Schooner Bluenose Foundation Act

CHAPTER 414

OF THE

REVISED STATUTES, 1989

1 This Act may be cited as the Schooner Bluenose Foundation Act. R.S., c. 414, s. 1.

Interpretation

2 In this Act,

(a) "Bluenose" includes the Bluenose II and any successor vessels;

(b) "Board" means the Board of Governors of the Foundation;

(c) "Foundation" means the Schooner Bluenose Foundation;

(d) "Minister" means the Minister of Tourism and Culture. R.S., c. 414, s. 2.

Schooner Bluenose Foundation

3 There is hereby established a body corporate to be known as the Schooner Bluenose Foundation. R.S., c. 414, s. 3.

Objects of Foundation

4 The objects of the Foundation are to

(a) enhance the Bluenose as a symbol of Nova Scotias heritage and craftsmanship and promote the Province as an international tourist destination;

(b) ensure the status of the Bluenose in perpetuity as one of the great operational tall ships of the world;

(c) solicit funds from both private and public sources to maintain and eventually rebuild or replace the Bluenose; and

(d) work towards making the Bluenose a self-sustaining operation while continuing to be Provincially owned and operated. R.S., c. 414, s. 4.

Board of Governors

5 (1) The affairs of the Foundation shall be managed by a Board of Governors.

Term of office

(2) Members of the Board shall be appointed by the Governor in Council for such term or terms as the Governor in Council may determine.

Chairman

(3) The Premier shall be the Chairman of the Board.

President

(4) The Governor in Council may appoint a member of the Board to be President of the Foundation and may determine his term of office.

Chief executive officer

(5) The President shall be the chief executive officer of the Foundation.

Remuneration and expenses

(6) The President of the Foundation, if he is not a member of the Executive Council, and members of the Board shall receive such remuneration as the Governor in Council may determine and shall be reimbursed for reasonable expenses actually incurred in connection with the business of the Foundation.

Member of Legislature

(7) Any member of the House of Assembly may be appointed as President of the Foundation and no person shall be rendered ineligible or disqualified from sitting or voting in the Assembly by reason of his being President of the Foundation and receiving remuneration therefor or by reason of any dealing by the Foundation with the Province. R.S., c. 414, s. 5.

Duties of Board

6 (1) The Board shall

(a) be responsible for promotional and fund-raising activities in accordance with the objects of the Foundation; and

(b) carry out such other duties as may be assigned to it from time to time by the Governor in Council.

Responsibility of Minister

(2) The Minister shall be responsible for the administration, maintenance and operation of the Bluenose and shall keep the Board informed of all matters which may be of concern to the Foundation. R.S., c. 414, s. 6.

Powers of Board

7 (1) Subject to the approval of the Governor in Council, the Board may

(a) make by-laws respecting the administration of its affairs, funds and property and any other matter which relates to the powers and objects of the Foundation or which is incidental thereto;

(b) borrow money for the general purposes of the Foundation, make and give promissory notes, bills of exchange and other negotiable instruments in respect of any amount borrowed and mortgage or pledge the property of the Foundation to secure sums so borrowed.

Additional powers

(2) The Board may, subject to the provisions of this Act,

(a) pay out of the funds of the Foundation any costs, charges, audit and other fees, and expenses involved in the administration and operation of the Foundation;

(b) invest money in the name of the Foundation in any manner in which trustees are authorized by law to invest trust funds;

(c) appoint, employ or otherwise retain such persons as are required to carry out the powers and purposes of the Foundation;

(d) do any other matter or thing which relates to the powers and purposes of the Foundation or which is incidental thereto.

Regulations Act

(3) The exercise of the authority in clause (a) of subsection (1) shall be regulations within the meaning of the Regulations Act. R.S., c. 414, s. 7.

Vesting of gift or grant in Foundation

8 (1) Where a gift, bequest, devise, donation, grant or deed is made or appears to have been made or intended for the benefit or advantage of the Foundation or the Bluenose, any property or funds that the donor, testator or grantor desired or intended to give to the Foundation or for the benefit of the Bluenose shall vest in the Foundation.

Variation of trust

(2) The Foundation may make application to the Trial Division of the Supreme Court under the Variation of Trusts Act in respect of any trusts created or which appear to have been created or intended for the benefit of the Foundation or the Bluenose, and the Supreme Court, upon hearing the application and evidence as it deems fit, may vary or revoke all or any of the trusts or enlarge the powers of the Foundation or any person as trustee in the management or administration of any of the property of the trusts so long as the proceeds thereof are used or applied for the benefit of the Foundation. R.S., c. 414, s. 8.

Bank accounts

9 (1) The Foundation may maintain in its name one or more accounts in one or more financial institutions designated by the Minister of Finance.

Disposition of money received

(2) All money received by the Foundation shall be deposited to the credit of its account and may be administered and expended by the Foundation in the exercise and performance of the powers, duties and functions of the Foundation. R.S., c. 414, s. 9.

Fiscal year

10 The fiscal year of the Foundation shall be the period ending the thirty-first day of March in each year. R.S., c. 414, s. 10.

Books of account

11 The Foundation shall cause to be kept at its principal office, or such other place as the Board may direct, proper books of account respecting

(a) all sums of money received and expended by the Foundation and the matters in respect of which the receipt and expenditure took place; and

(b) the assets and liabilities of the Foundation. R.S., c. 414, s. 11.

Audit

12 The accounts of the Foundation shall from time to time and at least once every year be audited and reported upon by the Auditor General or by such other auditor or auditors licensed under the Public Accountants Act as may be named by the Board, with the approval of the Governor in Council, and the expenses of the audits shall be paid by the Foundation as part of the costs of administration of the Foundation. R.S., c. 414, s. 12.

Annual report

13 Before the first day of October in each year, the Foundation shall make an annual report to the Minister containing clear and comprehensive statements disclosing and exhibiting

(a) the audited results of the yearly operation of the Foundation ending on the preceding thirty-first day of March;

(b) the audited financial position of the Foundation as at the preceding thirty-first day of March; and

(c) such other financial reports and matters as may appear to be of public interest in relation to the Foundation. R.S., c. 414, s. 13.

Tabling of annual report

14 (1) The Minister shall table the annual report of the Foundation before the Legislature within fifteen sitting days following receipt thereof or, if the Legislature is not then in Session, within fifteen sitting days of the commencement of the ensuing Session.

Publication

(2) The Minister may publish the annual report of the Foundation at any time, whether or not it has been tabled in the Legislature. R.S., c. 414, s. 14.

Tax exemption

15 The Foundation and its property are exempt from taxation under or pursuant to any Act of the Legislature. R.S., c. 414, s. 15.

Property of Foundation is Crown property

16 All property, whether real or personal, acquired, possessed or received by the Foundation and all profits earned in the administration of the affairs of the Foundation is the property of Her Majesty in right of the Province. R.S., c. 414, s. 16.

Regulations

17 (1) The Governor in Council may make such regulations as he deems necessary or advisable for the more effective carrying out of the purposes of this Act.

Regulations Act

(2) The exercise of the authority contained in subsection (1) shall be regulations within the meaning of the Regulations Act. R.S., c. 414, s. 17.