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It has been in effect since November 14, 1990, when this Act came into force.
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R.S.M. 1990, c. 169
The St. James Scholarship Foundation Incorporation Act
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WHEREAS the persons hereinafter named, by their petition, prayed that St. James Scholarship Foundation should be incorporated to receive donations in trust for educational purposes, to the end that the annual income should be devoted perpetually to those purposes in accordance with certain terms: Reginald F. Wightman, M.L.A.; Thomas B. Findlay, Mayor of The City of St. James; William S. Scott, treasurer; Alfred W. Hanks, editor of the St. James Leader; John S. Hanna, barrister-at-law; C. Pearl L'Ami, social editor; Elinor Wheeler, widow; Fannie Cook, widow; Esther A. Argue, school teacher; Mable Cameron, housewife; and V. Glen Clark, school principal; all of The City of St. James, in the Province of Manitoba;
AND WHEREAS their prayer was granted, and resulted in the enactment of An Act to incorporate St. James Scholarship Foundation, assented to April 9, 1958;
AND WHEREAS the Minister of Justice has caused the Act to be prepared in English and French for re-enactment in accordance with a judgment dated June 13, 1985 and an order dated November 4, 1985 of the Supreme Court of Canada;
THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
St. James Scholarship Foundation (hereinafter referred to as "the foundation") is continued as a corporation.
The foundation shall consist of those persons who were members on the coming into force of this Act and such other persons as may be appointed to be members as herein provided.
Subject to subsection (1), the membership of the foundation shall be 16 persons each of whom shall be appointed by a resolution passed at a regularly held meeting by the affirmative votes of a majority of the remaining members of the foundation, and of whom
(a) one shall be a member of, and represent, the board of trustees of The St. James-Assiniboia School Division No. 2;
(b) one shall be a member of, and represent, the St. James Chamber of Commerce and be nominated by that organization;
(c) two shall be members of, represent, and be nominated by the St. James branch of the Canadian Legion;
(d) four shall each be a member of, and represent, one of the organizations commonly known as "service clubs" and of a branch thereof located in St. James and of those four members,
(i) one shall be a member of, represent, and be nominated by, the Business and Professional Women's Club of Winnipeg,
(ii) one shall be a member of, represent, and be nominated by, the St. James Kiwanis Club,
(iii) one shall be a member of, represent, and be nominated by, the Lions Club,
(iv) one shall be a member of, represent, and be nominated by, the St. James Optimists Club; and
(e) seven shall be citizens of St. James none of whom is a member of any of the bodies and organizations named in clauses (a) to (d).
At any regularly held meeting of the foundation the members present may, subject as herein provided,
(a) appoint suitable persons to fill vacancies in the membership; and
(b) by resolution passed by the affirmative votes of not less than 11 members, remove any member and revoke his membership.
The officers of the foundation shall consist of a president, vice-president, secretary, and treasurer, each of whom shall be appointed by resolution at the first general meeting in each year.
The offices of secretary and treasurer may be held by one and the same person.
An officer of the foundation whose term of office has expired is eligible for re-appointment.
The foundation may, at the end of each fiscal year, use and distribute such portion of the income for that year as the foundation deems proper for such scholarships, bursaries, prizes, or other assistance as will, in the opinion of the members of the foundation, give the greatest encouragement to, and reward for, outstanding merit, scholarship, and character development shown by any public or high school students residing in St. James for at least one year.
For the purpose of effectuating the objects of the foundation,
(a) any income undistributed in any fiscal year as provided in subsection (1) shall be added to the principal of the fund; and
(b) when the principal of the fund exceeds the sum of $50,000., the amount by which it exceeds that sum may be distributed annually as provided in subsection (1).
The foundation may
(a) receive donations of, and hold, control, and administer, property of every kind and description, whether real or personal and wheresoever situated;
(b) if not in contravention of an express term of the donation under which it is received, convert any property at any time or from time to time received or held by the foundation into any other form, and for that purpose sell, dispose of, assign, transfer, lease or exchange it;
(c) pass on and entrust to one or more trust companies the custody and management of all or any portion of the property at any time, or from time to time, received or held by the foundation in such manner, and in such portions, as the foundation deems proper, and enter into agreements with any such companies with regard thereto;
(d) lease any lands at any time held by the foundation.
Subject to any restrictions imposed by a donor to the foundation in respect of funds or other assets received from that donor, the foundation may invest any funds or the proceeds of other assets received by it in
(a) the bonds, debentures, stock, or other evidences of indebtedness of, or guaranteed by,
(i) the Government of Canada, or of any province thereof, or
(ii) the United States of America or a state thereof;
(b) the bonds, debentures, or other evidences of indebtedness
(i) of, or guaranteed by, a municipal corporation in Canada or of a school corporation in Canada, or
(ii) secured by rates or taxes levied under the authority of the legislature of a province of Canada on property situated in that province and collectible by the municipalities in which the property is situated;
(c) the bonds or debentures of a corporation that are secured by the assignment to a trust corporation in Canada of an annual payment that the Government of Canada or any province thereof has agreed to make, if that annual payment is sufficient to meet the interest falling due on the bonds or debentures maturing for payment, in the year in which the annual payment is made;
(d) the bonds or debentures issued by a charitable, educational, or philanthropic corporation if annual subsidies, sufficient to meet the interest as it falls due on the bonds or debentures on maturity, are by virtue of a general or private Act of the legislature of a province of Canada heretofore passed, payable by or under the authority of the government of the province to a trust corporation as trustee for the holders of the bonds or debentures;
(e) the bonds or debentures, or other evidences of indebtedness of a corporation that are fully secured by a statutory charge upon real estate, or upon the plant or equipment of the corporation used in the transaction of its business, if interest in full has been paid regularly for a period of at least 10 years immediately preceding the date of investment of such bonds, debentures, or other evidences of indebtedness upon the securities of that class of the corporation then outstanding; or
(f) the preferred shares of a corporation that has paid
(i) a dividend in each of the five years immediately preceding the date of investment at a rate at least equal to the specified annual rate upon all of its preferred shares, or
(ii) a dividend in each year of a period of five years ended less than one year before the date of investment upon its common shares of an amount equal to at least 4% of the average value at which the shares were carried in the capital stock account of the corporation during the year in which the dividend was paid.
The foundation shall not invest any funds in bonds, debentures, or other evidences of indebtedness on which payment of principal or interest is in default.
Nothing herein exempts the foundation from the provisions of any other Act of the Legislature; and in particular, and without restricting the generality of the foregoing, all the provisions of The Corporations Act that by that Act are made applicable to the foundation apply to it as there in stated.
NOTE: This Act replaces S.M. 1958 (1st sess.), c. 112.