An Act respecting the Toronto Atmospheric Fund — Private Bill PR15 (37th Parliament, 3rd Session)

Bill PR15, 37-3

Ontario — Bills

3RD SESSION, 37TH LEGISLATURE, ONTARIO 51 ELIZABETH II, 2002 Bill Pr15

An Act respecting the Toronto Atmospheric Fund Mr. Gilchrist Private Bill 1st Reading November 27, 2002 2n d Reading 3r d Reading Royal Assent Printed by the Legislative Assembly of Ontario

EXPLANATORY NOTE The purpose of the Bill is set out in the

Preamble.

Bill Pr15 2002

An Act respecting the Toronto Atmospheric Fund

Preamble The council of the City of Toronto, the board of direc- tors of the Toronto Atmospheric Fund (the “Fund”) and the board of directors of the Toronto Atmospheric Fund Foundation (the “Foundation”) have applied for special legislation to amend the investment powers of the To- ronto Atmospheric Fund and of the Toronto Atmos- pheric Fund Foundation. The applicants represent that the Fund and the Foundation were incorporated by the Toronto Atmospheric Fund Act, 1992. It is appropriate to grant the application. Therefore, Her Majesty, by and with the advice and con- sent of the Legislative Assembly of the Province of On- tario, enacts as follows:

Section 6 of the Toronto Atmospheric Fund Act, 1992 is repealed and the following substituted: Custody of money 6.

(1) The board of directors shall give the money of the Fund that is not immedi ately required for its objects to the treasurer of the City to hold in his or her care and custody. Reserve fund to be established

(2) The treasurer of the City shall establish and main- tain a separate reserve fund for the money received from the board of directors. Investment

(3) Subject to subsection (4 ), the treasurer of the City may invest the money in the reserve fund in the manner directed by the board of directors. The earnings derived from the investment of the money form part of the re- serve fund. Same

(4) Sections 27 to 31 of the Trustee Act apply, with necessary modifications, to the investment of money under subsection (3). Transfer of money

(5) At the request of the board of directors, the trea- surer of the City shall transfer to the Fund from the re- serve fund such money as the board of directors requires to carry out the objects of the Fund.

Section 15 of the Act is repealed and the follow- ing substituted: Objects of the Foundation 15.

(1) The objects of the Foundation are to receive, control and use donations, (

a) to promote global climate stabilization by the re- duction of emissions of greenhouse gases and greenhouse gas precursors into the atmosphere through public education, scientific research and technology development; (

b) to promote public understanding of global warm- ing and its implications for the urban environ- ment; (

c) to promote projects related to energy conservation and efficiency and global climate stabilization, in- cluding projects promoting the creation and pres- ervation of carbon sinks. Powers

(2) The Foundation has the following powers: 1. To solicit, receive and use donations of property whether by gift, testamentary disposition, deed or trust. 2. Unless otherwise provided by a donor, to convert any property held by or on behalf of the Founda- tion into any other form and for that purpose to sell or otherwise dispose of it. 3. To apply the net income from all funds held di- rectly or indirectly by it toward such charitable purposes of the Foundation as the board considers advisable. 4.

To invest and reinvest its funds, and sections 27 to 31 of the Trustee Act apply, with necessary modifications, to such investment. The earnings derived from the investment of the money form part of the funds of the Foundation. 5. To incur debts, liabilities and charges for carrying out its objects. 6. To determine in respect of all funds of the Foun- dation what shall be treated as income and what shall be treated as capital and to charge or appor- tion any losses or expenses to capital or income as the board of directors considers advisable. 7.

To carry on, in accordance with the Charitable Gifts Act, a related business or a business donated to the Foundation in which the net profit from a business is used solely for the purposes of the Foundation. 8. To accumulate net inco me with the intention of distributing the accumulatio n for the purposes of the Foundation.

2 TORONTO ATMOSPHERIC FUND ACT, 2002 9. To retain, in accordance with the Charitable Gifts Act and t he Charities Accoun ting Act , a ny pr op- erty in the form in wh ich it is recei ved by the Foundation for su ch leng th of ti me as th e b oard considers advisable. 10. To dem and an d com pel pay ment of al l sum s of money and claims to any real or personal property in which the Foundation may have an interest and to compromise any such claims. 11. To sue and be sued in its corporate name. 12. To draw, make, accept, endorse, execute and issue cheques a nd other negotiable or t ransferable i n- struments. No gain

(3) The Fou ndation sh all be carried on without th e purpose of gain for its members and any profits or other accretions to the property of the Foundation s hall be used in promoting its objects. Donations

(4) The F oundation m ay accept a do nation eve n i f some portion of the benefit of the donation is directed to be applied to charitable purposes outside Ontario. Commencement 3. This Act comes into for ce on the day it receives Royal Assent.

Short title 4. The

short title of t his Act is the Toronto Atmos- pheric Fund Act, 2002.

Document details

Collection	Ontario — Bills
Citation	Bill PR15, 37-3
Type	bill
Volume / chapter	p37 s3 bill pr15 bill text 37 3 en pr015.pdf
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	b61fdd0e38dd17be24deb515d9cb706949785fe4

Source file is stored in the law ingest library (pdf).