|This is an unofficial archived version of The Minnedosa Foundation Incorporation Act|
as enacted by SM 1990-91, c. 1 on November 14, 1990.
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R.S.M. 1990, c. 109
The Minnedosa Foundation Incorporation Act
|Table of Contents|
WHEREAS it was desirable to create a perpetual body to receive donations of property real and personal in trust for charitable purposes, and to pass on to responsible trustees specially selected for that purpose, the title, management and control of the property so donated to the end that the net annual income should be devoted perpetually to charitable purposes in accordance with the directions of an advisory board whose members should give their services gratuitously and should be chosen periodically from men and women evincing an interest in the welfare of the community;
AND WHEREAS certain persons, by their petition, prayed that The Minnedosa Foundation should be incorporated;
AND WHEREAS their prayer was granted, and resulted in the enactment of An Act to Incorporate The Minnedosa Foundation, assented to June 10, 1974;
AND WHEREAS the Minnedosa Foundation was originally composed of Hazel Vellam, Housewife, James Hubert Chipperfield, Merchant, and Edward James Taylor, Retired Farmer, all of the Town of Minnedosa, in the Province of Manitoba;
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:
The Minnedosa Foundation (hereinafter referred to as "the corporation") is continued as a corporation.
The corporation shall be composed of the members for the time being of the Advisory Board, provision for whose appointment is hereinafter made.
The corporation is hereby empowered to receive donations of property of every kind and description wheresoever situate and made by transfer, deed, will, assignment or otherwise and may become effective forthwith or at any future time.
From the time such donations become effective, the property so donated shall be deemed to be vested in the trust company appointed by the corporation as trustee under the title "Trustee for The Minnedosa Foundation," and in the case of each change of trustee as hereinafter provided the property shall pass from trustee to trustee and shall vest in the trustee for the time being under the said title, during its continuance in office, without any transfer, conveyance or assignment whatsoever.
The corporation shall, so soon as practicable after a donation has become operative, appoint a trust company as trustee for The Minnedosa Foundation, the intention being that the corporation shall merely be a conduit for the purpose of transferring the property included in such donation, to a trustee appointed by the corporation.
The corporation by unanimous vote may revoke the appointment of a trustee and appoint another trust company as a new trustee.
In appointing a trustee, any directions in writing given by a donor of property shall be given effect to.
Every trust company during its continuance in office as trustee for the corporation shall
(a) have the custody of and manage and deal with all property entrusted to it by the corporation, and make all investments, re-investments, conversions, sales or dispositions thereof which may at any time or from time to time appear necessary or desirable, but no trust company shall make any investments or re-investments other than those in which a trustee or trust company may invest trust moneys under the laws of the province, or in which life insurance companies are permitted to invest their funds under the Canadian and British Insurance Companies Act (Canada);
(b) observe, carry out, perform and give effect to all terms, provisions and conditions which may in any instance be attached to the donation of any property by the donor thereof and expressed in the instrument creating the trust;
(c) give effect to and observe all directions with regard to any property entrusted to it by the corporation under the provisions of this Act, which may at any time or from time to time be given in writing by the Advisory Board, if the directions do not contravene any of the provisions of this Act or are not inconsistent with any of the terms, or conditions attached to a donation of property to the corporation;
(d) distribute from the moneys in its possession such sums and in such manner as the Advisory Board may from time to time by resolution direct;
(e) pay all such accounts and expenses of the corporation as the Advisory Board shall direct in writing.
The Advisory Board shall consist of three residents of The Town of Minnedosa, who shall be appointed by the Council of The Town of Minnedosa or by a majority of them in meeting duly assembled and any member of the Council is eligible for appointment as member of the Advisory Board.
The corporation may by by-law provide that the terms of office of the members of the Advisory Board may vary so long as no term of a member shall be less than two years, the intention being to give proper power if thought advisable to insure that there shall at all times be at least one member of the Advisory Board familiar with its policy.
If no by-law under subsection (2) is passed the term of office of the members of the Advisory Board shall be two years.
Vacancies, however created shall be filled for the unexpired term by the Council of the Town of Minnedosa.
The Advisory Board may, at the end of each year, use and distribute such portion of the income of the corporation for that year as the Board deems proper for
(a) providing care for needy men, women, and children, and in particular for the sick, aged, destitute, and helpless;
(b) the betterment of under-privileged or delinquent persons;
(c) promoting educational advancement or scientific research for the increase of human knowledge and the alleviation of human suffering;
(d) any other charitable, educational, or cultural purpose, that in the opinion of the Board, makes for the mental, moral and physical improvement of the inhabitants of the Town of Minnedosa as now or hereinafter constituted.
The corporation, if so directed by the donor of property in an instrument creating a trust or effectuating a gift to it, may administer the capital thereof, and distribute the income therefrom, for any purpose within the scope of the corporation.
In the absence of any direction by the donor, all donations to the corporation shall be invested and the net income therefrom devoted in perpetuity to charitable purposes as herein provided.
For the purposes of effectuating the objects of the corporation a portion of the income of the corporation in each year may be used for the assistance of such institutions, organizations, agencies, and bodies, as may be engaged in the promotion or advancement of the objects of the corporation or any of them; and the Advisory Board may determine what institutions, organizations, agencies, or bodies, (whether or not the same are within the limits of the Town of Minnedosa) are to benefit by that assistance in each year, and to what extent.
Subject to subsection (6), all powers, authority, and discretion, that under this section are exercisable by the Advisory Board, may be exercised by a majority of the members of the Board present at any duly constituted meeting thereof.
The Board shall, in deciding the manner in which the income of the corporation shall be used or applied, respect and be governed by any particular wish that may be expressed by any donor of property in the instrument creating the trust of effectuating any gift to the corporation.
If, in the course of time and after the death of a donor, or if the donor be a corporation, after the dissolution thereof, conditions arise whereby, in the opinion of the Advisory Board the departure from such wish would further the true intent and purpose of this Act, the Board may, in its absolute discretion, make such a departure to the extent necessary to further that true intent and purpose.
By a resolution approved by all the members of the Advisory Board, part of the principal constituting the trust estate may be withdrawn and disbursed from time to time for any purpose within the scope of the corporation; but no more than 10% of the entire amount held as principal at the time of any withdrawal shall be so withdrawn, and no subsequent withdrawal shall take place till the amount of the principal is at least equal to the amount thereof at the time of the last previous withdrawal.
A trust company in order to be appointed as trustee under this Act shall at the time of its appointment as trustee be authorized to act as a trustee, executor or administrator under the laws of Manitoba.
The corporation shall cause an audit to be made at least once in every fiscal year by an independent auditor of the receipts and disbursements of each separate donation, and shall cause to be published in a newspaper published in and having general circulation in the Town of Minnedosa, a certified statement by such auditor showing in detail the investments made of all funds donated to and vested in trustees for the corporation, the amount of income received during the preceding fiscal year, and the purpose of which the income had been used, and a classified statement of the expenses of the trustees and of the Advisory Board.
The statement shall also show the amount of property which donors have set apart for the benefit of the corporation to become effective in the future and the names of such donors.
The trustees shall give full information to the auditor and permit any necessary inspection to facilitate the making of the audit.
The corporation may pass by-laws regulating the carrying out of such duties as are by this Act assigned to it or the Advisory Board including the fixing of the fiscal year, the time or times of distribution and audit and of the publication thereof; the term of office of the members of the Advisory Board; the appointment of the chairman of the Board and such other matters as may be deemed advisable for the convenient and efficient carrying out of the objects of the Act.
Any form of words shall be sufficient to constitute a donation for the purposes of this Act so long as the donor indicates an intention to contribute presently or prospectively to a fund or foundation of the general character indicated in this Act.
The Act is to be construed liberally and in furtherance of the idea that the courts of Manitoba will assist in making effective gifts for charitable purposes, and will in case of any failure on the part of the corporation or of those entrusted with the powers of appointing the Advisory Board, or otherwise howsoever, do what is necessary to carry out the true intent and purpose of this Act.
Where property has been donated to the corporation and the donor is desirous that a part of the income derivable therefrom shall be distributed for charitable purposes for the benefit of citizens of other municipalities and so indicates in the instrument creating the trust, the Board may accept and exercise the trust in respect of the distribution of such part as fully and effectually as in respect of the remainder.
Where a donation has been made to the corporation in trust, of any property to take effect in the future, the Board may accept and exercise any powers of appointment, settlement or distribution with respect to the income in whole or in part derivable from such property in the interim, and may also nominate executors and trustees in the manner provided in the instrument creating the trust.
NOTE: This Act replaces S.M. 1974, c. 79.