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S.M. 1998, c. 58
THE BRANDON UNIVERSITY FOUNDATION INCORPORATION AMENDMENT ACT
(Assented to June 29, 1998)
WHEREAS the Brandon University Foundation was incorporated by An Act to Incorporate Brandon University Foundation, S.M. 1980, c. 89, and was continued as a corporation by An Act to continue Brandon University Foundation, S.M. 1987-88, c. 69, as amended by S.M. 1994, c. 31;
AND WHEREAS the Brandon University Foundation has by its petition prayed that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of the petition;
THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
1 The Brandon University Foundation Incorporation Act is amended by this Act.
2 Section 5 is amended
(a) by striking out the part preceding clause (a) and substituting "In furtherance of its purposes, the foundation has the powers of a natural person and, without limiting the generality of the foregoing, has the power to"; and
(b) by repealing clause (e) and substituting the following:
(e) subject to the limitations imposed by any trust, make investments exercising the judgment and care that a person of prudence, discretion and intelligence would exercise in administering the property of others;
3 This Act comes into force on the day it receives royal assent.