Budget Implementation Act, 1997 (S.C. 1997, c. 26)

Marginal note:Auditor’s report

• 27. (1) The auditor for a fiscal year shall, as soon as possible after the end of the fiscal year, complete the audit of the books and records of the foundation and submit a report of the audit to the members.

• Marginal note:Consideration of report

  (2) A meeting of the members shall be convened to consider the report of the auditor for a fiscal year and at the meeting the members shall by resolution receive the report.

Marginal note:Audit committee

• 28. (1) The board shall appoint an audit committee consisting of not fewer than three directors and fix the duties and functions of the committee.

• Marginal note:Internal audit

  (2) In addition to any other duties and functions it is required to perform, the audit committee shall cause internal audits to be conducted to ensure compliance by the officers and employees of the foundation with management and information systems and controls established by the board.

Marginal note:Annual reports

• 29. (1) The foundation shall, within three months after the end of each fiscal year, prepare an annual report in both official languages of its activities during the year and include in the report

  • (a) its financial statement for the year as approved by the board;

  • (b) its balance sheet as at the end of the year including a detailed statement of its investment portfolio as at the end of the year; and

  • (c) the report of the auditor for the year in respect of the audit of the books and records of the foundation for the year, the auditor’s certificates respecting the financial statement and balance sheet and any other reports of the auditor respecting the financial circumstances of the foundation in the year.

• Marginal note:Consideration of report by members

  (2) Before the annual report of the foundation for a fiscal year is distributed to the public, it shall be approved by the board and by the members at a meeting of the members.

• Marginal note:Distribution of report

  (3) After the annual report of the foundation for a fiscal year is approved as required under subsection (2), the report shall be made public in accordance with the by-laws of the foundation and a copy shall be sent to the Minister, who shall cause a copy of the report to be laid before each House of Parliament on any of the first fifteen days on which that House is sitting after the Minister receives it.

Marginal note:Public meeting

• 30. (1) After it publishes its annual report for a fiscal year, the foundation shall convene a public meeting at a city in Canada selected by the board to consider the report and other matters relating to its activities during the year.

• Marginal note:Notice of meeting

  (2) At least thirty days before the date of a meeting convened under subsection (1) to consider the foundation’s annual report for a fiscal year, the foundation shall give notice of the time and place of the meeting in accordance with the by-laws of the foundation.