Act, 2010 and the Corporations Information Act do not apply to the Corporation. ;
The shares of the Corporation that are issued and outstanding immediately before this section comes into force are cancelled when this section comes into force, and no amount is payable to any shareholder in respect of the cancelled shares.
(1) The following are the objects of the Corporation:
To implement a plan that enhances the economic, social and cultural value of the land in the designated waterfront area and creates an accessible and active waterfront for living, working and recreation, and to do so in a fiscally and environmentally responsible manner.
To ensure that ongoing development in the designated waterfront area can continue in a financially self-sustaining manner.
To promote and encourage the involvement of the private sector in the development of the designated waterfront area.
To encourage public input into the development of the designated waterfront area.
To engage in such other activities as may be prescribed by regulation.
The Corporation shall carry out its objects so as to ensure that the revitalization of the designated waterfront area creates new economic growth, new jobs, diverse and dynamic new commercial, residential and recreational communities, new cultural institutions and new parks and green spaces for the public.
The Corporation shall have regard to the Official Plan of the City of Toronto in carrying out its objects.
(1) The Corporation has the capacity, rights, powers and privileges of a natural person for carrying out its objects, except as limited by this Act.
The Corporation does not have the capacity to act as an agent of the Crown in right of Canada and shall not conduct itself so as to create, or purport to create, an agency relationship with the Crown in right of Canada.
The Corporation does not have the capacity to act as an agent of the Crown in right of Ontario unless the provincial government gives express written authorization to the Corporation to do so, and the Corporation shall not conduct itself so as to create, or purport to create, an agency relationship with the Crown in right of Ontario except in accordance with such a written authorization.
The Corporation does not have the capacity to act as an agent of the City of Toronto unless city council gives express written authorization to the Corporation to do so, and the Corporation shall not conduct itself so as to create, or purport to create, an agency relationship with the City except in accordance with such a written authorization.
Any written authorization given by the provincial government or by city council may impose conditions and restrictions.
The assets and revenue of the Corporation must not be used for any purpose except to further the objects of the Corporation.
The Corporation shall not borrow money unless it has the consent of the federal government, the provincial government and city council or unless it is authorized to do so by a regulation.
The Corporation shall not mortgage or otherwise encumber any of its assets unless it has the consent of the federal government, the provincial government and city council or unless it is authorized to do so by a regulation.
The Corporation shall not raise revenue unless it has the consent of the federal government, the provincial government and city council or unless it is authorized to do so by a regulation.
The Corporation shall not establish a subsidiary corporation unless it has the consent of the federal government, the provincial government and city council.
The objects and powers of any subsidiary established by the Corporation are subject to the restrictions set out in the regulations.
(1) The board of directors of the Corporation is composed of the following members:
A maximum of four members appointed by the federal government.
A maximum of four members appointed by the Lieutenant Governor in Council.
A maximum of four members appointed by city council.
A maximum of one member appointed jointly by the Lieutenant Governor in Council, the federal government and city council.
A person is not eligible to hold office as a board member if he or she holds a public office to which he or she is elected, except as follows:
One member appointed under paragraph 2 of subsection (1) may be a person who holds a public office to which he or she is elected.
One member appointed under paragraph 3 of subsection (1) may be a person who holds a public office to which he or she is elected.
A person is not eligible to hold office as a board member if he or she is an employee of the Crown in right of Canada or an agency of the Crown in right of Canada, an employee of the Crown in right of Ontario or an agency of the Crown in right of Ontario or an employee of the City of Toronto or a local board of the City.
The term of office of a board member is determined by the person or persons who appoint the member and may not exceed three years.
A board member is eligible to be reappointed.
The board member appointed jointly by the Lieutenant Governor in Council, the federal government and city council is chair of the board.
In case of the absence or illness of the chair or there being a vacancy in the office of chair, the member designated by the board for the purpose shall act as and have all the powers of the chair.
Board members are to be paid such remuneration and expenses as the board may by by-law determine.
[Repealed]
(1) The board of directors shall manage and supervise the affairs of the Corporation in accordance with this Act.
The board shall exercise its powers and perform its duties in a financially responsible and accountable manner.
The board may pass by-laws and resolutions regulating its proceedings and generally for the conduct and management of the affairs of the Corporation.
Section 190 of the City of Toronto Act, 2006 applies with necessary modifications to meetings of the board.
(1) The board of directors shall follow such directions concerning the management and supervision of the affairs of the Corporation as may be set out in a written agreement of the Crown in right of Canada, the Crown in right of Ontario and the City of Toronto.
The board of directors shall be deemed to have notice of the directions set out in a written agreement when a copy of the agreement is given to the chair of the board and to the chief executive officer of the Corporation.
(1) At least 90 days before the beginning of each fiscal year, the board of directors shall adopt a business plan for the fiscal year.
The business plan must include the following information:
A description of the major activities and the objectives of the Corporation for the year and for following years.
A description of the policies and strategies of the Corporation to achieve those objectives.
A description of the budget of the Corporation for achieving those objectives.
A description of the portions of the designated waterfront area that the Corporation plans to develop during the year, the estimated cost of doing so and the funding options available.
A description of the Corporation’s plans for the year to encourage public input into the development of the designated waterfront area, including holding public meetings.
Such other information as may be required by regulation.
The business plan for the first fiscal year of the Corporation and for every fifth year thereafter must also contain the following information:
A description of the Corporation’s objectives for the following five years for the enhancement of the economic, social and cultural value of the land in the designated waterfront area.
A description of the Corporation’s plans for the next five years to enhance the economic, social and cultural value of the land in the designated waterfront area. The plans must include details about the current and forecast levels of activity in the area, the infrastructure that may be needed, the plans to divide and develop the land, the projects that the board considers to be priorities for the Corporation and the timetable for implementing these projects.
An estimate of the long-term development costs of achieving these objectives and a description of the business strategies and funding options available to the Corporation for the following five years.
Such other information as may be required by regulation.
The board of directors shall give a copy of each business plan to the federal government, the provincial government and the Clerk of the City of Toronto; the copy given to the Clerk is to be addressed to the Mayor and Members of the Council.
(1) The Corporation shall maintain financial records for the Corporation and its subsidiaries and shall establish financial, management and information systems that will enable the Corporation to prepare financial statements in accordance with generally accepted accounting principles.
At least 90 days before the beginning of each fiscal year, the board of directors shall adopt a budget for the year.
The budget must include,
all revenue the Corporation anticipates receiving for the year and any accumulated surplus from previous years; and
all operating expenses that the Corporation anticipates incurring for the year and any accumulated deficit from the preceding year.
Upon the request of the federal government, the provincial government or city council, the Corporation and its subsidiaries, if any, shall promptly make their financial records available for inspection.
The board of directors shall ensure that the accounts and transactions of the Corporation and its subsidiaries, if any, are audited each year by one or more auditors licensed under the Public Accounting Act, 2004, who are appointed by the board. ;
(1) The Corporation shall give an annual report on its affairs to the federal government, the provincial government and the Clerk of the City of Toronto within 90 days after the end of each fiscal year; the report given to the Clerk is to be addressed to the Mayor and Members of the Council.
The annual report must include the audited financial statements of the Corporation for the applicable fiscal year.
The Corporation shall make a copy of the annual report available for inspection by the public upon request.
The fiscal year of the Corporation begins on April 1 in each year and ends on March 31 of the following year.
(1) The Lieutenant Governor in Council may by order require the board of directors to wind up the affairs of the Corporation on or promptly after May 15, 2035. ;
The Lieutenant Governor in Council shall not make an order under subsection (1),
if, no later than January 31, 2031, the provincial government, the federal government and city council agree to undertake a review of the Corporation;
if the review is completed on or before July 15, 2032; and
if the review recommends that the Corporation not be wound up before May 15, 2040. ;
If no order is made under subsection (1), the Lieutenant Governor in Council shall by order require the board of directors to wind up the affairs of the Corporation on or promptly after May 15, 2040. ;
If an order under subsection (1) is issued on a day that is after May 15, 2033, the board of directors shall wind up the affairs of the Corporation no later than the day that is two years after the day the order is issued.
The provincial government shall consult with the federal government and city council before the Lieutenant Governor in Council issues an order under subsection (1) or (3).
The board of directors shall prepare a proposed plan for winding up the Corporation and transferring its assets and liabilities and shall give the proposed plan to the federal government, the provincial government and city council.
The plan for winding up the Corporation may provide for the transfer of assets and liabilities,
to the Crown in right of Canada, but only if the federal government consents to the transfer;
to the Crown in right of Ontario; and
to the City of Toronto.
Upon the approval of the proposed plan by the federal government, the provincial government and city council, the board of directors shall wind up the affairs of the Corporation and transfer its assets and liabilities in accordance with the plan.
When the winding up of the Corporation is complete, the Lieutenant Governor in Council may, by order, dissolve the Corporation as of the date specified in the order.
General
(1) The City of Toronto is authorized to make appointments to the board of directors of the Corporation and of any subsidiary of the Corporation.
The City of Toronto is authorized to transfer rights, assets and liabilities to the Corporation or any subsidiary of the Corporation, despite section 82 of the City of Toronto Act, 2006, with the consent of the Corporation.
(1) The Lieutenant Governor in Council may make regulations prescribing those matters that are required or permitted by this Act to be prescribed or done by regulation.
The provincial government shall consult with the federal government and city council about any regulation that the Lieutenant Governor in Council proposes to make.
[Repealed]
Omitted (provides for coming into force of provisions of this Act).
Omitted (enacts short title of this Act).