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S.M. 1988-89, c. 8
Bill 15, 1st Session, 34th Legislature
The Cooperative Promotion Trust Act
(Assented to December 20, 1988)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
In this Act,
"board" means the board continued by section 2; («Conseil»)
"cooperative organizations" means cooperative organizations within the meaning of the Cooperatives Act and includes credit unions; («coopératives »)
"fund" means the fund referred to in subsection 4(1); («fonds»)
"minister" means the member of the Executive Council charged by the Lieutenant Governor in Council with the administration of this Act. («ministre»)
The "Cooperative Promotion Board" established under the Wheat Board Money Trust Act is continued as a body corporate consisting of the members of the board.
The members of the board in office on the coming into force of this Act remain in office until their successors are appointed.
The board shall consist of not less than three and not more than seven members, at least one of whom shall be an employee of the department through which the Cooperatives Act is administered, appointed by the Lieutenant-Governor-in-Council but in no event shall employees of the department form a majority of members appointed to the Board.
The objects of the board are:
(a) to assist in the development of cooperative organizations;
(b) to encourage cooperation among cooperative organizations;
(c) to examine cooperative organizations and the laws relating to cooperative organizations in Manitoba and elsewhere, and to report thereon, with recommendations, to the minister;
(d) to promote the general welfare of cooperative organizations in the province; and
(e) to promote the general welfare of rural residents of the province.
The board shall hold all rights, title and interest of Her Majesty in the fund in trust for the purposes of this Act and the fund shall consist of
(a) the deposit account known as "The Cooperative Promotion Trust Account," established under The Wheat Board Money Trust Act;
(b) any investments or other property vested in the board on the coming into force of this Act; and
(c) any property acquired by the board after the coming into force of this Act.
The fund shall be administered by the board in pursuance of the objects of the board.
The board may hold property of any kind and may sell, lease, convey or otherwise dispose of any such property.
The board may receive gifts for its purposes.
Subject to subsection (6), the board may, with the approval of the Minister of Finance, sell, purchase or otherwise vary the securities held by the board, but any securities purchased shall be securities which trustees may purchase under The Trustee Act.
The board shall not sell or vary the securities held by the board so as to cause the realizable value of the remaining securities held by the board to be less than $129,000.
In pursuance of its objects, the board may make grants from the fund
(a) as prizes or scholarships for any competition or studies related to the philosophy, principles, business, or affairs of cooperative organizations;
(b) as gifts or donations in aid of research into cooperative organizations;
(c) to promote education with respect to cooperation;
(d) to develop and promote cooperative organizations; and
(e) to agricultural organizations to promote the general welfare of rural residents of the province.
All costs, expenses or other payments directly attributable to the operation of the board and the administration of this Act may be paid out of the fund.
The members of the board other than a member who is an employee of the government of Manitoba may be paid such remuneration for acting as a member of the board as is fixed by the Lieutenant-Governor-in-Council.
All members of the board are entitled to be reimbursed for reasonable expenses incurred by them in the performance of their duties.
The fiscal year of the board is the same as that of the government.
The board shall maintain proper accounting records for the fund and duly executed minutes of meetings and resolutions of the board.
The accounts of the board shall be audited at least once annually by the Provincial Auditor, who shall make a report thereon to the board and to the minister.
The board shall annually prepare and submit to the minister a report of its business, affairs and activities; and upon receiving the report the minister shall forthwith place the report before the Assembly.
The by-laws of the board effective on the coming into force of this Act remain effective until repealed or amended under subsection (2).
The board may make by-laws to govern its business and affairs but no by-law, amendment or repeal of an existing by-law is effective unless approved in writing by the minister.
The Corporations Act does not apply to the board.
The Wheat Board Money Trust Act, chapter W120 of the Continuing Consolidation of the Statutes of Manitoba, is repealed.
This Act may be referred to as chapter C224 of the Continuing Consolidation of the Statutes of Manitoba.
This Act comes into force on the day it receives the royal assent.