Bill ID 4180 (Legislature 19, Session 2)

L19 S2 4180

Alberta — Bills

jl)~() BILL PR ~ ~- - ---------~-_lt..._ TilE LHIISLAII\,I·, ASSEMBLY OJ· /\LBLRTA BILL PR 5 THE ALBERTA FOUNDATION ACT rvtR. K\:AAK Fir:--t RcaJing .................................... ~ ....................... .. SI.:l'()IlJ RcaJing ......... . C\Hllll1ittec llf the Wh()h: ...................................................... . ~I'llirll Reading ........................................................ ·.·········· Royal As:--cnt .................................................................... .

Bill PR 5 Mr. Knaak BILL PR 5 Il)XO THE ALBERTA FOUNDATION ACT (Assellted To . I c)80) I'r,.lIllhk

WHEREAS the persons hereinafter named have. hy their pctition. prayed that it be enacted as hereinafter set forth and it is e\pedient to grant the prayer of the petition: Inklpl .... 'i1IHUl ( '1I1l'llIlIllon .. I l'IlIIHI.IIIt'li THEREFORE HER MAJESTY. hy and with the advicc and con sent of the Legislative Assembly of Alberta. enacts as follows: I. In this Act (a) "Foundation" means The Alherta Foundation incorporated hy this Act; (b) "trustec" means a trustee of the Foundation: (c) "hoard of trustees" menas the trustees of the Foundation. 2. Mr. R. W. Chapman. husinessman. Dr. D. F. McPherson. Medical Doctor.

Mr. F. G. Stewart. retired. Dr. L. H. leRiche . Registrar of College of Physicians and Surgeons. Dr. R. R. Francis. Medical Doctor. Dr. Howard McEwen. Mcdical Doctor and Mr. E. B. McKitrick. Chartered Accountant and such other persons as arc from time to time appointed or elected trustees. arc herehy consti tuted and established a body corporate under the nallle of "The Alberta Foundation". 3. The ohjects of the Foundation are: (

a) to use. apply. give. devote. acculllulate or distrihute from time to time. at the discretion of the hoard of tru .... tces hut subject to the provisions of this Act. all or part of ih funds for' charitahle purposes or in the conduct of l'haritahle activities: (

h) to furnish advil.'e or assistance to other l'Iwritahlc organi zations and to manage or administer. in wholt? or in part. any or all of their activities. funds or other properties.

~. For the attainment of its objects the Founuation ~hall have the following powers: (

a) the power 10 sol il'il for anu ren~i\'t: bequest..., devise~ anu uonation~ of every kinu anu de~LTiption together \\ ilh Ihe POV,l'r. III Ihe sole discretion of the hoard of trustees. to refuse to accept any hequest. devise or donation: (

b) the power to aCljuire. holu. control. ~ldminister. dispose of anu otherwise ueal with property of every kind and descrip tion whether real or personal anu wheresoever situate: (l') if not in contravention of an express term of Ihe hequest. devi~e or donal ion unuer which il is received. (

i) the power to convert any property at any time received or held by the Foundation into any other form and for such purpose to dispose of or othef\\'ise deal with it: (ii) the power to use. apply. give. accumulate or distribute any property at any time received or held by the Foun dation and the income from it for charitable purposes or in the conuuct of charitable activities which in the juug ment of the boaru of trustees will promote the objects of the Foundation: (

u) the power tl) borrow or receive the payment of money in such manner as the boaru of trustees may uetermine: (

e) the powertouraw. make. accept. endorse. execute and isslle promissory notes. bills of exchange and other negotiahle instruments: (0 the power to employ anu pay such cOl1sultants. agenh and employees and to procure. equip and maintain such offices and other faci! ities and to incur such reasonahle expenses as the hoard of trustees may consiuer necessary or desirahle: (

g) the power to entrust to one or more trust companies. au thorized to act as an executor and auministrator in the Prov incl'. the custody of all or any portion of the property held hy the Foundation upon such terms as the hoard of trustees may consider appropriate; (

h) the power to pay the expenses of administering the Foun dation and the properties held by it and to charge such expenses against the income arising from each such property in the proportion that the annual income arising therefrom hears to the total annual income of the Foundation: (

i) the power to enter into agreements with other charitable organizations setting forth the terms and conditions upon which the Foundation will grant to them advice or assistance or manage or administer. in whole or in part. any or all of their activities. funds or other properties: 2

",'\O\I,.'r'lto 1'1 tru .. h:\.', (j) \ubject to any ~pl'l'lril' direl'ti'lll h~ ~I dlllhlr. the plI\\L'r to mve~t funds or other propertie~. In ~1Il\ In\ l· .... tJllL'llh \\ hich the board of trustees shall in its ah~olut-e di~LTetion clln .... ider to be fit and prudent. not heine limited III lI1\eqlllenh ex pressly authorized hy law for tr~hlL'es. and thl' Pl)\\ er in like manner from time to time to alter III \an all\ .... uL'h investments: - - (

k) the power to do all such other thing .... as are incidental or conducive to the attainment nf the ohiel't'> of the FllUlld~ltion and the exercise of its power". . s. Until otherwise determined bv the board of trustees. the trustees shall be those persons named in

section ~. 6. The affairs of the Foundation shall he man:.l!!cd and admini stered by the board of trustees who shall e\ercisc ;11 of ih Pll\\ ers. and without limiting the generality of the foregoing. the hoard of trustees may: (

a) fix and determine the requisite minimulll and maximum number of trustees, the procedure to he adopted for their election or appointment and their tenure of office: (

b) estahlish by-laws covering the cJlling of Illel·ting~ of the board of trustees and the requisite ljuonllll ;lIld Illethod of conducting business at such meetings: (

c) elect or appoint such officers of the Foundation a~ it rnay deem expedient and prescribe the dut~. power. authority and tenure of office of each: (

d) employ such consultants. agents and l'lllployees of the Foun dation as it may deem necessary or desirahle and pn: .... nihe their respective terllls of employment: (

e) delegate any of its powers to one or l11()re committees ap pointed hy the hoard from among its own memher~ and from other persons: (0 if considered advisable. to enact hv-la\\" authorillllg the Foundation to pay to any trustee or committee memher a reasonable amount for every duly com ened meetin~ of the board of trustees or committee which he attends and tll reim burse any trustee or committee memher fnr all reasonahle out-of-pocket expenses incurred hy him in the perfllnn~IIl\:e of his duties as a trustee or comrlllttee memher: (

g) enact by, la\vs, re"iolutions. r~l~s and. regulation ..... Ill't m consistent with any of the provIsions ot thl~ Act. resp~:'l'tlllt: any or all of the rowers or authorities confelTl'd upon the fo'undation or the board of trustees hy \'irtue of the pnni sinns of th i" Act. 3

1'11\\,'1 III \"1111(11 ,,11\ IItI,1 111,1111111}'" Pul\ hi ,,11111'1\ \\lIh l'hlp\'II' hIt "'""11..\,1 11111,111111} hI ~1 \'lkd 1111111\ 'l'dl'lll Ilhl.llllll1 7. \\'hne ~lny tnt .... t which has heen admini .... tered hv the Foun dation call1h)( he further auministered hv the Foundatio-n hv rea .... on of the ohll'L't \)1' the tm .... t having ceased to exi .... t or hy rca~on of it having hecome .... uhstantially incapable of performan('e, the Foun uation may apply to a juuge of the COllrt of the Queen\ Bench for an order direL'tin!!- that the property suhject to the trust he used by the Foundation for .... uch alternate charitahle activitie .... as the judge may direct. .

H. If any property is receiveu hy the foundation suhject to any conditions impused hy the donor of that property, the hoard of tru .... tees shall !!-ive enel't to and observe those conditions. 9.

If any property is received hy the Foundation \~.:hich is not .... uhject to any conditions imposed by the donor of that property, the hoaru of tru .... tee .... may u-.e that property for such charitahle purposes \)1' in the conduL't of such l'haritable activities as it may in its .... ole uiscretion uetermine. 10. \\'here a donation is made to the Foundation. in trust. of any property to take effect in the future. the board of trustees is empow ereu to accept anu exercise any powers of appointment. settlement or uistrihution with respect to all or a portion of the income derived from it in the interim, together with the power to nominate executors anu trustees in the manner provided in the instrument creating the trust. 11.

SuhJect only to any hy-Iaw enacted by the board of trustees pursuant to

section 6( n. the Foundation shall conduct its affairs without pecuniary gain to any trustee in his capacity as a trustee and all of its property shall he used exclusively for the promotion of its ohjects. 12. In the event ur the winding up or uissolution of the Foun dation. all of its remaining assets after payment of its liabilities shall he distrihuted to one or more recognized charitable organizations in Canaua as determineu hy the hoaru of trustees. I]. Following the conclu~ion of each fiscal period the Foundation shall cause a financial report for that period to he prepareu. made up of: (

a) a statement of the Foundation's receipts and disbursements for that period: (

h) a balance ~heet of the Founuation as at the end of the period: (

c) a report of the Foundation's auditors to the trustees on the .... tatement and halance sheet. 14. (

I) In this

section "anniversary month" when used in relation to the Foundation means the month In each year that is the same as the month in v. hich this Act comes into forcc. 4

Nt)n- JPpl" Jllon 01 r,ln 01 (·'Hnp.IlI1l"' '\d ('\Inlln~ Into Imll'

(2) Thl' Foundation shall. in eadl \l'ar on or hefon: tl1L' Iaq da\ of the month immediatel, t~dh)\\ in!.! ih ~lI1ni\ l'rsar\ Im-lIlth, make an annual return \-erified h\; trustee or olfil'l'-r of the Foundation, to the Registrar of Cl~lllpanll'''' containing a list of all per:-.ons who were tnl"tees on the I~ht day 01 its most rel'l'nt anni\,er..,ar\ 1110nth, sellill!.! out their lull n;lllle.., and addresses,' .. L~) Each annual return of the Foundation "hall he accom panied hy a written copy, certi hed hy J trustee or oft icer of the Foundation to he a true copy. of the late..,t financial report of the Foundation prepJred pursuant to

section I ~, 15. The FoundJtion i-. exempted from sections 6. I I X and 1--l6 of The Comp(/nies AcT. 16. This Act comes into force on the day upon whid) it is a-.-.enteJ to, 5 Title: 1980 (19th, 2nd) Bill Pr5, The Alberta Foundation Act

Document details

Collection	Alberta — Bills
Citation	L19 S2 4180
Type	bill
Volume / chapter	L19 S2 4180
Language	en
Format	json
Source	PROVINCIAL
Identifier	6a87f98592d588f16919b1e5bead3864b4cfff72

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