Acts and Regulations

93-150 - Mount Allison University Foundation

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Revoked on 21 May 2014
NEW BRUNSWICK
REGULATION 93-150
under the
Higher Education Foundation Act
(O.C. 93-670)
Filed August 26, 1993
  Under section 19 of the Higher Education Foundation Act, the Lieutenant-Governor in Council makes the following Regulation:
Repealed: 2014, c.22, s.2
1This Regulation may be cited as the Mount Allison University Foundation Regulation - Higher Education Foundation Act.
2In this Regulation
“Act” means the Higher Education Foundation Act;
“foundation” means the foundation established under section 3;
“fund” means the fund referred to in subsection 4(1).
3The Mount Allison University Foundation is established for Mount Allison University.
4(1)The fund established by the foundation under subsection 8(1) of the Act shall be called “The Mount Allison University Foundation Fund”.
4(2)Subject to section 6, the fund shall be maintained on deposit in one or more accounts at financial institutions authorized to receive deposits in New Brunswick.
5The foundation shall maintain separate accounting with respect to the capital and income of the fund.
6(1)The foundation may invest the money constituting the fund in any kind of property, real, personal or mixed, 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.
6(2)The foundation may, pending the investment of any money constituting the fund or pending its disposition under section 9 of the Act, deposit it in an account referred to in subsection 4(2).
6(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.
6(4)Notwithstanding subsection (3), property that is received by the foundation in a form other than money may, at the discretion of the foundation, be given to Mount Allison University in specie.
7Trustees 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 guidelines established by Mount Allison University in its travel policies and procedures.
N.B. This Regulation is consolidated to May 21, 2014.