An Act to Amend An Act to Incorporate the Saint John Foundation
WHEREAS The Saint John Foundation prays that it be enacted as hereinafter set forth;
THEREFORE, Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
1 The title of An Act to Incorporate the Saint John Foundation, chapter 70 of the Acts of New Brunswick, 1976, is repealed and the following is substituted:
An Act to Incorporate
The Greater Saint John Community Foundation
2 Section 1 of the Act is amended by striking out "The Saint John Foundation Act" and substituting "The Greater Saint John Community Foundation Act".
3 Section 2 of the Act is repealed and the following is substituted:
2(1) There is hereby created a corporation (hereinafter called the "Foundation") which shall be a body politic and corporate, without share capital, under the name of "The Greater Saint John Community Foundation".
2(2) A reference in any document or instrument to "The Saint John Foundation" shall be deemed to be a reference to the Foundation.
4 Section 4 of the Act is amended
(a) by renumbering the section as subsection 4(1);
(b) by adding after subsection (1) the following:
4(2) The Board may from time to time by by-law establish honourary, associate or other similar categories of membership in the Foundation, which categories shall only have such privileges, responsibilities and obligations as from time to time established by the Board.
5 Subsection 7(2) of the Act is repealed and the following is substituted:
7(2) Subject to any specific direction by a donor or The Court of Queen's Bench of New Brunswick, the Board shall invest and reinvest its funds in such investments, including mutual funds, as to the Board shall from time to time seem fit and prudent.
6 Section 9 of the Act is repealed and the following is substituted:
9 The Board may from time to time appoint one or more banks, trust companies, investments dealer, or other companies, authorized to act as a trustee or custodian in one or more provinces in Canada as custodian of all or any of the property and assets of the Foundation, and any reference in this Act to a trust company includes any such custodian.
7 Section 11 of the Act is repealed.
8 Section 13 of the Act is amended by striking out "at the end of each fiscal year" and substituting "from time to time during each fiscal year".
9 Section 16 of the Act is repealed an the following is substituted:
16(1) The Foundation may establish one or more common trust funds (each hereinafter called a "Common Fund") in which property received by the Foundation under bequests, devises and donations is combined for the purpose of facilitating investment.
16(2) The Board may, by resolution passed by a majority of the Board, make regulations from time to time concerning
(a) the operation, management and investment of a Common Fund;
(b) the method of valuation of investments in a Common Fund and the date or dates upon which the valuation may be made;
(c) the distribution of the income of a Common Fund; and
(d) the property that may be included in a Common Fund.
16(3) A direction in writing by a donor that property included in a donation, bequest or devise shall not be included in a Common Fund is binding on the Foundation.
10 Section 19 of the Act is repealed and the following is substituted:
19(1) The Board shall consist of a minimum of twelve and a maximum of sixteen members as follows:-
(a) the Mayor of the City of Saint John for the time being by virtue of his Office;
(b) until the 31st day of December, 2001, two persons appointed by the Saint John Law Society;
(c) until the 31st day of December, 2002, a person appointed by the United Way of Greater Saint John Inc.;
(d) until the 31st day of December, 2002, a person appointed by the Saint John District Labour Council;
(e) until the 31st day of December, 2003, a person appointed by the Saint John Medical Society;
(f) until the 31st day of December, 2003, a person appointed by the Board of Trade of the City of Saint John;
(g) until the 31st day of December, 2004, a person appointed by the Council of the New Brunswick Institute of Chartered Accountants;
(h) until the 31st day of December, 2004, a person appointed by the Greater Saint John representatives on the New Brunswick Council of The Investment Dealers Association of Canada; and
(i) a minimum of three and a maximum of seven members-at-large appointed by the incumbent members of the Board from time to time for initial terms not exceeding four years in duration.
19(2) Notwithstanding any vacancy on the Board for any reason, the members of the Board from time to time properly holding office may exercise all the powers of the Board provided such members constitute a quorum.
11 Section 21 of the Act is amended by striking out "twenty-one years old" and substituting "the age of majority".
12 Section 24 of the Act is amended
(a) by renumbering the section as subsection 24(1);
(b) by adding after subsection (1) the following:
24(2) No member may serve more than three consecutive terms of four years each provided, however, that any initial term of less than four years or time served by a member in filling a vacancy for the unexpired term of a member shall not be taken into account.
13 Section 35 of the Act is amended by striking out "fifty miles" and substituting "fifty kilometres".
14 The Act is amended by adding after section 36 the following:
37 For purposes of this Act, "income" shall be deemed to include realized capital gains.