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S.M. 2020, c. 30
Bill 301, 3rd Session, 42nd Legislature
The Winnipeg Humane Society Foundation Incorporation Amendment Act
This note is a reader's aid and is not part of the law.
This Act amends The Winnipeg Humane Society Foundation Incorporation Act.
The composition of the Foundation's board is changed to the following:
The Foundation is no longer required to use trust companies to invest. Instead, the Foundation must establish an investment policy and may retain external investment managers to invest the Foundation's assets in accordance with that policy.
Minor administrative amendments are made to other provisions.
(Assented to December 3, 2020)
WHEREAS The Winnipeg Humane Society Foundation was incorporated by An Act to Incorporate The Winnipeg Humane Society Foundation, S.M. 1982, c. 58, and was continued by The Winnipeg Humane Society Foundation Incorporation Act, R.S.M. 1990, c. 223;
AND WHEREAS The Winnipeg Humane Society Foundation has presented a petition requesting the following amendments to The Winnipeg Humane Society Foundation Incorporation 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:
Subsection 4(1) is amended by replacing clauses (a) and (b) with the following:
(a) the persons who hold each of the following offices of the Society, for so long as they hold the office:
(i) the chairperson,
(ii) the vice-chairperson,
(iii) the treasurer,
(iv) the past chairperson; and
The following is added after section 4:
The Board may make by-laws
(a) establishing the procedure for electing or appointing members of the Board, including establishing their terms of office and procedures for their removal;
(b) respecting the Foundation's internal administration and governance; and
Sections 6 and 7 of the English version are amended by striking out "chairman", with necessary grammatical changes, wherever it occurs and substituting "chairperson", with necessary grammatical changes.
Section 9 is replaced with the following:
The Board must establish, for any investments of property donated to the Foundation, an investment policy that is consistent with the duty of care that a trustee has in administering the property of others. Subject to section 10 (terms of donations), the Foundation must adhere to that policy.
Subject to section 10 (terms of donations), the Foundation may retain a financial institution or other person, on terms approved by the Board, to make and manage investments on behalf of the Foundation in accordance with the Board's investment policy.
Clause 14(1)(d), subsection 14(2) and clause 15(c) are amended by striking out "trust company appointed under section 9" and substituting "person retained by the Foundation to manage its investments".
Section 17 is repealed.
This Act comes into force on the day it receives royal assent.