74(1) The Law Foundation is continued as a corporation consisting of:
(a) the minister or the minister's designate;
(b) three persons appointed by the minister, of whom at least one is not a member of the society; and
(c) five persons who are members of the society and are appointed by the benchers.
(2) A member of the foundation, other than the minister or the minister's designate, holds office for a term of two years and until a successor is appointed.
(3) The benchers shall appoint one of the members of the foundation mentioned in clause (1)(c) to be chairperson of the foundation.
(4) Where a vacancy occurs in the office of a member of the foundation, the person or body by whom the member was appointed may appoint to the vacant office any person eligible to be appointed to that office.
(5) A person appointed pursuant to subsection (4) holds office for the A remainder of the term of the member of the foundation being replaced and until a successor is appointed.
(6) The members of the foundation may act notwithstanding a vacancy in the membership of the foundation.
(7) No act done by the authority of the foundation is invalid in consequence of any defect that is discovered in the appointment of the members of the foundation.
(8) An appointed member of the foundation may resign by giving 30 days' notice in writing to the foundation of the intention to do so, and the resignation takes effect on the earlier of:
(a) the expiration of the notice; or
(b) the acceptance of the resignation by the foundation.
(9) Membership in the foundation terminates when:
(a) a member of the foundation ceases to possess the qualifications necessary for appointment; or
(b) the member's appointment is terminated for cause by the minister or the benchers, as the case may be.
1990-91, c.L-10.1, s.74
2010, c. 17, s. 35
75 The foundation may acquire, hold, mortgage, dispose of and otherwise deal with real and personal property for the purposes of the foundation.
1990-91, c.L-10.1, s.75
76(1) The purpose of the foundation is to establish and maintain a fund to be used for the purposes of legal education, legal research, legal aid, law libraries and law reform.
(2) The foundation shall apply the funds of the foundation in any manner that it may decide for its purposes.
(3) The funds of the foundation shall consist of all moneys paid to the foundation by the society pursuant to subsection 14(6), all moneys paid to the foundation by members pursuant to section 78, interest accruing from investment of the funds of the foundation and any other moneys received by the foundation.
(4) The costs, charges and expenses:
(a) of the administration of the foundation; and
(b) incurred by the foundation in carrying out its purposes;
shall be paid out of the funds of the foundation.
(5) The foundation shall pay all moneys of the foundation into an account in a financial institution to be called the "Law Foundation Account" pending investment or application in accordance with this section, and that account is to be used for the purposes of the foundation.
(6) The foundation:
(a) may invest at interest, in the name of the foundation, any funds of the foundation that are not required for the purposes of the foundation; and
(b) for the purposes of that investment and any subsequent variation or transposition of it, has all the powers of investment and all the other powers of a trustee pursuant to The Trustee Act 2009.
(7) The accounts of the foundation are to be audited annually by an individual who:
(a) is a member in good standing of a recognized accounting profession that is regulated by an Act; and
(b) is appointed by the benchers.
1990-91, c.L-10.1, s.76
2006, c. 25, s. 4
2007, c. 5, s. 7
2009, C.T. - 23.01, s. 64
77(1) The foundation may make rules for purposes relating to the affairs, business, property and objects of the foundation and, without limiting the generality of the foregoing, may make rules respecting:
(a) the number and designation of its officers;
(b) subject to subsection 74(3), the appointment and terms of office of its officers and all matters relating to its officers;
(c) the resignation or removal of its officers;
(d) the number and designations of its employees, other than officers, and the terms and conditions of their employment;
(e) the remuneration, if any, of its officers and employees; and
(f) the operation of the Law Foundation Account.
(2) Sections 88 to 92 apply, with any necessary modification, to rules of the foundation.
1990-91, c.L-10.1, s.77
2006, c. 25, s. 4
(2) A member who is credited with interest on moneys received or held in trust for or on account of clients generally:
(a) is deemed to hold the interest in trust for the foundation; and
(b) shall remit the interest to the foundation in accordance with the rules.
(3) The benchers shall make rules to ensure that all interest described in subsection (2) is paid to the foundation.
(4) No member is liable, by virtue of the relation between lawyer and client or by virtue of the relation between the member as trustee and a cestui que trust, to account to any person other than the foundation for interest described in subsection (2).
(5) Subject to subsection (6), nothing in this section or in the rules made pursuant to this section affects an arrangement in writing between the member and the member’s client as to the application of the client’s moneys or interest on the moneys.
(6) No arrangement described in subsection (5) applies to any interest on moneys of the client that has been credited to the member prior to their entering into the arrangement.
(7) Notwithstanding anything in this section or in rules made pursuant to this section, interest earned on moneys deposited in a separate account for a client is and remains the property of the client.
1990-91, c.L-10.1, s.78
79(1) The foundation shall:
(a) annually prepare and submit to the minister and the society a report respecting the work performed by the foundation in the immediately preceding fiscal year in carrying out its purposes;
(b) submit to the minister and the society the report of the auditor who has audited the accounts of the foundation for its immediately preceding fiscal year.
(2) The reports submitted pursuant to subsection (1) shall be laid before the Legislative Assembly by the minister in accordance with The Tabling of Documents Act.
1990-91, c.L-10.1, s.79