Budget Implementation Act, 1998

Marginal note:Donations to Foundation

• 21 (1) Subject to subsection (3), the Foundation may accept donations of money.

• Marginal note:Use of donations

  (2) All money donated to the Foundation, and any income arising from the investment of the money, shall be used by the Foundation in carrying out its objects and purposes.

• Marginal note:Conditional donations

  (3) The Foundation shall not accept a donation of money that is made on the condition that the Foundation use the money or any income arising from the investment of the money for any purpose that is not within the objects and purposes of the Foundation.

• Marginal note:Exception

  (4) Subsection (3) does not apply if the conditions of a donation of money merely restrict or direct the manner of investing the money until it can be used to grant scholarships.