General Info

Board of Directors

Legal Profession Act Excerpt

Legal Profession Act Excerpt

(2) The funds of the Foundation shall consist of all sums paid to the Foundation pursuant to section 126, interest accruing from investment of the funds of the Foundation and any other money received by the Foundation.

(3) There shall be paid out of the funds of the Foundation the costs, charges and expenses involved in the administration of the Foundation and the costs, charges and expenses incurred by the board in carrying out the objects of the Foundation.

(4) The directors may be paid remuneration for their services from money voted by the Legislature for the purpose at a rate prescribed by the Minister, and in addition the directors are entitled to be paid out of the funds of the Foundation their reasonable travelling and living expenses while away from their ordinary places of residence in the course of their duties as directors.

(5) No part of the income of the Foundation may be payable to or otherwise available for the personal benefit of any director or the Society, but the Foundation may employ and remunerate members of the Society in order to attain the objects of the Foundation.

(6) All money of the Foundation shall, pending investment or application in accordance with this section, be paid into a bank, credit union, trust corporation or treasury branch in Alberta to the credit of a separate account to be called the "Law Foundation Account", and that account shall be used for the objects of the Foundation.

(7) When investing funds that are not immediately required by the Foundation, the Foundation must adhere to prudent investment standards in making investment decisions and in managing the Foundation's total investments.

(7.1) For the purpose of this section, prudent investment standards are those that, in the overall context of an investment portfolio, a reasonable and prudent person would apply to investments made on behalf of another person with whom there exists a fiduciary relationship to make such investments, without undue risk of loss and with a reasonable expectation of fair return and appreciation.

(7.2) The board must establish policies and procedures to ensure that the Foundation applies prudent investment standards in making investment decisions and in managing the Foundation's total investments.

(7.3) The board must review those policies and procedures established at least once each year. The board must review those policies and procedures established at least once each year.

(8) The accounts of the Foundation shall be audited annually by a qualified accountant or firm of qualified accountants appointed for the purpose by the board.

1990 cL-9.1 s119;1991 c21 s19;1994 cG-8.5 s89;1996 c19 s1(95)

Application of funds
123(1) Not more than 6 months after the beginning of each fiscal year of the Foundation, the Foundation shall pay to the Legal Aid Society of Alberta to administer a plan to provide legal aid under an agreement under section 4 an amount to be used to defray the cost of providing legal aid under that agreement.

(2) the amount paid under subsection (1) shall be 25% of the money remitted to the Foundation under section 126 during the fiscal year of the Foundation that immediately precedes the fiscal year in which the payment is required to be made.

(3) The Foundation may make payments to the Legal Aid Society of Alberta during a fiscal year in addition to the payment referred to in subsection (1).

(4) The Legal Aid Society of Alberta shall give the Foundation a detailed audited statement of its accounts and financial transactions for a fiscal year not more than 4 months after the end of the fiscal year.

RSA 2000 cL-8 s123;RSA 2000 c16(Supp)s75

118 and 119 Objects | 120 Board of directors | 121 Bylaws | 122 and 123 Application of funds | 124 Annual Report | 125 Borrowing | 126 Trust accounts | 127 Dissolution of Foundation | 128 Protection from liability

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