Marginal note:Donations to Foundation
20. (1) Subject to subsection (3), the Foundation may accept conditional or unconditional donations of money.
Marginal note:Use of donations
(2) All money donated to the Foundation, and any income arising from the investment of that money, shall be used by the Foundation in carrying out its objects and purposes in accordance with the terms and conditions of any agreement for provision of funding entered into between a donor and the Foundation.
Marginal note:Conditional donations
(3) The Foundation shall not accept a donation of money that is made on the condition that the Foundation use the money or any income arising from the investment of the money for any purpose that is not within the objects and purposes of the Foundation.
(4) Subsection (3) does not apply if the conditions of a donation of money merely restrict or direct the manner of investing the money until it can be used to provide funding to eligible recipients for eligible projects.
Marginal note:Investment policies
21. The board shall establish investment policies, standards and procedures that a reasonably prudent person would apply in respect of a portfolio of investments to avoid undue risk of loss and obtain a reasonable return, having regard to the Foundation’s obligations and anticipated obligations.
22. (1) Subject to any conditions of a donation restricting the investment of money donated until it can be used to provide funding to eligible recipients for eligible projects, the Foundation shall invest its funds, and reinvest any income from those funds, in accordance with the investment policies, standards and procedures established by the board.
Marginal note:Incorporation of other corporations
(2) The Foundation shall not cause any corporation to be incorporated or participate in the incorporation of a corporation or become a partner in a partnership.
Marginal note:Control of corporation
(3) Except for the investment of its funds, the Foundation shall not carry on any business for gain or profit and shall not hold or acquire any interest in any corporation or enterprise.
Marginal note:Borrowing prohibited
23. (1) The Foundation shall not borrow money, issue any debt obligations or securities, give any guarantees to secure a debt or other obligation of another person or mortgage, pledge or otherwise encumber property of the Foundation.
Marginal note:Real property or immovables
(2) The Foundation shall not purchase or accept a donation of real property or immovables.
Marginal note:Delegation by board
24. (1) Subject to subsection (2), the board may delegate to the Chairperson, a committee of directors or an officer of the Foundation any of the powers or rights of the board.
Marginal note:Restrictions on delegation
(2) The board shall not delegate any power or right of the board
(a) to enact, amend or repeal by-laws;
(b) to authorize the provision of funding to eligible recipients for eligible projects;
(c) to appoint directors to, or fill vacancies on, a committee of the board;
(d) to appoint officers of the Foundation or fix their remuneration;
(e) to accept donations;
(f) to approve the annual financial statements or reports of the Foundation; or
(g) to submit to the members any matter requiring the approval of the members.
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