Financial Matters and Audit (continued)
Marginal note:Auditor’s report
27 The auditor shall, within four months after the end of each fiscal year, complete the audit of the books and records of the Foundation for the fiscal year and submit a report of the audit to the members.
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 that 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 meeting
29 The board shall call an annual meeting of members not later than six months after the end of each fiscal year of the Foundation for the purpose of
(a) examining the audited financial statements and the report of the auditor on those statements for the preceding fiscal year;
(b) examining the annual report of the Foundation for the preceding fiscal year;
(c) examining the operating budget and the capital budget submitted by the board under subsection 25(1);
(d) considering and confirming, rejecting or amending by-laws made by the board or amendments to or the repeal of by-laws made by the board;
(e) appointing an auditor under subsection 26(1); and
(f) considering any other matter respecting the operations of the Foundation.
Marginal note:Annual report
30 (1) The Foundation shall, within five months after the end of each fiscal year, prepare an annual report in both official languages of its activities during the preceding fiscal year and include in the report
(a) its financial statements for the year as approved by the board and the report of the auditor respecting those statements;
(b) a detailed statement of its investment activities during the year, its investment portfolio as at the end of the year and its investment policies, standards and procedures;
(c) a detailed statement of its funding activities;
(d) a statement of its plans for fulfilling its objects and purposes for the next year; and
(e) an evaluation of the overall results achieved by the funding of eligible projects by the Foundation during the year in review, and since the inception of the Foundation.
Marginal note:Consideration of report
(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 examined 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 15 days on which that House is sitting after the Minister receives it.
Marginal note:Public meeting
31 (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 the activities of the Foundation during the year.
Marginal note:Notice of meeting
(2) At least 30 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.
Marginal note:Property to be divided
32 (1) If the Foundation is wound up or dissolved, its property remaining after its debts and obligations have been satisfied shall be liquidated and the moneys arising from the liquidation shall be distributed among all the eligible recipients that have received funding from the Foundation and that are, as of the day the distribution begins, still carrying on projects to develop and demonstrate new technologies to promote sustainable development, to be used by them for the purpose of those projects. Each of those eligible recipients shall receive an amount that is the same proportion of the moneys arising from the liquidation as the total funding received by that eligible recipient from the Foundation is of the total of all funding that has been provided by the Foundation to all of those 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.
- 2001, c. 23, s. 32
- 2003, c. 15, s. 33
Marginal note:Official Languages Act applies
Marginal note:Mandatory by-laws
34 The Foundation shall include in its by-laws provisions
(a) entitling an eligible recipient that has made an application for funding 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;
(b) establishing procedures to be followed by the board in responding to the request and giving the ruling;
(c) determining the fiscal year of the Foundation;
(d) requiring the creation of advisory committees, including technical advisory committees, and their mandates; and
(e) fixing the remuneration for directors.
Designation and Amendments Consequential on It
Marginal note:Designation by Governor in Council
Marginal note:Sections 36 to 39 apply
(2) If an order is made under subsection (1), sections 36 to 39 apply as of the day on which that order is made.
- 2001, c. 23, s. 35
- 2009, c. 23, ss. 316, 350
36 to 39 [Amendments]
Coming into Force
Marginal note:Coming into force
Return to footnote *[Note: Act in force March 22, 2002, see SI/2002-57.]
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