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S.M. 1985-86, c. 54
An Act to amend An Act to incorporate "First Presbyterian Church Foundation"
(Assented to July 11, 1985)
WHEREAS First Presbyterian Church 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:
The preamble of "An Act to Incorporate 'First Presbyterian Church Foundation'", being chapter 96 of the Statutes of Manitoba, 1945, is repealed and the following preamble is substituted therefor:
WHEREAS there exists in the City of Winnipeg in Manitoba a congregation within The Presbyterian Church in Canada, known as First Presbyterian Church (hereinafter called "the church");
AND WHEREAS it is desirable to create a corporate body to receive donations in trust for the church, and to provide for the management and control of the property so donated to the end that the net annual income shall be devoted perpetually to the maintenance and work of the church as a centre of Christian teaching and welfare work in the City of Winnipeg;.
Subsection 2(1) of the Act is repealed and the following subsection is substituted therefor:
Establishment and membership of board.
The board shall be allowed to determine itself the number of members who sit on the board but that the foundation in any event shall be composed of and managed by a board (hereinafter called "the board") which shall consist of the minister of the church, the chairman of the Kirk sessions, the treasurer of the church, the President of one of the Women's Missionary Society Auxiliaries, and of three other members to be elected by the congregation of the church at its annual meeting or any special meeting duly called for that purpose, one of whom shall retire each year, but shall be eligible for re-election.
Section 3 of the Act is repealed and the following section is substituted therefor:
The foundation may
(a) receive donations of, and hold, control, and administer property of evey kind and description, whether real or personal, and wheresoever situate;
(b) if not in contravention of an express term of the donation under which it be received, convert any property at any time, or from time to time, received or held by the foundation into any such form, and for such purpose sell, dispose of, assign, transfer, lease, or exchange, the same;
(c) entrust to one or more trust companies the custody and management of all or any portion of the property at any time, or from time to time, received or held by the foundation in such manner, and in such portions, as the board deems proper, and may enter into agreements with the trust companies with regard thereto;
(d) lease any properties at any time held by the foundation;
(e) borrow funds for the purpose of reinvesting if the board deems such borrowing in the best interest of the foundation fund; and
(f) the board shall have the power of purchasing or otherwise acquiring, holding and alienating property, movable or immovable, real or personal, and of doing and performing all such acts and things as bodies corporate generally can do and perform, and shall have the general capacity which the common law ordinarily attaches to corporations incorporated by royal charter under the great seal.
The Act is further amended by adding thereto, immediately after section 4 thereof, the following section:
In the event the church should cease to exist then the capital fund be distributed first to its successor if any, and if no successor, to The Presbyterian Church in Canada.
This Act comes into force on the day it receives the royal assent.