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Canada Council for the Arts Act (R.S.C., 1985, c. C-2)

Act current to 2020-05-04 and last amended on 2009-03-12. Previous Versions

Financial Provisions (continued)

 [Repealed, 1995, c. 29, s. 9]

Marginal note:Property and investments

  •  (1) The Council may, for the purposes of this Act, acquire, hold, manage and dispose of real, personal, movable and immovable property and, subject to this Act and on the advice of the Investment Committee, may invest in any manner it sees fit any money standing to the credit of the Endowment Fund or the University Capital Grants Fund or received by the Council by gift, bequest or otherwise, and may hold, manage and dispose of the investment.

  • Marginal note:Proceeds of disposal of investments

    (2) The proceeds of the sale or other disposition of any investment made out of the Endowment Fund or the University Capital Grants Fund shall be credited to the fund out of which the investment was made.

  • R.S., 1985, c. C-2, s. 17
  • 2001, c. 4, s. 65
  • 2004, c. 25, s. 104(F)

Marginal note:Donations

 The Council may acquire money, securities or other property by gift or bequest or otherwise and may, notwithstanding anything in this Act, expend, administer or dispose of any such money, securities or other property not forming part of the Endowment Fund or the University Capital Grants Fund, subject to the terms, if any, on which the money, securities or other property was given, bequeathed or otherwise made available to the Council.

  • R.S., 1985, c. C-2, s. 18
  • 2001, c. 4, s. 66(F)
  • 2004, c. 25, s. 105(F)

Marginal note:Council deemed registered charity

 The Council shall, for the purposes of the Income Tax Act, be deemed to be a registered charity within the meaning of that expression for the purposes of that Act.

  • R.S., 1985, c. C-2, s. 19
  • 1999, c. 31, s. 246(F)

Audit

Marginal note:Audit

 The accounts and financial transactions of the Council shall be audited annually by the Auditor General of Canada and a report of the audit shall be made to the Council and to the member of the Queen’s Privy Council for Canada designated under subsection 21(1).

  • R.S., c. C-2, s. 22

Report to Parliament

Marginal note:Annual report

  •  (1) The Chairperson of the Council shall, within three months after the termination of each fiscal year, submit to the member of the Queen’s Privy Council for Canada designated by the Governor in Council for the purpose a report of all proceedings under this Act for that fiscal year, including the financial statements of the Council and the report thereon of the Auditor General of Canada.

  • Marginal note:Tabling report

    (2) The member designated under subsection (1) shall cause the report submitted under that subsection to be laid before Parliament within fifteen days after the receipt thereof by the member or, if Parliament is not then sitting, on any of the first fifteen days next thereafter that either House of Parliament is sitting and provision shall be made for a review thereof by Parliament.

  • R.S., 1985, c. C-2, s. 21
  • 1995, c. 29, s. 10(E)
 
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