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S.M. 2013, c. 19
Bill 301, 2nd Session, 40th Legislature
The Jewish Foundation of Manitoba Amendment Act
(Assented to September 13, 2013)
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 was continued by The Jewish Foundation of Manitoba Incorporation Act, R.S.M. 1990, c. 81, and by The Jewish Foundation of Manitoba Act, S.M. 2004, c. 46;
AND WHEREAS The Jewish Foundation of Manitoba has presented a petition requesting the following amendments to The Jewish Foundation of Manitoba Act, 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 Jewish Foundation of Manitoba Act is amended by this Act.
Section 8 is renumbered as subsection 8(1) and the following is added as subsection 8(2):
The board must establish a distribution policy that takes into account
(a) the Foundation's needs, including its need to maintain a reasonable balance between the capital value of its funds and the amounts to be distributed;
(b) the estimated total return on investments;
(c) the Foundation's disbursement quota requirements under any applicable taxation legislation; and
(d) any other factor the board considers relevant.
Subsection 16(2) is amended
(a) in clause (a), by adding "or is not available" after "donor has died"; and
(b) by replacing clause (b) with the following:
(b) conditions make it no longer possible, practical or wise for the board to carry out the express wishes of the donor.
Section 17 is amended by striking out "any distribution required to maintain its status as a registered charity" and substituting "the board's distribution policy".
This Act comes into force on the day it receives royal assent.