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AR 54/2002 PERSONS WITH DEVELOPMENTAL DISABILITIES FOUNDATION WINDING-UP REGULATION

(no amdt)

ALBERTA REGULATION 54/2002

Persons with Developmental Disabilities
Foundation Act

PERSONS WITH DEVELOPMENTAL DISABILITIES
FOUNDATION WINDING‑UP REGULATION


Foundation wound up

1   The Persons with Developmental Disabilities Foundation is wound up in accordance with this Regulation.

Distribution of property

2   In carrying out the winding‑up the board of trustees of the Foundation shall apply the property of the Foundation as follows:

                                 (a)    firstly, in the payment of any costs incurred in the winding‑up of the Foundation,

                                 (b)    secondly, to discharge all liabilities of the Foundation, and

                                 (c)    thirdly, to give effect, as far as possible, to any outstanding applicable trust conditions,

and shall pay the balance, if any, to the Provincial Board established under section 2 of the Persons with Developmental Disabilities Community Governance Act.

Report to Minister

3   The board of trustees shall forthwith report in writing to the Minister when the winding‑up process has been completed.