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1998/99 Legislative Session: 3rd Session, 36th Parliament

FIRST READING

The following electronic version is for informational purposes only.

The printed version remains the official version.

MR. MOE SIHOTA

BILL Pr 402 – 1998

VICTORIA FOUNDATION AMENDMENT ACT, 1998

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the

Province of British Columbia, enacts as follows:

Section 2 of The Victoria Foundation Act, S.B.C. 1987, c. 35, is amended by

adding the following

definitions:

"ordinary resolution" means a resolution passed by the board by a

simple majority of the votes cast in person at a meeting of the board;

"returns" means all dividends, interest and capital gains and losses,

both realized and unrealized;

"special resolution" means

(

a) a resolution passed by a majority of not less than 2/3 of the votes cast in person

at a meeting of the board for which notice, including notice of the proposed special

resolution, has been given

(

i) in accordance with the bylaws at least 10 days before the meeting, or

(ii) if every member entitled to attend and vote at the meeting agrees, less than 10

days before the meeting, or

(

b) a resolution consented to in writing by every member of the board who would have

been entitled to vote in person at a general meeting of the board.

Section 5 (2) is repealed and the following substituted:

(2) The board is to consist of 11 residents of the County of Victoria.

Section 6 (1) (

a) is repealed and the following substituted:

(

a) a Local Judge of the court sitting in Victoria; .

Section 7 is amended

(

a) by repealing paragraph (

f) and substituting the following:

(

f) subject to a contrary intent expressed in a gift, devise, bequest or trust or in a

direction by a court, invest the funds and other property held by the foundation in

investments that a prudent person would make and, for these purposes,

section 15 of the Trustee

Act does not apply, , and

(

b) in paragraph (

i) by striking out "income" and

substituting "returns" .

Section 8 (2) is repealed and the following substituted:

(2) The board may, by ordinary resolution, make regulations concerning the following:

(

a) the operation and investment of the fund;

(

b) the method and valuation of investments in the fund and the date or dates on which

the valuation may be made;

(

c) the distribution of the returns of the fund;

(

d) the property that may be included in the fund.

Section 12 is repealed and the following substituted:

Management of other funds

12 A charitable organization

(

a) established under the law of the Province, or

(

b) authorized to operate under the law of the Province and registered under the Income

Tax Act (Canada)

agreeable to both of them, manage and invest the funds.

Section 11, 14 (d), 15 (1) and (2), 16 and 17 (b) (ii) are amended by striking

out "income" and substituting "returns" .

Section 23 is repealed and the following substituted:

Appointment of officers and employees

(1) The board may appoint the officers it considers

necessary.

(2) The board may appoint the employees or agents it considers necessary, and may

Explanatory Notes

SECTION 1: [The Victoria Foundation Act, amends

section 2] adds new

definitions for the purposes of the Act.

SECTION 2: [The Victoria Foundation Act, repeals and replaces

section 5 (2)]

increases the size of the Foundation's board from 9 to 11 members, and

removes a requirement that one member be the Mayor of the City of Victoria.

SECTION 3: [The Victoria Foundation Act, repeals and replaces

section 6 (1) (a)]

is consequential to the 1990 merger of the County and Supreme Courts.

SECTION 4: [The Victoria Foundation Act, amends

section 7]

gives the Foundation authority to make "prudent person" investments, and

adopts the broader proposed defined term "returns".

SECTION 5: [The Victoria Foundation Act, repeals and replaces

section 8 (2)]

clarifies the form of resolution required for the purposes of this section, and

adopts the broader proposed defined term "returns".

SECTION 6: [The Victoria Foundation Act, re-enacts

section 12] clarifies

the application of this provision by correcting a formatting error.

SECTION 7: [The Victoria Foundation Act, amends sections 11, 14, 15, 16 and 17]

adopts the broader proposed defined term "returns".

SECTION 8 [The Victoria Foundation Act, re-enacts

section 23] establishes

a more general authority for the Foundation to appoint officers, employees and agents.

Copyright © 1999: Queen's Printer, Victoria, British Columbia, Canada