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S.M. 1987-88, c. 69
An Act to continue Brandon University Foundation
(Assented to July 17, 1987)
WHEREAS the Brandon University Foundation was incorporated by An Act to Incorporate Brandon University Foundation, S. M. 1980, c. 89;
AND WHEREAS the Brandon University Foundation, by its petition prayed that it be continued as hereafter set forth and it is expedient to grant the prayer of its petition;
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
In this Act,
"directors" means the board of directors of the foundation; ("administrateurs")
"foundation" means Brandon University Foundation ("Fondation").
The foundation is hereby continued as hereinafter set forth.
The foundation shall comprise the persons who are, from time to time, directors of the foundation.
The purposes of the foundation are to promote the advancement of higher education at Brandon University and to improve the quality of its facilities and activities.
In furtherance of its purposes, the foundation shall have the power to
(a) solicit and receive donations or contributions of, and hold, control and administer property of every kind and description, whether real or personal and wheresoever situated;
(b) pay or otherwise distribute the income of and from any property of the foundation;
(c) sell, dispose of, assign, transfer, mortgage, exchange or lease any property at any time held by the foundation;
(d) pay or otherwise transfer, from time to time, its assets, or any portion thereof, to Brandon University;
(e) invest its property, or any part thereof in securities and investments
(i) in which insurance companies are permitted to invest their reserves under the Canadian and British Insurance Companies Act (Canada), as amended from time to time heretofore or hereafter, and
(ii) in which trustees are authorized to invest trust funds under The Trustee Act, as amended from time to time heretofore or hereafter;
(f) without limiting the generality of clauses (a) to (e), pass on and entrust to one or more trust companies the custody and management of all or any part of the property of or held by the foundation in such manner and in such portions as the directors may deem proper and for that purpose enter into agreements with trust companies with respect thereto.
The foundation shall be carried on without the purpose of gain for members and any profit or other accretions to the foundation shall be used in promoting the purposes of the foundation.
The affairs of the foundation shall be administered by a board of directors consisting of not more than 21 or less than eight persons of whom three shall be members of the Board of Governors of Brandon University.
The president of Brandon University, the mayor of The City of Brandon, the senior financial officer of Brandon University as appointed by the board of governors of Brandon University and the director of development of Brandon University appointed by the board of governors of Brandon University are members of the board of directors but the president of Brandon University and the mayor of The City of Brandon may each nominate a person to act on the board of directors in his or her place and stead and the person so acting is a member of the board of directors.
Subject to subsection (1), the directors shall, from the time to time, appoint of elect additional persons as directors of the foundation.
The members of the board of directors, other than the persons named in subsection (2) shall hold office and shall be replaced in accordance with the by-laws of the foundation.
The board of directors may pass by-laws regulating
(a) the carrying out of the purposes of the foundation;
(b) the fixing of its fiscal year;
(c) the time or times of distribution of income or assets of the foundation;
(d) audits of the books and records of the foundation;
(e) the appointment and term of office of members of the board of directors;
(f) the appointment of officers and committees;
(g) the convening and holding of meetings of directors;
(h) such other matters as may be deemed advisable for the convenient and efficient carrying out the purposes of the foundation.
In the event of the dissolution of the foundation, after the payment of all debts and liabilities, any remaining rights, property and assets of the foundation shall be transferred or assigned to Brandon University so long as it is at such time a charitable, non-profit corporation.
An Act to Incorporate Brandon University Foundation, chapter 89 of the Statutes of Manitoba, 1980, is repealed.
This Act comes into force on a day fixed by proclamation.