Section 1 definitions "income" and "substituted property" were added by 2009-27-1(a) effective October 29, 2009 (Royal Assent).
Section 1 definition "returns" was repealed by 2009-27-1(b) effective October 29, 2009 (Royal Assent).
"returns" means all dividends, interest and capital gains and losses, both realized and unrealized;
Section 3(2) BEFORE amended by 2009-27-2(b) effective October 29, 2009 (Royal Assent).
(2) Without limiting subsection (1), the objects of the foundation under that subsection include the following:
Section 6(k) and (l) BEFORE amended by 2009-27-3 effective October 29, 2009 (Royal Assent).
(k) to administer and distribute property, funds, capital or returns in its possession in accordance with the objects of the foundation and this Act;
(l) to pay the expenses of administering the foundation and to apportion those expenses in the manner that the board in its discretion considers appropriate.
Section 7(2) BEFORE amended by 2009-27-4(a) effective October 29, 2009 (Royal Assent).
(2) The board may, by ordinary resolution, make regulations concerning the following:
Section 8 BEFORE re-enacted by 2009-27-5 effective October 29, 2009 (Royal Assent).
Distribution of annual returns
8 (1) The board may use and distribute all or part of the annual returns of the foundation for purposes consistent with the objects of the foundation and, subject only to subsections (2) and (3), the discretion of the board in doing this is absolute.
(2) In determining the manner in which returns are to be used or distributed, the board must be governed by all terms and conditions expressed by the donor in the instrument by which property is donated to the foundation, subject only to subsection (3).
(3) After the death of a donor or the winding up of a corporate donor, the board may, in its absolute discretion, depart from the terms or conditions expressed by the donor to the extent necessary to further the objects of the foundation.
(4) In the absence of any terms or conditions expressed by the donor, a donation must be used to further the objects of the foundation in accordance with this Act.
Section 9 BEFORE re-enacted by 2009-27-5 effective October 29, 2009 (Royal Assent).
9 The board may distribute part of the capital of property vested in the foundation, in order to further the objects of the foundation, if
(a) the distribution is required by the express provisions of the instrument by which the donation of that property is received, or
(b) the distribution is authorized by a unanimous resolution of all members of the board, in which case
(i) no more than 5% of the entire amount of all capital held by the foundation at the time may be distributed under this paragraph,
(ii) the capital distributed under this paragraph must be replaced with returns unless provided for by a donation for that purpose, and
(iii) no subsequent distribution of capital may be made until the amount of capital distributed has been replaced.
Section 10 BEFORE repealed by 2009-27-6 effective October 29, 2009 (Royal Assent).
Use for charitable purposes outside Victoria
10 If the donor indicates in the instrument by which property is donated to the foundation a desire that all or part of the capital or returns be used for charitable purposes outside the County of Victoria, the board may accept the donation and give effect to those desires consistent with the objects of the foundation.
Section 11(a) BEFORE amended by 2009-27-7 effective October 29, 2009 (Royal Assent).
(a) any powers of appointment, settlement or distribution with respect to the returns in whole or in part derivable from the property in the interim, and
Section 14(d) BEFORE amended by 2009-27-8 effective October 29, 2009 (Royal Assent).
(d) to remit sufficient property, funds, capital or returns to the board to fulfill the objects of the foundation under this Act;
Section 21(2) BEFORE amended by 2009-27-9 effective October 29, 2009 (Royal Assent).
(2) Assets may only be transferred under subsection (1) to an organization that is a charitable organization, private foundation or public foundation recognized by Canada Customs and Revenue Agency as being qualified as such under the provisions of the Income Tax Act (Canada).