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S.M. 2001, c. 45
THE JEWISH FOUNDATION OF MANITOBA INCORPORATION AMENDMENT ACT
(Assented to July 6, 2001)
WHEREAS The Jewish Foundation of Manitoba was incorporated by An Act to incorporate The Jewish Foundation of Manitoba, S.M. 1964 (1st sess.), c. 90;
AND WHEREAS The Jewish Foundation of Manitoba was continued by The Jewish Foundation of Manitoba Incorporation Act, R.S.M. 1990, c. 81;
AND WHEREAS The Jewish Foundation of Manitoba 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:
Clause 5(a) is amended
(a) by striking out "shall not made" in the English version and substituting "shall not make"; and
(b) by striking out everything after "Province of Manitoba" and substituting "and in so investing or re-investing, the foundation shall exercise the judgment and care that a person of prudence, discretion and intelligence would exercise in administering the property of others".
Section 6 is amended
(a) in subsection (1), by striking out "20 persons" and substituting "not more than 25 persons,";
Section 7 is replaced with the following:
The board may constitute and appoint such committees as it considers necessary or advisable from time to time to assist the board in administering the affairs of the foundation, and shall prescribe the duties and authority of each committee on a basis not inconsistent with this Act and the by-laws of the foundation.
Subsection 8(1) is amended by adding the following after clause (f):
The following is added after subsection 8(5):
Despite anything to the contrary in this Act or the foundation's by-laws, if so directed by a donor, the foundation may, at any time and from time to time, distribute all or part of the donor's donation, or any money or property substituted for it, for furthering the foundation's purposes or objects.
Clause 10(c) is replaced with the following:
Section 14 is amended by adding ", or distributed annually to the members of the foundation" at the end.
This Act comes into force on the day it receives royal assent.