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2nd Session, 40th Legislature

This version is based on the printed bill that was distributed in the Legislature after First Reading.   It is not the official version.   If accuracy is critical, you can obtain a copy of the printed bill from Statutory Publications or view the online bilingual version (PDF).

Bill 301

THE JEWISH FOUNDATION OF MANITOBA AMENDMENT ACT


  Bilingual version (PDF) Explanatory Note

(Assented to                                         )

WHEREAS The Jewish Foundation of Manitoba was incorporated by An Act to incorporate The Jewish Foundation of Manitoba, S.M. 1964 (1st Sess.), c. 90, and was continued by The Jewish Foundation of Manitoba Incorporation Act, R.S.M. 1990, c. 81, and by The Jewish Foundation of Manitoba Act, S.M. 2004, c. 46;

AND WHEREAS The Jewish Foundation of Manitoba has presented a petition requesting the following amendments to The Jewish Foundation of Manitoba Act, and it is appropriate to grant the petition;

THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

S.M. 2004, c. 46 amended

1           The Jewish Foundation of Manitoba Act is amended by this Act.

2           Section 8 is renumbered as subsection 8(1) and the following is added as subsection 8(2):

Distribution policy

8(2)        The board must establish a distribution policy that takes into account

(a) the Foundation's needs, including its need to maintain a reasonable balance between the capital value of its funds and the amounts to be distributed;

(b) the estimated total return on investments;

(c) the Foundation's disbursement quota requirements under any applicable taxation legislation; and

(d) any other factor the board considers relevant.

3           Subsection 16(2) is amended

(a) in clause (a), by adding "or is not available" after "donor has died"; and

(b) by replacing clause (b) with the following:

(b) conditions make it no longer possible, practical or wise for the board to carry out the express wishes of the donor.

4           Section 17 is amended by striking out "any distribution required to maintain its status as a registered charity" and substituting "the board's distribution policy".

Coming into force

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

Explanatory Note

This Bill amends The Jewish Foundation of Manitoba Act, a private Act, to require the board of the Foundation to establish a distribution policy and to give the Foundation sufficient authority to carry out that policy.

Under the current Act, the ability of the Foundation to depart from an individual donor's wishes is limited to circumstances where the donor has died and the board considers the departure necessary to further the donor's true intent. This Bill allows the departure if the donor has died or is not available and conditions have made it impossible, impractical or unwise for the donor's express wishes to be carried out.

Under the current Act, subject to the donor's trusts and conditions and the disbursement requirements under the Income Tax Act (Canada) for registered charities, donations are to be held in perpetuity for the purpose of earning income to be used for the Foundation's purposes. Subject to the donor's trusts and conditions, this Bill allows the Foundation to encroach on capital as needed to carry out the board's distribution policy.