Board must notify Minister about particular matters

In force

(1)

The board of a foundation must give the Minister notice of a matter that raises a significant concern about—

(a)

the financial viability of the foundation; or

Examples of matters that may raise a significant concern about a foundation’s financial viability—

1 a proceeding started against the foundation that may result in payment of a significant amount of damages or legal costs

2 a significant decrease in the value of funds held on investment by the foundation

(b)

the administration or management of the foundation.

Example of matter that may raise a significant concern about the administration or management of a foundation—

distributing funds held by the foundation towards something that is outside the scope of the foundation’s registered objects

(2)

The notice must be given immediately after the board becomes aware of the matter.

Research tools for this sectionSubscription

The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.