FINANCIAL MATTERS AND AUDIT
Marginal note:Operating and capital budgets
25. (1) The board shall cause an operating budget and a capital budget to be prepared for each fiscal year of the Foundation and shall submit those budgets to the members for consideration at the annual meeting of members.
Marginal note:Books of account
(2) The board shall cause books of account and other records to be kept and shall establish financial and management controls, information systems and management practices that will ensure that the business and affairs of the Foundation are carried on, and the financial, human and physical resources of the Foundation are managed effectively, efficiently and economically.
Marginal note:Information systems
(3) The books of account and other records of the Foundation shall be maintained in a way that will ensure that the assets of the Foundation are properly protected and controlled and that its business and affairs are carried on in compliance with this Act and, in particular, in such a way that they will show
(a) descriptions and book values of all investments of the Foundation; and
(b) the eligible recipients who have received, or are about to receive, funding from the Foundation in respect of eligible projects, the nature and extent of the projects and the amount of the funding.
26. (1) At the first meeting of the members, and in any subsequent fiscal year at the annual meeting, the members shall appoint an auditor for the Foundation for the fiscal year and fix, or authorize the board to fix, the auditor’s remuneration.
Marginal note:Qualifications of auditor
(2) The auditor shall be
(a) a natural person who
(i) is a member in good standing of an institute or association of accountants incorporated by or under an Act of the legislature of a province,
(ii) has at least five years experience at a senior level in carrying out audits,
(iii) is ordinarily resident in Canada, and
(iv) is independent of the board, the directors, the members and the officers of the Foundation; or
(b) a firm of accountants of which the member or employee jointly designated by the board and the firm to conduct the audit of the books and records of the Foundation on behalf of the firm meets the qualifications set out in paragraph (a).
Marginal note:Continuation of auditor
(3) If an auditor is not appointed at the annual general meeting in any fiscal year, the auditor for the preceding fiscal year continues in office until a successor is appointed.
Marginal note:Removal of auditor
(4) The members may by a special resolution remove an auditor from office.
Marginal note:Ceasing to hold office
(5) An auditor ceases to hold office when the auditor
(c) is removed from office under subsection (4); or
(d) no longer meets the requirements under subsection (2).
(6) The members may, at a meeting of the members, appoint an auditor to fill any vacancy in the office of the auditor but, if the members fail to fill the vacancy at that meeting or if no meeting of the members is convened without delay after the vacancy occurs, the board may appoint an auditor.
Marginal note:Unexpired term
(7) An auditor appointed to fill a vacancy in the office holds office for the unexpired term of the predecessor in the office.
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