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22-548: In 2010, this fund assumed the pensions of firefighters, police officers, emergency physicians, employees of the Children's Aid Society, school employees other than teachers, public transport employees and Ontario Hydro employees. OMERS is governed by the Ontario Municipal Employee's Retirement Act, 2006 , an Ontario law which superseded the older Ontario Municipal Employees Retirement System Act . Under

44-493: A transit district or special purpose corporations such as a university , are also created by statute. In some states, a city or county can be created by petition of a certain number or percentage of voters or landholders of the affected area, which then causes a municipal corporation to be chartered as a result of compliance with the appropriate law. Corporations to be established for most other purposes are usually just incorporated as any other non-profit corporation , by filing

66-721: A financial crisis from 2023, and in May 2024, OMERS, then Thames' biggest shareholder, issued a "full writedown" of its 31.7% stake in Kemble, signalling the shares were now worth nothing. In November 2023, OMERS announced the acquisition of a 5% indirect stake in Maple Leaf Sports & Entertainment (MLSE), the parent company of the Toronto Maple Leafs and the Toronto Raptors , for $ 400 million. The stake

88-536: A profit without one). Such bodies do not have shareholders , but are typically boards appointed by a sponsor minister. The provisions of the Companies' Acts do not typically directly apply to such bodies, although their founding legislation may specify similar requirements. The statutory corporation format was usually the form most state-sponsored bodies of the Republic of Ireland took until recent years; however,

110-780: A result of the enabling law. There are a number of federally chartered corporations that still exist. Some relatively famous ones include the Boy Scouts of America , each of the Federal Reserve Banks , and the Federal Deposit Insurance Corporation . The basic advantage for being federally chartered is that no other corporation anywhere in the United States is allowed to have the same name. Kowloon-Canton Railway Corporation Too Many Requests If you report this error to

132-582: A statutory corporation). An earlier definition describes a statutory corporation as "a statutory authority that is a body corporate", and the New South Wales Government 's Land Registry Services defines a state-owned corporation as "a statutory authority that has corporate status". Current statutory corporations include Australia Post , Airservices Australia , the Australian Rail Track Corporation and

154-574: Is a Kassenärztliche Vereinigung , a body involved in the provision of out-patient medical services in a German state. Other examples include public broadcasters, Jewish communities and Christian churches established in Germany and some public transport providers (depending on jurisdiction). In Hong Kong, some corporations are incorporated by legislation. An example is the Kowloon-Canton Railway Corporation , which owns

176-476: Is a government entity created as a statutory body by statute . Their precise nature varies by jurisdiction, but they are corporations owned by a government or controlled by national or sub-national government to the (in some cases minimal) extent provided for in the creating legislation. Bodies described in the English language as "statutory corporations" exist in the following countries in accordance with

198-493: Is a body corporate created by the legislature with defined powers and functions and is financially independent with a clear control over a specified area or a particular type of commercial activity. It is a corporate person and has the capacity of acting in its own name. Statutory corporations therefore have the power of the government and the considerable amount of operating flexibility of private enterprises. A few are: Features: Which define its objectives, power and duties. It

220-622: Is created by a special law Of parliament. It may be established by the central government are also known as National corporations. In the Republic of Ireland , a statutory corporation is a body corporate, which is created under a particular Act of the Oireachtas . Some statutory corporations are expected to operate as if they were a commercial company (with or without a subsidy from the Exchequer , depending on whether or not it would make

242-471: Is not used to describe a company which operates as a conventional shareholder-owned company registered under the Companies Acts. A public body can have a variety of forms and is not inevitably a statutory corporation, nor is a statutory corporation necessarily a public body. At the state level, municipal corporations and counties are often created by legislative acts. Some organizations such as

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264-546: The Australian Egg Corporation . The purpose of their separation from normal government operations is to ensure profitability, and in theory, independence of decision making from the state or national government (to ensure that decisions are made on a commercial basis with less or no political interference.) As statutory corporations, their regulatory and business conditions may be significantly different from private-sector companies. A significant number of

286-894: The Ffestiniog Railway , the Talyllyn Railway , the National Coal Board , Post Office Corporation and Transport for London . Other examples include the county councils , the National Assembly for Wales , the British Broadcasting Corporation (BBC), Channel Four Television Corporation , and the Olympic Delivery Authority . Statutory corporations are widely used in education: Sixth Form College Corporations and Further Education Corporations,

308-861: The Food Safety Authority of Ireland . In the Netherlands , the term "public body" is the general denomination for administrative divisions within the Dutch state or certain other types of governmental organisations. In the United Kingdom , a statutory corporation is a corporate body created by statute . It typically has no shareholders and its powers are defined by the Act of Parliament which creates it, and may be modified by later legislation. Such bodies have often been created to provide public services, examples including British Railways ,

330-528: The 2006 law, OMERS is composed of two statutory corporations . In 2019, OMERS ventures launched a $ 315M European Venture fund, a fully owned subsidiary of OMERS Ventures led by Managing Partner Harry Briggs. OMERS is a partner of the World Economic Forum . In March 2017, OMERS acquired a stake in Kemble, the UK holding company of Thames Water . The deeply-indebted water business became embroiled in

352-463: The associated descriptions (where provided). In Australia , statutory corporations are a type of statutory authority created by Acts of state or federal parliaments. A statutory corporation is defined in the federal Department of Finance 's glossary as a "statutory body that is a body corporate, including an entity created under section 87 of the PGPA Act" (i.e. a statutory authority may also be

374-542: The legal form of Sixth Form Colleges and Further Education Colleges , as well as Higher Education Corporations, the legal form of most post-1992 universities , are all statutory corporations created under the Education Reform Act 1988 and the Further and Higher Education Act 1992 ; a small number of older universities are also statutory corporations created under specific acts of parliament. The phrase

396-675: The paperwork with the appropriate agency as part of the formation of the entity. At the Federal level, a small number of corporations are created by Congress . Prior to the District of Columbia being granted the ability to issue corporate charters in the late 19th century, corporations operating in the District required a congressional charter . With limited exceptions, most corporations created by Congress are not federally chartered, but are simply created as District of Columbia corporations as

418-693: The railway network and was previously also an operator. The MTR Corporation Limited was also such a company, then named as Mass Transit Railway Corporation. Other examples include the Ocean Park Corporation , and the former Industrial Estates Corporation and Land Development Corporation . Statutory corporations are government establishments brought into existence by a Special Act of the Parliament. The Act defines its powers and functions, rules and regulations governing its employees and its relationship with government departments. This

440-476: The statutory corporations are private commercial operations, a number of which have been privatised, in part or in whole, since the 1980s: these have included the national airline Qantas , Telstra (also previously known as Telecom Australia) and the Commonwealth Bank . A statutory corporation in Germany is called a Körperschaft des öffentlichen Rechts (KdöR). An example of a statutory corporation

462-507: The usual policy today is that a private limited company by shares or public limited company incorporated under the Companies' Acts is set up instead, with the relevant minister holding 100% of the issued share capital. Nonetheless, as of 2007 several prominent statutory corporations continue to exist, such as Raidió Teilifís Éireann (RTÉ), the Electricity Supply Board (ESB), Bord Gáis Éireann , An Bord Pleanála ,

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484-517: Was purchased through a 20% direct investment in Kilmer Sports Inc (KSI), which is owned by MLSE Chairman Larry Tanenbaum . After the transaction, Tanenbaum will continue as chairman, holding an 80% stake in KSI, while OMERS will function purely as a financial investor without involvement in the operational decisions of MLSE or its teams. Statutory corporation A statutory corporation

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