Marginal note:Investment policies

33.1 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.

Marginal note:Investments

• 33.2 (1) Subject to any conditions of a grant, contribution or donation restricting the investment of money, 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 may not, without the prior written authorization of the Minister, cause any corporation to be incorporated or participate in the incorporation of a corporation or become a partner in a partnership.

Meaning of “eligible recipient”

• 34. (1) In this section, “eligible recipient” means an entity that

  • (a) is established in Canada;

  • (b) meets the criteria of eligibility established by the Foundation in accordance with any agreement entered into between Her Majesty in right of Canada and the Foundation for the provision of funding by Her Majesty in right of Canada to the Foundation; and

  • (c) has legal capacity or is composed of organizations each of which has legal capacity.

• Marginal note:Property to be divided

  (2) If the Foundation is wound up or dissolved

  • (a) its property remaining after its debts and obligations have been satisfied shall be liquidated;

  • (b) the moneys arising from the liquidation shall be distributed among all the eligible recipients that have received funding from the Foundation and that are, as of the day the distribution begins, carrying on projects that are consistent with the purpose of the Foundation, to be used by them for those or any other projects that are so consistent; and

  • (c) each of those eligible recipients shall receive an amount that is the same proportion of the moneys arising from the liquidation as the total funding received by that eligible recipient from the Foundation is of the total of all funding that has been provided by the Foundation to all of those eligible recipients.

• Marginal note:Repayment out of remaining property

  (3) Despite subsection (2), the Minister may require the Foundation to repay, out of the moneys arising from the liquidation, to the Receiver General for credit to the Consolidated Revenue Fund any amount that is so repayable under the terms or conditions on which public moneys were provided to the Foundation.