Thunder Bay Community Foundation Act, 2003 Gravelle, Michael — Private Bill PR20 (37th Parliament, 4th Session)

Bill PR20, 37-4

Ontario — Bills

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Bill PR20, Thunder Bay Community Foundation Act, 2003

Gravelle, Michael

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Status

Original

Royal Assent

[37] Bill 20 Royal Assent (PDF)

Bill Pr20 2003

An Act respecting

The Thunder Bay Foundation

Preamble

The Board of Trustees of The Thunder Bay Foundation has applied for

special legislation to change the Foundation's name to the Thunder Bay

Community Foundation, to amend the powers of the Board of Trustees and to

amend the requirements respecting filling vacancies on the Board of Trustees,

investment, the public recognition of donors and the publication of the

Foundation's financial statements. The applicant represents that The Thunder

Bay Foundation was constituted as a body corporate by special legislation in

It is appropriate to grant the application.

Therefore, Her Majesty, by and with the advice and consent of the

Legislative Assembly of the Province of Ontario, enacts as follows:

Section 1 of The Thunder Bay Foundation Act,

1971 is repealed and the following substituted:

Foundation continued

(1) The Thunder Bay Foundation

is continued as a corporation without share capital under the name Thunder

Bay Community Foundation.

Head office

(2) The head office of the Foundation shall be in the City of

Thunder Bay.

Section 4 of the Act is repealed and the following

substituted:

Composition of nominating committee

(1) There shall be a nominating

committee composed of,

(

a) the mayor of the City of Thunder Bay;

(

b) the president of the Thunder Bay Chamber of Commerce; and

(

c) the president of the Lakehead Social Planning Council.

Alternates

(2) In the event that a person described in subsection (1) is

unable or unwilling to act as a member of the nominating committee, the

remaining members or member of the nominating committee shall appoint another

person or persons to act in their place.

Meetings

(3) The nominating committee shall meet annually and whenever

it is necessary to fill a vacancy in the Board, upon the call of the

secretary of the Board, if any, or upon the call of the chair of the

nominating committee.

Rules

(4) The nominating committee may make rules governing its

procedure, including the appointment of a chair, as it considers

advisable.

Appointment by Board

(5) If the nominating committee fails to appoint a person to

fill a vacancy in the membership of the Board within 90 days after the

vacancy occurs, the remaining members of the Board, so long as they form a

quorum of the Board, may, by a two-thirds vote of those members present at a

meeting of the Board, appoint a person to fill the vacancy.

Section 6 of the Act is repealed and the following

substituted:

Powers of Foundation

(1) The Foundation has the

capacity, rights, powers and privileges of a natural person for the purpose

of carrying out its objects.

Same

(2) Without limiting the generality of subsection (1), the

Foundation may,

(

a) receive, directly or indirectly, by any means, donations of real and

personal property of every kind and description wherever situated, hold,

control and administer such property and use and expend or direct the using

and expending of such property or the income from such property;

(

b) except as otherwise provided, convert any property at any time and

from time to time received or held by or on behalf of the Foundation into any

other form and, for that purpose, sell or otherwise dispose of the property

or cause the property to be sold or otherwise disposed of;

(

c) subject to the Trustee Act , engage one or more trust

corporations, chartered banks, stock brokerage firms or professional money

managers who have been approved by the Board to act as portfolio managers for

the Foundation;

(

d) pass on and entrust to one or more portfolio managers engaged by the

Foundation the custody and management of all or any part of the property at

any time and from time to time received or held by or on behalf of the

Foundation in the manner and proportions that the Board considers proper, and

enter into agreements with such portfolio managers with respect to property

management;

(

e) direct any portfolio manager to manage and administer as a single fund

and in the manner the Board considers advisable any one or more donations

held by the portfolio manager for the Foundation;

(

f) subject to the Charities Accounting Act , lease any property

at any time held by or on behalf of the Foundation;

(

g) distribute the portions that the Foundation considers advisable of the

net income in each year from all funds held directly or indirectly by the

Foundation to and for the objects of the Foundation as described in

section

(

h) distribute the portions that the Foundation considers advisable of the

capital of the funds held directly or indirectly by it to and for the objects

of the Foundation as described in

section 2, with the approval of two-thirds

of the members of the Board given in person at a meeting of the Board or, if

not present at a meeting, then in writing within 60 days after the

meeting;

(

i) except as otherwise provided, and subject to the Trustee Act ,

control the management and investment of all the Foundation's funds, but,

where a portfolio manager is specifically appointed as manager of any fund by

any testamentary document or deed of trust or otherwise,

(

i) the portfolio manager shall have the physical custody of the fund and,

subject to the specific terms of any such appointment, shall invest and

reinvest the same within the general policy of investment established by the

Board, and

(ii) the custody of all securities and the accounting for them may be

entrusted by the Board to one or more portfolio managers, and any such

portfolio manager shall invest and reinvest the same within the general

policy of investment established by the Board;

(

j) direct the investment of all the Foundation's funds by the Board, or

by a committee of the Board when authorized by the Board, or by any portfolio

manager or, subject to the Charitable Gifts Act and the

Charities Accounting Act , authorize and direct the retention of any

specific assets donated or bequeathed to the Foundation for such length of

time as the Board in its sole discretion considers advisable;

(

k) engage such person or persons, including portfolio managers, and take

such other action as the Foundation considers advisable for the more

efficient carrying out of the objects of the Foundation, and such persons may

be paid such reasonable compensation out of, and the Board may charge the

expenses of any such other action to, the income or capital, or both, of the

funds of the Foundation as the Board considers advisable;

(

l) set aside, or in the Foundation's discretion refrain from setting

aside, any part of the income received by it from securities taken or

purchased as part of the funds of the Foundation at a premium, as a sinking

fund to retire or amortize such premium and determine in its uncontrolled

discretion in respect of all funds of the Foundation what shall be treated as

income and what shall be treated as capital as to each respective transaction

and charge or apportion any losses or expenses to capital or income as it

considers best;

(

m) compromise, compound and adjust claims in favour of or against the

property held or intended to be held by or on behalf of the Foundation, upon

Investment powers

(3) Section 27 of the Trustee Act applies with

necessary modifications to investments authorized under clause (2) (j).

4. Sections 11, 12 and 13 of the Act are repealed and

the following substituted:

General fund

(1) Subject to subsection (2),

all donations made directly or indirectly to the Foundation, except those for

specific purposes described in

section 7, may be treated for all purposes as

a general fund.

Separate funds

(2) A donor who donates $100,000 or more in any one fiscal year

may require that such donation be maintained as a separate fund, in which

case a separate accounting of that fund shall be set out each year in the

annual audited report.

Acknowledgment of donations

(1) Unless otherwise directed

by testamentary document or deed of trust or otherwise, all donations of

$5,000 or more in any one fiscal year from any one donor shall be publicly

acknowledged, in the year following that in which they are made, by being set

out in the annual audited report.

Same

(2) For the purpose of subsection (1), if one donor makes more

than one donation, then only the total of that donor's donations, as they may

be from time to time, need be set out in the annual audited report.

Audit

(1) The Foundation shall

annually appoint an auditor licensed under the Public Accountancy

Act to audit the books and records of the Foundation.

Same

(2) The audit shall include an examination or confirmation of

all assets held by the Foundation or by any portfolio manager on its behalf

and, despite the fact that any such assets may be held pursuant to the

provisions of a testamentary document or deed of trust, an accounting of all

the assets shall be given to the auditor of the Foundation.

Public notice

(3) The Foundation shall cause to be published in a newspaper

having general circulation in the City of Thunder Bay a notice indicating

that the financial statements of the Foundation are available for review

during normal office hours.

Contents of statements

(4) The audited financial statements shall consist of a balance

sheet wherein the assets, liabilities and equity of the Foundation are

disclosed, an operating statement reporting the revenues and expenses for the

current fiscal year and explanatory notes, as well as the report of the

auditor expressing the auditor's conclusion based on the results of the

audit.

Same

(5) The audited financial statements shall separately disclose

the assets and liabilities, as well as the revenues and expenses of any

segregated fund.

Same

(6) The audited financial statements shall disclose in detail

the revenues and expenses of the Foundation in accordance with accounting

principles generally accepted in Canada and applied on a consistent

basis.

Assistance to auditor

(7) The Board and any portfolio manager holding funds for the

Foundation shall give the auditor full information and permit the auditor all

necessary inspection to enable the auditor to conduct the audit.

Commencement

5. This Act comes into force on the day it receives

Royal Assent.

Short title

6. The

short title of this Act is the Thunder Bay

Community Foundation Act, 2003 .

[37] Bill 20 Original (PDF)

Bill Pr20 2003

An Act respecting

The Thunder Bay Foundation

Preamble

The Board of Trustees of The Thunder Bay Foundation has applied for

special legislation to change the Foundation's name to the Thunder Bay

Community Foundation, to amend the powers of the Board of Trustees and to

amend the requirements respecting filling vacancies on the Board of Trustees,

investment, the public recognition of donors and the publication of the

Foundation's financial statements. The applicant represents that The Thunder

Bay Foundation was constituted as a body corporate by special legislation in

It is appropriate to grant the application.

Therefore, Her Majesty, by and with the advice and consent of the

Legislative Assembly of the Province of Ontario, enacts as follows:

Section 1 of The Thunder Bay Foundation Act,

1971 is repealed and the following substituted:

Foundation continued

(1) The Thunder Bay Foundation

is continued as a corporation without share capital under the name Thunder

Bay Community Foundation.

Head office

(2) The head office of the Foundation shall be in the City of

Thunder Bay.

Section 4 of the Act is repealed and the following

substituted:

Composition of nominating committee

Document details

Collection	Ontario — Bills
Citation	Bill PR20, 37-4
Type	bill
Volume / chapter	p37 s4 bill pr20 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	4d44e49ac7c0e91a94ace4b34bc647c0f268defb

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