WHEREAS the Vancouver Foundation was incorporated by the Vancouver Foundation Act, S.B.C. 1950, c. 94, and continued by the Vancouver Foundation Act, R.S.B.C. 2000, c. 1;

AND WHEREAS the Vancouver Foundation is a registered charity under the Income Tax Act (Canada);

AND WHEREAS, to meet its disbursement quota, as defined in section 149.1 of the Income Tax Act (Canada), and to support its ability to make grants to communities during economic downturns, the Vancouver Foundation desires an amendment to the definition of "reserve amount" in the Vancouver Foundation Act;

AND WHEREAS the Vancouver Foundation has by its petition requested that it be enacted as follows, and it is expedient to grant the request in the petition;

THEREFORE HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

1 Section 1 of the Vancouver Foundation Act, R.S.B.C. 2000, c. 1, is amended in the definition of "reserve amount" by striking out "at a particular time" and substituting "at a particular time in a fiscal year of the foundation" and by striking out "December 31, 2008" and substituting "December 31 of the immediately preceding fiscal year".

Commencement

2 This Act comes into force on December 31, 2022.