sec.53Foundation may enter into special financial arrangement

sec.53 Foundation may enter into special financial arrangement

A foundation may enter into a special financial arrangement under an approval under division 4 . However, a foundation does not need to obtain an approval under division 4 to— acquire, by way of a gift, devise or bequest, any of the following— the whole or a part of a business; bonds, debentures, inscribed stock, shares, stock or other securities; foreign currency; or dispose of land, an interest in land or a building if the land, interest in land or building was acquired by the foundation by way of a gift, devise or bequest. (sec.53-ssec.1) A foundation may enter into a special financial arrangement under an approval under division 4 . (sec.53-ssec.2) However, a foundation does not need to obtain an approval under division 4 to— acquire, by way of a gift, devise or bequest, any of the following— the whole or a part of a business; bonds, debentures, inscribed stock, shares, stock or other securities; foreign currency; or dispose of land, an interest in land or a building if the land, interest in land or building was acquired by the foundation by way of a gift, devise or bequest.

• (a) acquire, by way of a gift, devise or bequest, any of the following— (i) the whole or a part of a business; (ii) bonds, debentures, inscribed stock, shares, stock or other securities; (iii) foreign currency; or
• (i) the whole or a part of a business;
• (ii) bonds, debentures, inscribed stock, shares, stock or other securities;
• (iii) foreign currency; or
• (b) dispose of land, an interest in land or a building if the land, interest in land or building was acquired by the foundation by way of a gift, devise or bequest.
• (i) the whole or a part of a business;
• (ii) bonds, debentures, inscribed stock, shares, stock or other securities;
• (iii) foreign currency; or