Province of Ontario Savings Office Privatization Act, 2002

Bills that amended this Act0

No published amendment links yet for this Act.

Sections38

• 1Definitions

  1 In this Act, “books and records” means books, records and information that are in any form, including printed form, electronic form and film; (“livres et registres”) “business day” means a day other than Saturday or a holiday; (“jour ouvrable”) “Crown” means the Crown in right of Ontario and includes the Ontario Financing Authority; (“Couronne”) “demand deposit” means a deposit that is repayable to the depositor on demand or within a specified period of time following demand, and includes any interest that has accrued and has not been paid; (“dépôt à vue”) “deposit” means money on deposit and includes the assets of a home ownership savings plan; (“dépôt”) “home ownership savings plan” means an Ontario home ownership savings plan established under the Ontario Home Ownership Savings Plan Act; (“régime d’épargne-logement”) “maturity date” means, with respect to a term deposit that is tran…

• 1.
• 2Transfer of deposit

  2 (1) The Minister may, (a) enter into one or more agreements for the transfer and payment of one or more deposits maintained at the Province of Ontario Savings Office and recorded in the books and records of the Province of Ontario Savings Office at the time of the transfer, on such terms and conditions and with such transferees as the Minister may determine; and (b) pay from the Consolidated Revenue Fund to each transferee with whom the Minister has entered into an agreement described in clause (a) such amount or amounts of money as the Minister considers necessary or appropriate to transfer the deposits to the transferee in accordance with the terms and conditions of the agreement. 2002, c. 8, Sched. H, s. 2 (1). No consent required (2) A transfer of a deposit referred to in subsection (1) may be carried out without the consent of the depositor. 2002, c. 8, Sched. H, s. 2 (2). Payment…

• 2.
• 3Transfer of assets and liabilities

  3 (1) The Minister may transfer to any person any rights, obligations, assets and liabilities, including agreements and intellectual property, relating to or used in connection with the Province of Ontario Savings Office, or any interest in them, on such terms and conditions as the Minister may determine. 2002, c. 8, Sched. H, s. 3 (1). Agreement assignable (2) An agreement referred to in subsection (1) that does not expressly prohibit assignment by the Minister, the Crown or an agent of the Crown shall be deemed to be assignable by the Minister pursuant to subsection (1) without the consent of any party to the agreement. 2002, c. 8, Sched. H, s. 3 (2). Other agreements, etc. (3) The Minister may enter into such other agreements, execute such documents and instruments, and do such other acts and things as the Minister considers necessary or advisable to effect a transfer or transaction a…

• 3.
• 4Financial Administration Act, s. 28 not applicable

  4 Section 28 of the Financial Administration Act does not apply to any transfer or transaction referred to in this Act or to any agreement entered into pursuant to this Act. 2002, c. 8, Sched. H, s. 4. Note: On a day to be named by order of the Lieutenant Governor in Council, section 4 of the Act is repealed. (See: 2026, c. 2, Sched. 5, s. 10) Section Amendments with date in force (d/m/y) 2026, c. 2, Sched. 5, s. 10 - not in force

• 4.
• 5Demand deposits

  5 The following rules apply if the Minister transfers a demand deposit maintained at the Province of Ontario Savings Office to a transferee pursuant to an agreement authorized by section 2: 1. The Crown shall cease to be liable in respect of the demand deposit as of the end of the day on which the transfer takes place. 2. The transferee shall become liable for the demand deposit as of the end of the day on which the transfer takes place and the demand deposit shall be deemed to be deposited with the transferee as of that time. 3. The transferee may rely on the signing authority and account authorizations relating to the transferred demand deposit, as if they had been provided directly to the transferee, until such time as the depositor and the transferee agree otherwise. 2002, c. 8, Sched. H, s. 5.

• 5.
• 6Term deposits

  6 (1) The following rules apply if the Minister transfers a term deposit maintained at the Province of Ontario Savings Office to a transferee pursuant to an agreement authorized by section 2: 1. Subject to its obligations as a guarantor under section 8, the Crown shall cease to be liable in respect of the term deposit as of the end of the day on which the transfer takes place. 2. The transferee shall become liable for the term deposit as of the end of the day on which the transfer takes place and the term deposit shall be deemed to be deposited with the transferee as of that time. 3. The terms and conditions and maturity date of the term deposit shall not change as a result of the transfer. 4. The transferee may rely on the signing authority and account authorizations relating to the term deposit as if they had been provided directly to the transferee, until such time as the depositor an…

• 6.
• 7Home ownership savings plans

  7 (1) The following applies if the Minister transfers a deposit that constitutes the assets of a home ownership savings plan maintained at a Province of Ontario Savings Office to a transferee pursuant to an agreement authorized by section 2: 1. The assets comprising the home ownership savings plan shall be transferred directly to the transferee as of the end of the day on which the transfer of the home ownership savings plan takes place and the assets shall include all interest accrued to the end of that day. 2. The transfer of assets described in paragraph 1 shall be deemed to be on behalf of and at the direction of the planholder. 3. The transferee shall be deemed to be a replacement depositary within the meaning of the Ontario Home Ownership Savings Plan Act, with the consequences stipulated in section 8 of that Act, as of the end of the day on which the transfer of the assets of the …

• 7.
• 8Provincial guarantee of term deposits

  8 (1) Subject to subsection (3), if a term deposit maintained at the Province of Ontario Savings Office is transferred to a transferee pursuant to an agreement authorized by section 2 and in accordance with the rules in section 6, the Minister, on behalf of the Crown, shall guarantee to the depositor of the term deposit the payment by the transferee, on the earlier of the maturity date or termination date of the term deposit, of an amount equal to the sum of, (a) the lesser of, (i) the principal amount of the term deposit that was outstanding as of the end of the day on which the term deposit was transferred, and (ii) the principal amount of the term deposit that was outstanding as of the end of the day on which the depositor makes a claim under the guarantee; and (b) all interest on the amount referred to in clause (a) that is accrued and not paid to the end of the day on which the depo…

• 8.
• 9Safety deposit boxes

  9 (1) The Minister may transfer a safety deposit box at the Province of Ontario Savings Office and the contents of the safety deposit box and may assign any agreement between the lessee of the safety deposit box and the Crown to the transferee. 2002, c. 8, Sched. H, s. 9 (1). No consent required (2) A transfer and assignment under subsection (1) may be carried out without the consent of the lessee of the safety deposit box, but has no effect on the ownership of the contents of the safety deposit box. 2002, c. 8, Sched. H, s. 9 (2). Notice to lessee (3) The Ontario Financing Authority shall give the lessee of a safety deposit box not less than 30 days written notice before the transfer of the safety deposit box under subsection (1). 2002, c. 8, Sched. H, s. 9 (3). Unclaimed contents of safety deposit boxes (4) The following rules apply if, before this section comes into force, the rental …

• 9.
• 10Repealed

  10 Repealed: 2017, c. 2, Sched. 3, s. 9. Section Amendments with date in force (d/m/y) 2017, c. 2, Sched. 3, s. 9 - 22/03/2017

• 10.
• 11Credit unions

  11 (1) Despite any provision of the Credit Unions and Caisses Populaires Act, 2020, a transferee incorporated under that Act may, for the purposes of a transfer or other agreement under this Act, (a) administer, on behalf of the Crown, some or all of the deposits maintained at the Province of Ontario Savings Office; (b) receive and maintain deposits from depositors whose deposits were transferred to the transferee pursuant to this Act, whether or not the depositors are members of the credit union, so long as they remain depositors continuously; (c) assume from the Crown some or all of the liability to repay deposits; (d) promote merchandise and services to depositors of deposits transferred pursuant to this Act in the same manner as it may promote merchandise and services to its members; and (e) act as a depositary for the purposes of the Ontario Home Ownership Savings Plan Act with resp…

• 11.
• 12Notice

  12 (1) The Ontario Financing Authority shall give a depositor not less than 30 days notice before the Minister effects a transfer of his or her deposit pursuant to an agreement authorized by section 2. 2002, c. 8, Sched. H, s. 12 (1). Ordinary mail (2) Any notice required or permitted by this Act, or by the Freedom of Information and Protection of Privacy Act in respect of anything under this Act, shall be deemed to have been given if sent by ordinary mail to the last address of the addressee according to the books and records of the Province of Ontario Savings Office. 2002, c. 8, Sched. H, s. 12 (2). When notice received (3) Any notice given under this Act shall be deemed to have been received on the fifth business day after the day it is mailed. 2002, c. 8, Sched. H, s. 12 (3).

• 12.
• 13Transfer of books and records

  13 (1) The Minister, the Ontario Financing Authority or any other person who has custody or control of any books or records maintained or used in connection with the operation of the Province of Ontario Savings Office may, without the consent of any person and without notice to any person, transfer ownership, custody or control of the books and records, or disclose or provide access to the books and records, to a person with whom the Crown has entered into an agreement authorized by section 2. 2002, c. 8, Sched. H, s. 13 (1). Same (2) A transfer or disclosure of books and records under subsection (1) shall be deemed to be undertaken for the purpose of complying with this Act. 2002, c. 8, Sched. H, s. 13 (2). Collection of personal information (3) The Minister is authorized to collect personal information directly or indirectly from a transferee for the purposes of exercising the Crown’s …

• 13.
• 14Conflict

  14 The provisions of this Act prevail over, (a) provisions of another Act or a regulation, unless the other Act specifically states that it prevails over the provisions of this Act; and (b) a provision in an agreement, whether the agreement was entered into before or after this section comes into force. 2002, c. 8, Sched. H, s. 14.

• 14.
• 15Deemed interest rate

  15 A reference to an interest rate paid or payable by the Province of Ontario Savings Office in a regulation made under an Act or in an order made by the Lieutenant Governor in Council shall be deemed to be a reference to a rate of interest established by the Ontario Financing Authority as a proxy for that rate. 2002, c. 8, Sched. H, s. 15.

• 15.
• 16Deemed statutory compliance

  16 If, in compliance with or as permitted by an Act or regulation, money is deposited in a term deposit maintained at the Province of Ontario Savings Office and the term deposit is transferred to a transferee pursuant to an agreement authorized by section 2, the transferred term deposit shall be deemed to be deposited in compliance with or as permitted by the Act or regulation until it matures or is terminated. 2002, c. 8, Sched. H, s. 16.

• 16.
• 17Regulations

  17 The Lieutenant Governor in Council may make regulations, (a) defining any word or expression used in this Act but not defined in this Act; (b) prescribing Acts or regulations that do not apply to a transfer or agreement under this Act; (c) governing the process for determining which deposits with the Province of Ontario Savings Office are unclaimed deposits and governing the administration, payment or disposition of them; (d) prescribing any matter which may be prescribed under this Act; (e) governing the transfer of assets, liabilities, rights and obligations under this Act; (f) governing the payment of deposits that are not transferred under an agreement authorized by section 2; (g) governing the administration and adjudication of claims made against the Crown under the guarantee provided in section 8; (h) prescribing the rules for determining an amount in respect of loss of future …

• 17.
• 18

  18 Omitted (provides for coming into force of provisions of this Act). 2002, c. 8, Sched. H, s. 18.

• 18.
• 19

  19 Omitted (enacts short title of this Act). 2002, c. 8, Sched. H, s. 19. ______________

• 19.