sec.78Amalgamation of foundations

sec.78 Amalgamation of foundations

Two or more foundations may apply to the Minister to be amalgamated as a single foundation. The application must be in the approved form. If the Minister is satisfied the amalgamation of the foundations is appropriate in the circumstances, the Minister may recommend to the Governor in Council the making of a regulation to amalgamate the foundations. A regulation under subsection (3) — must amalgamate the foundations by— dissolving each foundation and establishing a new foundation (the new foundation ); or identifying the foundation that is to continue (the continuing foundation ), dissolving each other foundation and providing for the other foundations to be a part of the continuing foundation; and may provide for anything else in relation to the amalgamation, including, for example, dealing with assets, liabilities, rights and obligations. On the dissolution of a foundation under this section, the members of the board of the foundation go out of office. Part 7 does not apply to an amalgamation under this section. A new foundation is taken to have been established under section 12 . (sec.78-ssec.1) Two or more foundations may apply to the Minister to be amalgamated as a single foundation. (sec.78-ssec.2) The application must be in the approved form. (sec.78-ssec.3) If the Minister is satisfied the amalgamation of the foundations is appropriate in the circumstances, the Minister may recommend to the Governor in Council the making of a regulation to amalgamate the foundations. (sec.78-ssec.4) A regulation under subsection (3) — must amalgamate the foundations by— dissolving each foundation and establishing a new foundation (the new foundation ); or identifying the foundation that is to continue (the continuing foundation ), dissolving each other foundation and providing for the other foundations to be a part of the continuing foundation; and may provide for anything else in relation to the amalgamation, including, for example, dealing with assets, liabilities, rights and obligations. (sec.78-ssec.5) On the dissolution of a foundation under this section, the members of the board of the foundation go out of office. (sec.78-ssec.6) Part 7 does not apply to an amalgamation under this section. (sec.78-ssec.7) A new foundation is taken to have been established under section 12 .

• (a) must amalgamate the foundations by— (i) dissolving each foundation and establishing a new foundation (the new foundation ); or (ii) identifying the foundation that is to continue (the continuing foundation ), dissolving each other foundation and providing for the other foundations to be a part of the continuing foundation; and
• (i) dissolving each foundation and establishing a new foundation (the new foundation ); or
• (ii) identifying the foundation that is to continue (the continuing foundation ), dissolving each other foundation and providing for the other foundations to be a part of the continuing foundation; and