Budget Implementation Act, 1998

Marginal note:Investments

• 23 (1) Subject to any conditions of a donation restricting the investment of the money donated until it can be used to grant scholarships, the Foundation shall invest its funds, and reinvest any income from those funds, in accordance with the investment policies, standards and procedures established by the Board.

• Marginal note:Incorporation of other corporations

  (2) The Foundation shall not cause any corporation to be incorporated or participate in the incorporation of a corporation or become a partner in a partnership.

• Marginal note:Control of corporation

  (3) The Foundation shall not carry on any business for gain or profit otherwise than in the investment of its funds, and shall not hold or acquire a controlling interest in any corporation or enterprise.