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The Ombudsman reviewed a closed meeting held by council for the Town of Grimsby to discuss a municipally controlled corporation, Niagara Power Inc. The meeting was closed under the exception for security of the property. Council discussed whether to obtain a valuation of a municipally owned corporation. The Ombudsman found that the exception applies to discussions about protecting municipally owned corporeal and incorporeal property from loss or damage. The discussion about valuation did not fit within the exception for the security of the property of the municipality since there was no apparent threat to the municipally controlled corporation.