74(1) The Law Foundation is continued as a corporation under the name of the Law Foundation of Saskatchewan.
(2) The affairs and business of the foundation shall be managed by a board of directors consisting of:
(a) 4 persons appointed by the minister; and
(b) 5 persons appointed by the benchers.
(3) Subject to subsections (4) and (5), a director appointed pursuant to subsection (2):
(a) holds office for a term of 3 years and until a successor is appointed; and
(b) is eligible for reappointment.
(4) No person shall hold office for more than two consecutive terms.
(5) A person ceases to be a director when the person dies or resigns.
(6) The directors shall elect from among their number:
(a) a chairperson of the board; and
(b) a vice-chairperson of the board.
(7) If a vacancy occurs on the board, the person or body by whom the director was appointed may appoint another person to the vacant office.
(8) A director appointed pursuant to subsection (7) holds office for the remainder of the term of the person being replaced and until a successor is appointed.
(9) A vacancy on the board does not impair the power of the remaining directors to act.
(10) No act done by the authority of the foundation is invalid in consequence of any defect that is discovered in the appointment of the board.
(11) A director 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.
(12) Those persons who were members of the foundation on the day before the coming into force of this subsection:
(a) continue as directors of the board pursuant to this section; and
(b) hold office for the remainder of the terms for which they were appointed until they resign or are replaced pursuant to this section.
75 The foundation may acquire, hold, mortgage, dispose of and otherwise deal with real and personal property for the purposes of the foundation.
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 accounts in a financial institution pending investment or application in accordance with this section, and those accounts are to be used for the purposes of the foundation.
(6) The foundation:
(a) may invest, 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 foundation.
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) 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 directors; and
(f) the operation of the accounts of the foundation.
(2) Sections 88 to 92 apply, with any necessary modification, to rules of the foundation.
(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.
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 section 13 of The Executive Government Administration Act.