Legislative Assembly of
Ontario Foundation Act, 1997
EXPLANATORY NOTE
The Bill establishes the Legislative Assembly of Ontario Foundation. The objects of the Foundation are to solicit, receive and manage money for the purposes of maintaining and restoring the Legislative Building and the Whitney Block.
Bill 1231997
An Act to establish the Legislative
Assembly of Ontario Foundation
Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:
Definition
1. In this Act,
"Foundation" means the foundation established under subsection 2 (1).
Foundation established
2. (1) A foundation is hereby established under the name Legislative Assembly Foundation of Ontario in English and Fondation de l'Assemblée législative de l'Ontario in French.
Crown agency
(2) The Foundation is an agent of Her Majesty and its powers may be exercised only as an agent of Her Majesty.
Objects
3. (1) The objects of the Foundation are to solicit, receive and manage money and other property for the purpose of maintaining in good repair and restoring the Legislative Building and the building that is situated directly to the east of the Legislative Building and known as the Whitney Block.
Revenues and investments
(2) Despite section 2 of the Financial Administration Act, the revenues and investments of the Foundation do not form part of the Consolidated Revenue Fund.
Corporation
4. (1) The Foundation is a corporation without share capital.
Composition
(2) The Foundation is composed of the members of its board of directors.
Capacity
(3) The Foundation has the capacity and all the powers of a natural person for the purpose of carrying out the Foundation's objects.
Use of money
5. The Foundation shall use money and other property that it receives in accordance with this Act for the purpose of carrying out its objects.
Restrictions on transfer of money, etc.
6. The Foundation shall not pay out or transfer money or other property that it receives or any income from such money or property unless it is paid or transferred to the Crown for the purpose of defraying the cost of a project that relates to the maintenance or restoration of the Legislative Building or the Whitney block and that has been approved by Management Board of Cabinet.
Non-applications of certain Acts
7. The Corporations Act, except as may be provided by the regulations made under this Act, and the Corporations Information Act do not apply to the Foundation.
Collection of personal information
8. The Foundation may collect personal information, within the meaning of section 38 of the Freedom of Information and Protection of Privacy Act for the purpose of carrying out its objects.
Board of directors
9. (1) The board of directors of the Foundation shall be composed of 12 members and shall include a representative from each of the political parties that have elected members to the Assembly.
Appointment of Directors
(2) The Lieutenant Governor in Council shall appoint the members of the board and the appointment of the representatives of the political parties shall be on the recommendation of the leader of the political party that the member represents.
Same
(3) The representatives from the political parties shall be members of the Assembly.
Term of appointment
(4) The members of the board shall be appointed to hold office for a term not exceeding three years and may be reappointed for successive terms not exceeding three years each.
Remuneration
(5) The members of the board shall not receive any remuneration, but the Foundation may reimburse members of the board for their reasonable expenses.
Chair and vice-chair
(6) The Chair of Management Board of Cabinet shall designate one of the members of the board as the chair of the board and one of the members as the vice-chair of the board.
Duty of chair
(7) The chair shall preside over all meetings of the board.
Acting chair
(8) If the chair is absent or unable to act or if the office is vacant, the vice-chair shall exercise and perform the powers and duties of the chair.
Quorum
(9) A majority of the members of the board constitutes a quorum.
By-laws
(10) The board may pass by-laws regulating its proceedings, specifying the powers and duties of the officers and employees of the Foundation and generally for the management of the affairs of the Foundation.
Fiscal year
10. The Foundation's fiscal year begins on April 1 and ends on March 31 in the following year.
Auditor
11. (1) The board of directors of the Foundation shall appoint one or more auditors licensed under the Public Accountancy Act to audit the accounts and transactions of the Foundation for each fiscal year.
Provincial auditor
(2) The Provincial Auditor may also audit the accounts and transactions of the Foundation.
Annual report
12. After the end of each fiscal year, the Foundation shall submit to the Chair of Management Board of Cabinet an annual report on its affairs for that fiscal year together with the audited financial statements of the Foundation for that fiscal year.
Regulations
13. The Lieutenant Governor in Council may make regulations,
(a) providing that a provision of the Corporations Act applies to the Foundation;
(b) dissolving the Foundation and providing for the transfer or distribution of its assets.
Commencement
14. This Act comes into force on the day it receives Royal Assent.
Short title
15. The short title of this Act is the Legislative Assembly of Ontario Foundation Act, 1997.