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

Financial Matters and Audits

Marginal note:Books of account

• 25 (1) 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

  (2) The books of account and other records of the foundation shall be maintained in such a way that they will show that the assets of the foundation are properly protected and controlled and that its business and affairs are carried on in compliance with this Part and the regulations, 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, grants from the foundation in respect of eligible projects, the nature and extent of the projects and the amount of the grants.

Marginal note:Auditor

• 26 (1) The members, at their first meeting in each fiscal year, 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 and the officers of the foundation; or

  • (b) a firm of accountants at least one of the members or employees of which who are jointly designated by the board and the firm to conduct on behalf of the firm the audit of the books and records of the foundation meet the qualifications set out in paragraph (a).

• Marginal note:Continuation of auditor

  (3) If an auditor is not appointed at the first meeting of the members in a 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 of the members remove an auditor from office.

• Marginal note:Ceasing to hold office

  (5) An auditor ceases to hold office when the auditor

  • (a) dies;

  • (b) resigns; or

  • (c) is removed from office under subsection (4).

• Marginal note:Replacement

  (6) The members, at a meeting of the members, may appoint an auditor to fill any vacancy in the office of the auditor, but if the members fail to fill the vacancy at a 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.

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.

Reports and Consideration of Reports

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.

Winding Up

Marginal note:Property to be divided

• 31 (1) If the foundation is wound up or dissolved, all its property remaining after all its debts and obligations have been satisfied shall be liquidated and the moneys arising from that liquidation shall be distributed among all the eligible recipients that have received grants from the foundation and that are, as of the day the distribution begins, still carrying on research, to be used by them for the purpose of that research, in such a way that each such recipient receives an amount that is the same proportion of those moneys that the total grants received by that recipient from the foundation is of the total of all grants that have been made by the foundation to all such eligible recipients.

• Marginal note:Repayment out of remaining property

  (2) Despite subsection (1), 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.

General

Marginal note:Both official languages to be used

32 The foundation shall offer its services in both official languages.

Marginal note:By-law relating to conflict of interest

33 The foundation shall include in its by-laws provisions that

• (a) entitle an eligible recipient that has made an application for a grant from the foundation to request the board to make a ruling as to the possible conflict of interest of a director in the consideration or disposal of the application; and

• (b) establishing procedures to be followed by the board in responding to the request and giving the ruling.

Marginal note:Regulations

34 The Governor in Council may make regulations respecting the maximum remuneration payable to the directors.

PART IICowichan Tribes Tobacco Tax

Marginal note:Definitions

35 The definitions in this section apply in this Part.

British Columbia

British Columbia means Her Majesty in right of British Columbia. (Colombie-Britannique)

consumer

consumer means an Indian or any band, within the meaning of the Indian Act, who acquires tobacco on a reserve for the use or consumption of the Indian or the band, or for the use or consumption by others at the expense of the Indian or the band, or on behalf of, or as the agent for, a principal who desires to acquire the tobacco for use or consumption by the Indian or the band or other persons at the expense of that Indian or that band. (consommateur)

council

council, in relation to the Cowichan Tribes, has the same meaning as the expression council of the band in subsection 2(1) of the Indian Act. (conseil)

Cowichan Tribes

Cowichan Tribes means the Cowichan Band of Indians referred to in Order in Council P.C. 1973-3571. (tribus Cowichan)

direct

direct has the same meaning, for the purpose of distinguishing between a direct and an indirect tax, as in class 2 of section 92 of the Constitution Act, 1867. (directe)

direct tax

direct tax[Repealed, 1998, c. 21, s. 63]

Minister

Minister means the Minister of Finance. (ministre)

reserve

reserve means the reserves, within the meaning of subsection 2(1) of the Indian Act, set apart by Her Majesty for the use and benefit of the Cowichan Tribes. (réserve)

tobacco

tobacco means tobacco and tobacco products in any form in which they may be consumed by a consumer, and includes snuff and raw leaf tobacco. (tabac)

Marginal note:Tax

• 36 (1) Notwithstanding section 87 of the Indian Act or any other Act of Parliament or any Act of the legislature of a province, the council may make a by-law imposing a direct tax on consumers of tobacco, at a rate prescribed in the by-law.

• Marginal note:Application of section 87 of the Indian Act

  (2) For greater certainty, except with respect to a tax imposed by a by-law made under subsection (1), nothing in that subsection affects the application of section 87 of the Indian Act.

• Marginal note:Indian moneys

  (3) Moneys raised pursuant to a tax referred to in subsection (1) are not Indian moneys within the meaning of subsection 2(1) of the Indian Act.

• Marginal note:Expenditures

  (4) Expenditures made out of moneys raised pursuant to a tax referred to in subsection (1) must be made under the authority of a resolution approved by a majority of the councillors of the Cowichan Tribes present at a meeting of the council duly convened.

• Marginal note:By-law

  (5) A by-law made under subsection (1)

  • (a) shall be valid only if approved by a majority of the councillors of the Cowichan Tribes present at a meeting of the council duly convened;

  • (b) shall not come into force before it is approved by the Minister;

  • (c) shall, except where an agreement has been entered into pursuant to subsection 39(1),

    • (i) provide the method of calculating the tax,

    • (ii) set out the rate at which the tax is imposed,

    • (iii) provide for the time and manner in which the tax that is required to be collected by the vendor of the tobacco is to be remitted to the council, and

    • (iv) provide for the form of, and the information to be contained in, the books and records to be kept pursuant to subsection 38(1);

  • (d) shall, where an agreement has been entered into pursuant to subsection 39(1), provide that the rate of tax is the rate provided for in the Tobacco Tax Act, R.S.B.C. 1979, c. 404, as amended from time to time;

  • (e) may apply to one or more kinds of tobacco and may provide for different rates for different kinds of tobacco;

  • (f) may be made with respect to any matter arising out of or ancillary to the exercise of powers under this section; and

  • (g) is not subject to the Statutory Instruments Act.