Budget Implementation Act, 1997

Here is a summary of the key points from the text:

Section 9: Initial Organization

• The Chairperson and any other directors appointed under paragraph (2)(b) constitute the board until directors are appointed under paragraph (2)(c).
• They may undertake the organization of the foundation, make banking arrangements, enact organizational by-laws, and receive moneys paid to the foundation.
• Until directors are appointed under paragraph (2)(c), the board shall not make any grants or enter into agreements.

Section 10: Terms of Office

• The Chairperson and directors appointed under paragraph (2)(b) hold office for terms of three years, but may continue until successors are appointed.
• Directors appointed by members hold office for terms of three years, but may be removed from office by a special resolution of the members.
• A director is eligible to be reappointed for one or more additional terms of office.

Section 11: Director Representation

• The appointment of directors shall ensure that at all times approximately one half are representative of persons engaged in research and one half of the business community or non-profit organizations.

Section 12: Remuneration for Directors

• From and out of the funds of the foundation, the directors may be paid remuneration for acting as directors in amounts determined by the board not exceeding maximum amounts prescribed by regulation.
• They may also be reimbursed for any reasonable out-of-pocket expenses incurred in performing their duties or attending meetings.

Section 13: Membership

• There shall be fifteen members of the foundation.
• The Governor in Council, on the recommendation of the Minister, shall appoint six persons as members of the foundation upon this Act receiving royal assent.
• Those six members shall appoint nine further members at a first meeting held as soon after that meeting as possible.

Section 14: Terms of Members

• Subject to subsection (2), the members shall be appointed to hold office for terms of five years, but may be removed from office by a special resolution of the members.
• One-third of the initial members shall be appointed for terms of three years, four years, and five years respectively.

Section 15: Member Representation

• The appointment of members shall ensure that at all times approximately one half are representative of persons engaged in research and one half of the business community or non-profit organizations.