Acts and Regulations

2010-91 - New Brunswick Community Colleges Foundation

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Revoked on 21 May 2014
NEW BRUNSWICK
REGULATION 2010-91
under the
Higher Education Foundation Act
(O.C. 2010-288)
Filed May 31, 2010
Under subsection 19(1) of the Higher Education Foundation Act, the Lieutenant‑Governor in Council makes the following Regulation:
Repealed: 2014, c.22, s.2
Citation
1This Regulation may be cited as the New Brunswick Community Colleges Foundation Regulation - Higher Education Foundation Act.
Definitions
2The following definitions apply in this Regulation.
“Act” means the Higher Education Foundation Act.(Loi)
“foundation” means the foundation continued under section 3.(fondation)
“fund” means the fund continued under subsection 5(1).(fonds)
“Regulation 2005-152” means New Brunswick Regulation 2005-152 under the Higher Education Foundation Act.(Règlement 2005-152)
Foundation continued
3The New Brunswick Community College Foundation established for the New Brunswick Community College under Regulation 2005-152 is continued under the name “New Brunswick Community Colleges Foundation” for the following institutions:
(a) the Collège communautaire du Nouveau-Brunswick (CCNB);
(b) the New Brunswick Community College (NBCC); and
(c) the New Brunswick College of Craft and Design.
Terms of trustees continued
4Trustees of the board of the foundation established under Regulation 2005-152 who held office immediately before the commencement of this section continue in office with the New Brunswick Community Colleges Foundation until they are reappointed or until their successors are appointed in accordance with subsections 7(1.1), (1.2) and (4) of the Act.
Fund continued
5(1)The fund called “The New Brunswick Community College Foundation Fund” is continued under the name “The New Brunswick Community Colleges Foundation Fund”.
5(2)Subject to section 7, the fund shall be maintained on deposit in one or more accounts at financial institutions authorized to receive deposits in New Brunswick.
Maintain separate accounting
6The foundation shall maintain separate accounting with respect to the capital and income of the fund.
Investment powers
7(1)The foundation may invest the money constituting the fund in any kind of real or personal property, or a combination, and in doing so shall exercise the judgment and care that a person of prudence, discretion and intelligence would exercise as a trustee of the property of others.
7(2)Pending the investment of any money constituting the fund or pending its disposition under section 9 of the Act, the foundation may deposit the money in an account referred to in subsection 5(2).
7(3)Property that is contributed to the foundation in a form other than money, if it does not qualify as an authorized investment under subsection (1), shall be disposed of at the earliest practicable opportunity and the proceeds invested in accordance with this section.
7(4)Despite subsection (3), at the discretion of the foundation, property that is received by the foundation in a form other than money may be given in specie to one or more of the following institutions:
(a) the Collège communautaire du Nouveau-Brunswick (CCNB);
(b) the New Brunswick Community College (NBCC); and
(c) the New Brunswick College of Craft and Design.
Reimbursement of expenses of trustees
8Trustees of the board of the foundation shall be reimbursed for accommodation, meal and travel expenses reasonably incurred in connection with the work of the foundation in accordance with the directive AD-2801, entitled “Travel Policy”, issued by the Board of Management.
Repeal
9New Brunswick Regulation 2005-152 under the Higher Education Foundation Act is repealed.
N.B. This Regulation is consolidated to May 21, 2014.