Budget Implementation Act, 1997

Marginal note:Property to be divided

• 31 (1) If the foundation is wound up or dissolved, all its property remaining after all its debts and obligations have been satisfied shall be liquidated and the moneys arising from that liquidation shall be distributed among all the eligible recipients that have received grants from the foundation and that are, as of the day the distribution begins, still carrying on research, to be used by them for the purpose of that research, in such a way that each such recipient receives an amount that is the same proportion of those moneys that the total grants received by that recipient from the foundation is of the total of all grants that have been made by the foundation to all such eligible recipients.

• Marginal note:Repayment out of remaining property

  (2) Despite subsection (1), the Minister may require the foundation to repay out of the moneys arising from the liquidation to the Receiver General for credit to the Consolidated Revenue Fund any amount that is so repayable under the terms or conditions on which public moneys were provided to the foundation.