Assented to 1997-04-25
An Act to implement certain provisions of the budget tabled in Parliament on February 18, 1997
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
Marginal note:Short title
PART ICanada Foundation for Innovation
2 The definitions in this section apply in this Part.
auditor means the auditor for the foundation appointed under section 26. (vérificateur)
board means the board of directors of the foundation. (conseil)
Chairperson means the Chairperson of the board appointed under subsection 9(2). (président)
director means a person who is on the board and includes the Chairperson. (administrateur)
- eligible project
eligible project means
(a) a project carried on, or to be carried on, by an eligible recipient for the modernization, acquisition, development, operation or maintenance of research infrastructure by the recipient in Canada; or
(b) the purchasing by an eligible recipient of access to a world-leading research facility located outside Canada or to a major international collaborative research project, including the purchasing of such access by means of a contribution toward a portion of capital costs. (travaux admissibles)
- eligible recipient
eligible recipient means
(a) a hospital, university or post-secondary college or educational institution that is situated in Canada and that carries on, or in the opinion of a majority of the directors is capable of carrying on, meaningful research; or
(b) a non-profit organization or a trust the activities of which are primarily carried on in Canada and that carries on, or in the opinion of a majority of the directors is capable of carrying on, meaningful research. (bénéficiaire admissible)
- employee or agent of Her Majesty in right of a province
employee or agent of Her Majesty in right of a province does not include an employee or agent of Her Majesty in right of a province whose duties and functions as such an employee or agent are restricted to work in a university, a college or other educational institution or a hospital. (employé ou mandataire de Sa Majesté du chef d’une province)
- fiscal year
fiscal year means the fiscal year of the foundation as determined in accordance with its by-laws. (exercice)
foundation means the Canada Foundation for Innovation established by section 3. (fondation)
member means a person who is a member of the foundation. (membre)
Minister means the Minister of Industry. (ministre)
- non-profit organization
non-profit organization means a corporation, society, association, organization or body no part of whose income is payable to or otherwise available for the personal benefit of any of its proprietors, members or shareholders. (organisation sans but lucratif)
research means the attempt by careful scientific or technical enquiry, experimentation, study, observation, analysis and recording to discover new facts, knowledge and information, to develop new interpretations of facts, knowledge or information, or to discover new means of applying existing knowledge, relating to
- research infrastructure
research infrastructure means equipment, specimens, scientific collections, computer software, information databases, communications linkages and other intangible property used or to be used primarily for carrying on research, including housing and installations essential for the use and servicing of those things. (infrastructure de recherche)
- special resolution
special resolution of the members means a resolution passed by a majority of not less than two thirds of the votes cast by the members who voted on the resolution at a meeting of the members or signed by all the members entitled to vote on the resolution. (résolution extraordinaire)
- 1997, c. 26, s. 2;
- 2001, c. 11, s. 1.
Establishment of Foundation
Marginal note:Foundation incorporated
3 A corporation without share capital is established to be called the Canada Foundation for Innovation consisting of the members of the foundation and the directors.
Marginal note:Foundation not agent of Her Majesty
4 The foundation is not an agent of Her Majesty.
Marginal note:Objects and purposes of foundation
5 The objects and purposes of the foundation are to make grants to eligible recipients for eligible projects to increase Canada’s capability of carrying on high quality research.
- 1997, c. 26, s. 5;
- 2001, c. 11, s. 2.
6 For the purposes of carrying out its objects and purposes, the foundation has the capacity and, subject to this Part, the rights, powers and privileges of a natural person.
Marginal note:Head office
Marginal note:Acts not applicable to foundation
Marginal note:Canada Business Corporations Act
(2) The following provisions of the Canada Business Corporations Act apply, with such modifications as the circumstances require, to the foundation and its directors, members, officers and employees as if the foundation were a corporation incorporated under that Act, this Part were its articles of incorporation and its members were its shareholders:
(a) section 16 (by-law not required to confer powers on foundation, restriction on powers of foundation, and validity of acts of foundation);
(b) subsection 21(1) (access to foundation’s records by members and creditors);
(c) section 23 (corporate seal not needed to validate instrument);
(d) subsections 103(1) to (4) (powers of directors to make and amend by-laws, members’ approval of by-laws and effective date of by-laws);
(e) subsection 105(1) (qualifications of directors);
(f) subsection 108(2) (resignation of director);
(g) section 110 (right of director to attend members’ meeting and statements by retiring directors);
(h) subsections 114(1) and (2) (place of directors’ meetings and quorum);
(i) section 116 (validity of acts of directors and officers);
(j) section 117 (validity of directors’ resolutions not passed at meeting);
(k) section 120 (conflict of director’s interests);
(l) subsection 122(1) (duty of care of directors and officers);
(m) section 123 (directors’ dissents);
(n) subsections 124(1) to (6) (indemnification of directors and insurance for director’s liability);
(o) section 155 (financial statements);
(p) section 158 (approval of financial statements by directors);
(q) section 159 (sending financial statements to members before annual meeting and penalty for failure);
(r) section 161 (qualifications of auditor);
(s) section 168 (rights and duties of auditor);
(t) section 169 (examinations by auditor);
(u) section 170 (right of auditor to information);
(v) subsections 171(3) to (9) (duty and administration of audit committee and penalty for failure to comply);
(w) section 172 (qualified privilege in defamation for auditor’s statements); and
(x) subsections 257(1) and (2) (certificates of foundation as evidence).
Marginal note:Description with cross-references
(3) The descriptive words in parentheses that follow the reference to a provision of the Canada Business Corporations Act in subsection (2) form no part of that subsection but are inserted for convenience of reference only.
- 1997, c. 26, s. 8;
- 2001, c. 14, s. 235;
- 2009, c. 23, s. 307.
- Date modified: