1991, c. 8 university foundations 3
MAY 26, 2020
(6) Each member of a foundation shall be reimbursed for reasona-
ble expenses necessarily incurred by the member in connection with the work of the
foundation.
1991, c. 8, s. 5.
Chairman
6 The Governor in Council shall designate a member of each founda-
tion to be chairman of the foundation.
1991, c. 8, s. 6.
Powers of foundation
7 Subject to this Act, a foundation has the capacity, rights, powers and
privileges of a natural person, and, without restricting the generality of the forego-
ing, may
(a) receive by gift, bequest, devise, grant or otherwise property,
including money;
(b) make by-laws for the more effective management of its
affairs;
(c) borrow money and secure the repayment of money or the pay-
ment or performance of an obligation by a mortgage of all or any part of its
property;
(d) subject to a contrary intent expressed in a gift, bequest, devise
or trust, make any investments that a prudent person would make, notwith-
standing the Trustee Act;
(e) employ such officers and employees as are necessary or desir-
able in attaining its objects and exercising its powers;
(f) engage, upon such terms and conditions, including remunera-
tion, as the foundation deems fit, the services of such professional persons,
technical persons and experts as are necessary or desirable in attaining its
objects and exercising its powers.
1991, c. 8, s. 7.
Use of funds, property and capital
8(1)A designated university may determine the manner in which
the funds and property available in each year shall be used and distributed for the
benefit of the designated university and its programs, faculty and students and is, in
so determining, governed by the provisions of any devise, bequest or trust or any
conditions to which a transfer is made pursuant to this Act.
(2) A designated university may transfer to the foundation estab-
lished for that designated university some or all of the accumulated capital of the
designated university that is available for investment, whether the capital is benefi-
cially owned by the designated university or is held in trust for the designated uni-
versity as the university may direct, and, on being transferred, vests in the
foundation subject to such conditions as the university may specify at the time of
the transfer.
(3) Where capital that is transferred pursuant to subsection (2)
arose from a gift, devise or bequest to the designated university, the foundation
established for the university is subject to any conditions in the gift, devise or
bequest to the same extent as the designated university.