Fifth Session, Thirty-Ninth 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).
THE PROVIDENCE COLLEGE AND THEOLOGICAL SEMINARY INCORPORATION AMENDMENT ACT
(Assented to )
WHEREAS Winnipeg Bible Institute was incorporated and the name of the institute changed to Winnipeg Bible Institute and College of Theology by An Act to incorporate "Winnipeg Bible Institute and College of Theology", S.M. 1948, c. 102;
AND WHEREAS the name of Winnipeg Bible Institute and College of Theology was changed to Winnipeg Bible College and Theological Seminary and the types of degrees that it may grant were broadened by An Act to amend An Act to incorporate "Winnipeg Bible Institute and College of Theology", S.M. 1977, c. 72;
AND WHEREAS Winnipeg Bible College and Theological Seminary was continued as a corporation by The Winnipeg Bible College and Theological Seminary Incorporation Act, R.S.M. 1990, c. 217;
AND WHEREAS the name of Winnipeg Bible College and Theological Seminary was changed to Providence College and Theological Seminary by The Winnipeg Bible College and Theological Seminary Incorporation Amendment Act, S.M. 1992, c. 55;
AND WHEREAS Providence College and Theological Seminary has presented a petition requesting the following amendments 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:
The Providence College and Theological Seminary Incorporation Act is amended by this Act.
The title is amended by adding "UNIVERSITY" after "PROVIDENCE".
Section 1 is amended by adding "University" after "Providence".
Section 5 is replaced with the following:
Subject to subsections (2) to (7), the corporation may
(a) invest money in real, personal or mixed property, and vary, realize, convert, sell or dispose of such investments; and
(b) lend and invest money by way of mortgage, hypothec or charge upon real or personal property and for that purpose do the following:
(i) take, receive and accept mortgages or assignments of mortgages, whether made or executed directly to the corporation or to any person or entity in trust for it,
(ii) sell, grant, assign, transfer and discharge such mortgages or assignments, in whole or in part.
For the purpose of this section, the money that the corporation may invest is money that belongs to the corporation or is held by it in trust.
The corporation's power to invest is subject to any limitations imposed by a trust.
Corporation to exercise care, diligence and skill
In exercising the power to invest, the corporation must exercise the care, diligence and skill that a reasonable and prudent person should exercise in administering the property of others.
Additional powers of the corporation
The corporation has all the powers necessary to invest, including, but not limited to, those powers set out in subsections (6) and (7).
Corporation may enter into agreements re money and property
The corporation may enter into one or more agreements with any financial institution, trust company or other person with respect to the custody, management and ownership of
(a) all or part of the money belonging to the corporation or held by it in trust; and
(b) any other real, personal or mixed property belonging to the corporation.
Such an agreement may be amended, terminated or revoked by the corporation.
Corporation may retain and engage experts
The corporation may retain and engage one or more persons who have specialized or technical knowledge
(a) to provide advice to the corporation regarding investments or administration of the corporation's property; and
(b) to make and manage investments on behalf of the corporation in any manner that the corporation directs.
Section 12 is amended by adding ", in accordance with this Act" at the end.
Section 12 is further amended by renumbering it as subsection 12(1) and adding the following as subsection 12(2):
Terms and conditions of agreements may be set by board
The board of directors may set
(a) the terms and conditions of an agreement described in subsection 5(6) that the board considers necessary or advisable, including
(i) setting out the manner of the custody, management and ownership of the money and property referred to in that subsection,
(ii) providing advice to the corporation regarding investments or the administration of the money and property referred to in that subsection,
(iii) permitting a party to the agreement to act as a trustee of the corporation, and
(iv) permitting a party to the agreement to make and manage investments on behalf of the corporation in any manner that the corporation directs; and
(b) the terms and conditions under which, or the manner in which, experts may be retained or engaged by the corporation under subsection 5(7).
Section 15 is amended in the section heading and in the section by striking out "Education" and substituting "Advanced Education and Literacy".
Consequential amendment, C.C.S.M. c. M226
Subclause 22(1)(j)(i) of The Municipal Assessment Act is replaced with the following:
(i) Providence University College and Theological Seminary, or
This Act comes into force on the day it receives royal assent.
This Bill changes the name of Providence College and Theological Seminary to Providence University College and Theological Seminary and expands its investment powers.