1993 Legislative Session: 2nd Session, 35th Parliament
The following electronic version is for informational purposes only.
The printed version remains the official version.
HONOURABLE DARLENE MARZARI
MINISTER OF TOURISM AND
MINISTER RESPONSIBLE FOR CULTURE
|3||Agent of the Crown|
|4||Capital of the corporation|
|5||Purposes and powers|
|9||Liability of members|
|11||Distribution of funds and property|
|12||Staff and arrangements with municipalities|
|14||Exemption from property taxes|
|15||Company Act not to apply|
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
1 In this Act "board" means the board appointed under section 2;
"corporation" means the Cultural Foundation of British Columbia established under section 2;
"fiscal year" means the period from April 1 in one year to March 31 in the next year;
"member" means a member appointed under section 2 to the board of the corporation;
"municipality" includes the City of Vancouver and a regional district as defined in the Municipal Act.
2 (1) The Cultural Foundation of British Columbia is established as a corporation with a board consisting of a prescribed number of members appointed by the Lieutenant Governor in Council for a term of 3 years.
(2) A person may be appointed under subsection (1) on one or more occasions.
(3) The Lieutenant Governor in Council must designate a member to be chair of the board.
(4) A vacancy on the board does not impair the power of the remaining members to act.
(5) The board, by bylaw, may
(a) determine its own procedure,
(b) provide for the regulation and conduct of its meetings, and
(c) elect a person to be the acting chair in the absence of the chair.
(6) Members serve without remuneration other than the payment of prescribed expenses incurred in discharging their duties under this Act.
3 The corporation is, for all purposes, an agent of the Crown in right of the Province of British Columbia.
4 (1) The capital of the corporation is one share with a par value of $100.
(2) The share in the corporation must be issued to and registered in the name of the minister responsible for the Financial Administration Act and must be held by that minister on behalf of the Crown in right of the Province of British Columbia.
5 (1) The purposes of the corporation are as follows:
(a) to develop, foster and encourage cultural activities in British Columbia including the development and maintenance of facilities for these activities;
(b) 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 corporation to be used for the support of cultural activities in British Columbia;
(c) to receive, manage and invest funds and property of every nature and kind from any source for the establishment, operation and maintenance of the corporation and to further the purposes of the corporation.
(2) The corporation has the powers and capacity of a natural person of full capacity and may enter into agreements in its own name.
6 (1) Subject to the approval of the Lieutenant Governor in Council, the bylaws of the corporation are established by the board.
(2) Despite subsection (1), a procedural bylaw established under section 2 (5) (a) does not require the approval of the Lieutenant Governor in Council.
7 The board may, on behalf of and in the name of the corporation raise or secure the payment or repayment of money in the manner it decides and, in particular and without limiting the foregoing, may raise funds by the issue of debentures.
8 Subject to a contrary intent expressed in a gift, devise, bequest or trust, section 15 of the Trustee Act does not apply to investments made by the corporation, and the board may make investments that a prudent person would make.
9 (1) No action for damages lies or may be brought against a member of the board, acting or purporting to act in furtherance of the purposes of the corporation, because of anything done or omitted in good faith
(a) in the performance or intended performance of any duty under this Act or the bylaws, or
(b) in the exercise or intended exercise of any power under this Act or the bylaws.
(2) Subsection (1) does not absolve the corporation from vicarious liability for an act or omission for which it would be vicariously liable if this section were not in force.
10 (1) The corporation may employ the services of investment counsel and fix their remuneration.
(2) Investments or reinvestments must be made under the direction of the board or by investment counsel subject to the approval of the board.
11 (1) The corporation must refuse a gift, devise, bequest or trust that the board considers would not further the purposes of the corporation.
(2) The board must determine by resolution the manner in which the funds and property available in each year must be used and distributed for the benefit of cultural activities.
(3) Funds or property may only be used or distributed under subsection (2) if the board is satisfied that
(a) the recipient is a municipality or a not for profit organization,
(b) the recipient will use the funds or property for the purposes of supporting a public art gallery, a public museum or the performing, visual, literary or media arts or for the construction, maintenance or operation of a facility to house a public art gallery, a public museum or the performing, visual, literary or media arts,
(c) the recipient received funding from the government in the immediately preceding fiscal year, and is receiving funding from the government in the current fiscal year, for a purpose listed in paragraph (b) under a continuing Provincial program, and
(d) except for capital funding, the total value of funding and property for the recipient from the corporation for a fiscal year will not exceed the total value of funding and property for the recipient from the government for the fiscal year for the purposes described in paragraph (b).
(4) If, in the opinion of the board, the directions, terms or trusts imposed by a donor, settlor, transferor or testator are no longer in the best interests of the corporation, the board may apply to a judge of the Supreme Court for an order authorizing a variation of the directions, terms or trusts that the court, having the intent of the donor, settlor, transferor or testator in mind, considers will best further both that intent and the best interests of the corporation.
(5) Sections 88 and 89 of the Trustee Act apply to the application referred to in subsection (4).
12 (1) The board may appoint the officers and employees it considers necessary for the purposes of the corporation and, by resolution, may determine the terms and conditions of their employment.
(2) The board may make an agreement with a municipality to have the municipality carry out activities of the corporation, subject to the terms and conditions specified in the agreement, within the area of British Columbia served by that municipality.
13 The accounts of the corporation must be audited at least once a year by an auditor, appointed by the board, who is qualified to be the auditor of a reporting company under the Company Act.
14 Property vested in the corporation is exempt from taxation under the Municipal Act, the Vancouver Charter, the Taxation (Rural Area) Act and the School Act provided the property is being used for the purposes of the corporation.
15 The Company Act does not apply to the corporation, but the Lieutenant Governor in Council, by order, may direct that some or all of the Company Act does apply to it.
16 Section 5 (2) of the Property Transfer Tax Act, S.B.C. 1987, c. 15, is amended by adding the following paragraph:
(m.5) to the corporation established under the Cultural Foundation of British Columbia Act, .
17 This Act comes into force by regulation of the Lieutenant Governor in Council.
The purpose of this Bill is to establish the Cultural Foundation of British Columbia as an agent of the Crown. The Cultural Foundation of British Columbia will be similar to foundations established under the Hospital Act and the University Foundations Act.
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