<<SR_PageTitle>>

Acts and Regulations

2011, c.169 - Higher Education Foundation Act

Chapter	Title
93-150	Mount Allison University Foundation
93-183	University of New Brunswick Foundation
96-19	St. Thomas University Foundation
97-103	Université de Moncton Foundation
2010-91	New Brunswick Community Colleges Foundation

Full text

Repealed on 21 May 2014

2011, c.169

Higher Education Foundation Act

Deposited May 13, 2011

Repealed: 2014, c.22, s.1.

Definitions

1The following definitions apply in this Act.

“community college” means a community college listed in Schedule B. (collège communautaire)

“educational institution” means an educational institution listed in Schedule C. (établissement d’enseignement)

“foundation” means a foundation established under this Act and the regulations. (fondation)

“institution” means a community college, an educational institution or a university. (établissement)

“Minister” means the Minister of Post-Secondary Education, Training and Labour and includes any person designated by the Minister to act on the Minister’s behalf. (ministre)

“university” means a university listed in Schedule A. (université)

1992, c.H-4.1, s.1; 1998, c.41, s.60; 2006, c.16, s.82; 2007, c.10, s.46; 2010, c.23, s.1

Establishment and continuance of foundations

2(1)One or more foundations may be established by regulation for one institution or for two or more institutions.

2(2)A foundation may be continued by regulation for one institution or for two or more institutions.

1992, c.H-4.1, s.2; 2010, c.23, s.2

Purposes of foundation

3The purposes of a foundation are

(a) to receive gifts of real and personal property, including money, on behalf of the institution or institutions,

(b) to invest and administer the property received,

(c) to encourage, facilitate and carry out programs and activities that will directly or indirectly increase the financial support of or confer a benefit on the institution or institutions, and

(d) to make grants and gifts to the institution or institutions in support of the programs and activities of the institution or institutions.

1992, c.H-4.1, s.3; 2010, c.23, s.3

Powers of a natural person

4Subject to this Act, a foundation has the powers of a natural person.

1992, c.H-4.1, s.4

Foundation a body corporate

5A foundation is a body corporate.

1992, c.H-4.1, s.5

Foundation an agent of the Crown

6A foundation is an agent of the Crown.

1992, c.H-4.1, s.6

Board of trustees

7(1)A foundation established or continued for one institution consists of a board of five trustees composed of:

(a) three trustees appointed by the Lieutenant-Governor in Council on the recommendation of the institution; and

(b) two trustees appointed by the Lieutenant-Governor in Council.

7(2)A foundation established or continued for two or more institutions consists of a board of trustees composed of:

(a) those trustees appointed by the Lieutenant-Governor in Council on the recommendation of the institutions; and

(b) two trustees appointed by the Lieutenant-Governor in Council.

7(3)Each institution shall recommend a minimum of one person and a maximum of three persons for the purpose of paragraph (2)(a).

7(4)One of the trustees appointed under paragraph (1)(b) or (2)(b) shall be designated as Chair by the Lieutenant-Governor in Council.

7(5)A trustee shall be appointed for a term not exceeding five years.

7(6)A board of trustees of a foundation referred to in subsection (1) may exercise its powers as long as there are at least three trustees in office.

7(7)A board of trustees of a foundation referred to in subsection (2) may exercise its powers as long as there is at least one trustee recommended by each institution in office and no fewer than three trustees in total.

7(8)A quorum for the conduct of business is a majority of the trustees holding office.

7(9)A decision of the quorum shall be a decision of the board.

7(10)Trustees shall serve without remuneration but may be reimbursed for reasonable expenses incurred in connection with the work of the foundation.

1992, c.H-4.1, s.7; 2007, c.18, s.1; 2010, c.23, s.4

Fund

8(1)A foundation shall establish a fund.

8(2)Despite the Financial Administration Act, money received by a foundation from any source shall be deposited into its fund.

8(3)The income of a fund accrues to and forms part of the fund.

8(4)Gifts or grants may be made from the capital or income of the foundation.

1992, c.H-4.1, s.8

Directions of donors

9When providing grants or real or personal property to an institution, a foundation

(a) shall give effect to the specific directions for charitable purposes of persons who have made gifts to the foundation, and

(b) may consider the general directions for charitable purpose of persons who have made gifts to the foundation.

1992, c.H-4.1, s.9

By-laws

10(1)The board of trustees of a foundation may make by-laws respecting

(a) the calling and the conduct of meetings,

(b) the procedures and criteria for selecting programs and activities to be supported, and

10(2)The Regulations Act does not apply to by-laws made under subsection (1).

1992, c.H-4.1, s.10

Powers of board of trustees

11The board of trustees of a foundation may

(a) appoint those officers and employees that are considered necessary and determine the terms and conditions of their employment,

(b) use the services of public employees made available by the Province for the purpose of carrying out its activities, and

(c) engage the services of professionals for advice in relation to investment decisions, legal matters and other matters within the board’s mandate.

1992, c.H-4.1, s.11

Audit of accounts

12(1)A foundation shall appoint an auditor to audit the accounts of the foundation.

12(2)Subject to subsection (3), an auditor appointed for a foundation shall be

(a) the Auditor General, or

(b) a practising public accountant acceptable to the Minister.

12(3)An auditor appointed for a foundation established or continued for a university or for a university and another institution shall be a practising public accountant acceptable to the Minister.

12(4)The expenses of an audit conducted by an auditor referred to in paragraph (2)(b) or subsection (3) are payable by the foundation as part of the costs of administration of the foundation.

12(5)A foundation is not required to have an audit conducted if the foundation, for the fiscal year in question, did not hold any real or personal property, including money.

1992, c.H-4.1, s.12; 2007, c.18, s.2; 2010, c.23, s.5

Fiscal year

13The fiscal year of a foundation is the period occurring between April 1 and March 31.

1992, c.H-4.1, s.13

Annual report

14(1)Within three months after the end of its fiscal year, a foundation shall prepare and submit to the Minister an annual report.

14(2)If a foundation did not hold any real or personal property, including money, in a given fiscal year, its annual report shall consist of a letter to the Minister confirming that it did not hold any such property, and describing what, if any, activities it undertook during the year in question.

14(3)Annual reports filed by foundations shall be laid by the Minister before the Legislative Assembly if it is then sitting, or, if not, at the next ensuing sitting.

1992, c.H-4.1, s.14; 2007, c.18, s.3

Operating expenses

15The operating expenses of a foundation are payable out of the property under the administration of a foundation.

1992, c.H-4.1, s.15

Liability of trustees

16The trustees of a board of a foundation are not personally liable for anything done by the board if the thing done was done in good faith in the exercise or purported exercise of a power under this Act or the regulations.

1992, c.H-4.1, s.16

Exemptions from taxation

17A foundation and its property are exempt from taxation under any Act of the Legislature.

1992, c.H-4.1, s.17

Winding-up

18On the winding-up of a foundation its assets shall be applied as follows:

(a) firstly, to pay the costs of winding-up;

(b) secondly, to pay the liabilities of the foundation;

(c) thirdly, with respect to any remaining assets that were gifts received by the foundation in relation to a particular institution, by transferring those assets with any accrued income to the institution; and

(d) fourthly, by transferring any remaining property to the Crown.

1992, c.H-4.1, s.18

Regulations

19(1)The Lieutenant-Governor in Council may make regulations

(a) establishing foundations for the purposes of this Act;

(b) continuing foundations established for the purposes of this Act;

(d) providing for the transition of an existing foundation to a new foundation;

(e) establishing guidelines in relation to expenses payable to trustees;

(f) respecting the funds and accounts to be maintained by a foundation;

(g) respecting the investment powers of a foundation.

19(2)The Lieutenant-Governor in Council may, by regulation, add an institution to or delete an institution from Schedule A, B or C.

1992, c.H-4.1, s.19; 2010, c.23, s.6