Bill 139 explained in plain English

Changes the requirement for audited financial statements to prescribed financial information for annual meetings and submissions. It also adjusts rules regarding remuneration for directors, officers, or members and removes the 'auditor' from the definition of who can examine financial statements.

Source: Schedule 1

Creates an exception to the six-year term limit for board members who are serving as the chair of the board, allowing them to serve up to eight consecutive years in that role before becoming ineligible for reappointment.

Source: Schedule 2

Removes the requirement for a person to give written notice to the Public Guardian and Trustee when property is given or vested for a charitable purpose. It also exempts corporations incorporated for charitable purposes from needing to provide a copy of their instrument of incorporation when giving notice.

Source: Schedule 3

Reduces the minimum period for the Ontario Securities Commission to provide an opportunity for written representations on proposed rules from 90 days to 60 days.

Source: Schedule 4

Repeals a provision that required separate shareholder approval for each class of shareholders when a social company continues under a different corporate act. It also makes a related change to the quorum requirements for approving such a continuance.

Source: Schedule 5

Removes certain requirements for deposits made by a member in trust for a named beneficiary. It also removes the restriction that membership shares or patronage shares cannot be used in certain purchases and sales between credit unions.

Source: Schedule 6

Repeals sections 5 and 7 of Schedule 1 of this Act.

Source: Schedule 7

Reduces the minimum period for the Financial Services Regulatory Authority of Ontario to provide an opportunity for written representations on proposed rules from 90 days to 60 days.

Source: Schedule 8

Changes the definition of 'Minister' to refer to the Minister of Red Tape Reduction and replaces the term 'businesses' with 'regulated entities' in one provision.

Source: Schedule 9

Increases the minimum fine for certain offences from $2,500 to $5,000. It also repeals subsections 34 (3) and section 41 of the Act.

Source: Schedule 10

Updates provisions related to enforcement by defining 'enforcement officer' and 'justice', changing how notices for proposed amendments are published to include websites, and allowing for hearings to be scheduled with less notice. It also expands enforcement powers, including entry for inspections (with warrants for dwellings) and the ability to make measurements and take samples. New offences are created for false statements and obstruction of enforcement officers. It also amends provisions related to exemptions from development permit requirements.

Source: Schedule 11

Creates an exception to the six-year term limit for board members who are serving as the chair of the board, allowing them to serve up to eight consecutive years in that role before becoming ineligible for reappointment. The term for a chair is limited to two years per reappointment.

Source: Schedule 12

Creates an exception to the six-year term limit for board members who are serving as the chair of the board, allowing them to serve up to eight consecutive years in that role before becoming ineligible for reappointment.

Source: Schedule 13

Introduces a new provision that requires councils to consent to applications to alter buildings primarily used for religious practices, including Indigenous spiritual practices, if certain conditions related to heritage attributes and religious use are met, based on an affidavit from the applicant. It also updates notice and deemed consent provisions.

Source: Schedule 14

Removes the authority to prescribe forms for the Act and grants the Registrar the power to approve and require the use of forms. It updates rules for document delivery to include electronic methods and changes how investigation results are reported to the Complaints Committee. It also changes the term 'Attorney General' to 'Minister' in most instances.

Source: Schedule 15

Repeals Section 122 of the Act, which concerns Lieutenant Governor in Council regulations and public consultation requirements.

Source: Schedule 16

Reduces the minimum period for the Ontario Securities Commission to provide an opportunity for written representations on proposed rules from 90 days to 60 days.

Source: Schedule 17

Allows the Commission to dispose of an interest in land by granting an easement without needing approval from the Lieutenant Governor in Council.

Source: Schedule 18

Creates an exception to the six-year term limit for board members who are serving as the chair of the board, allowing them to serve up to eight consecutive years in that role before becoming ineligible for reappointment. The term for a chair is limited to two years per reappointment. Exceptions are also made for the president or chancellor.

Source: Schedule 19

Creates an exception to the six-year term limit for board members who are serving as the chair of the board, allowing them to serve up to eight consecutive years in that role before becoming ineligible for reappointment.

Source: Schedule 20