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3639 To define Municipal trust funds and to appoint Trustees to those Trusts established by the Corporation of The Town of TillsonburgTHE CORPORATION OF THE TOWN OF TILLSONBURG BY-LAW NUMBER 3639 A BY-LAW to Define Municipal Trust Funds and to appoint Trustees to those Trusts Established By The Corporation Of The Town of Tillsonburg. WHEREAS THE Council of the Corporation of the Town of Tillsonburg has established Municipal Trusts to receive donations designated for a trust, maintain and manage those trusts. NOW THEREFORE BE IT RESOLVED THAT the Council of The Corporation of the Town of Tillsonburg enacts as follows: 1. DEFINITIONS: Municipal Trust A municipal trust is a sum of money or property held by one party for the benefit of another. Trustee A Trustee is a person appointed by Council to direct the funds or hold the title of legal property for a beneficiary. 2. General Provisions Except as otherwise provided for in this by-law, all donations designated for a trust received herein shall be deposited into a trust account and may be invested in such securities as a trustee may invest in under The Trustee Act, and the earnings derived from the investment of such monies form part of the trust. The Director of Finance or designate for the Town of Tillsonburg shall be the Treasurer of the Fund herein. The Auditors as appointed from time to time by Town Council shall cause an audit be made annually of the financial position, operations, and cash flow of the Tillsonburg Trust Funds. Donations made to the Trust Funds shall be receipted by the municipality subject to Paragraph 110 (1) of The Income Tax Act and shall have the same status as gifts to a registered charity. 3. Trustees Trustees must be a member of the public who resides, owns property, owns a business or works in the Town of Tillsonburg. All Trustees are appointed at the pleasure of Council. If a Trustee wishes to resign as a member of a Trust, he/she shall provide the Clerk of the Town of Tillsonburg with a written letter of resignation. Upon confirmation that the Trustee will no longer be serving on the Trust, the Town Clerk, will notify Council of the vacancy and the need for a replacement. Replacement of the Trustee will be advertised in the local paper for a minimum of three issues. The Director of Finance and the Town Clerk shall be Trustees of all Municipal Trusts. They shall participate in the business of the Trust without any restriction including voting. The term of the Trustees shall coincide with the term of Council. Trustees will continue to serve on a Trust past the expiration of their term until they are replaced. In the event that there are no public trustees on a trust, then Council assumes responsibility for any decisions impacting the municipal trusts. 4. Retention of Applications to Serve as a Trustee Applications from individuals who are not appointed during the regular appointment process will be kept on file in the office of the Town Clerk for a period of two years from the date of submission. If a Trustee vacancy occurs within two years, the individuals who applied to serve as a Trustee and were not appointed will be contacted and asked if they are still interested in serving. Names of those who continue to have an interest to serve as a trustee will be submitted to the Council for consideration to fill the vacancy. The Clerk's Office may also re-advertise the vacancy in the newspaper. 5. Meetings Each Trust shall elect a Chairman, Vice-Chairman and a Secretary for the full term of four years. The Vice-Chairman shall act in place and instead of the Chairman when the Chairman is absent. Trustees will continue to serve on the Trust past the expiration of their term until they are replaced. The Trustees shall serve without compensation. The meetings required are determined by the individual Trusts. 6. Mandate of Trust and Trustee Appointments See Schedule "A" attached 13. This By-Law shall come into force and take effect on the date of its passing. READ A FIRST AND SECOND TIME THIS 13th DAY OF August, 2012. READ A THIRD AND FINAL TIME AND PASSED THIS 13th DAY OF August, 2012. Clerk - Donna Wilson CHEDULE A - TRUST & APPOINTMENTS TRUST NAME: ANNANDALE HOUSE TRUST PUBLIC TRUSTEES (AS APPOINTED BY COUNCIL): Robert Marsden Dianne MacKeigan TERM OF APPOINTMENT: Two Years (end of current Council Term) MANDATE/TERMS OF REFERENCE: To receive, maintain, control and use donations for the restoration, refurbish, development and promotion of Annandale House. Donations received herein shall be deposited into this trust account and may be invested in such securities as a trustee may invest in under the Trustee Act, and the earnings derived from the investment of such monies form part of the trust fund. Trustees to determine the disbursement of the funds, to focus on the restoration and development of Annandale House. TRUSTEE NAME: Cemetery Maintenance Trust PUBLIC TRUSTEES (AS APPOINTED BY COUNCIL): Robert Marsden Dianne MacKeigan TERM OF APPOINTMENT: Two Years (end of current Council Term) MANDATE/TERMS OF REFERENCE: To receive, maintain, control and use donations for the general maintenance and upkeep of Tillsonburg Cemeteries. Donations received herein shall be deposited into this trust account and may be invested in such securities as the trustees may invest in under the Trustee Act, and the earnings derived from the investment of such monies form part of the trust fund. Trustees to determine the disbursement of the funds, to focus on the general maintenance and care of the grounds of the Tillsonburg Cemetery. TRUSTEE NAME: Cemetery Trust (Perpetual Care) PUBLIC TRUSTEES (AS APPOINTED BY COUNCIL): Robert Marsden Dianne MacKeigan TERM OF APPOINTMENT: Two Years (end of current Council Term) MANDATE/TERMS OF REFERENCE: To receive, maintain, control and use donations for the perpetual care of Tillsonburg Cemeteries. Donations received herein shall be deposited into this trust account and may be invested in such securities as the trustees may invest in under the Trustee Act, and the earnings derived from the investment of such monies form part of the trust fund. Trustees to determine the disbursement of the funds, to focus on the continuous, everlasting care of Tillsonburg Cemeteries. TRUSTEE NAME: Community Trust PUBLIC TRUSTEES (AS APPOINTED BY COUNCIL): Biff Jarvis Mary Lou Sergeant TERM OF APPOINTMENT: Two Years (end of current Council Term) MANDATE/TERMS OF REFERENCE: To receive, maintain, control and use donations for community designated purposes. Donations received herein shall be deposited into this trust account and may be invested in such securities as the trustees may invest in under the Trustee Act, and the earnings derived from the investment of such monies form part of the trust fund. Trustees to determine the disbursement of the funds, to focus on community purposes such as heritage designations, disaster relief, fire safety, parades, festivals, theatre and so on. TRUSTEE NAME: Parkland Trust PUBLIC TRUSTEES (AS APPOINTED BY COUNCIL): Virginia Armstrong Mary Lou Sergeant TERM OF APPOINTMENT: Two Years (end of current Council Term) MANDATE/TERMS OF REFERENCE: To receive, maintain, control and use donations for parkland purposes. Donations received herein shall be deposited into this trust account and may be invested in such securities as the trustees may invest in under the Trustee Act, and the earnings derived from the investment of such monies form part of the trust fund. Trustees to determine the disbursement of the funds, to focus on the care and maintenance of Tillsonburg parklands to ensure a high standard and the continued beautification of Tillsonburg parks. TRUSTEE NAME: Scholarship Trust PUBLIC TRUSTEES (AS APPOINTED BY COUNCIL): Larry Scanlan David Palmer TERM OF APPOINTMENT: Two Years (end of current Council Term) MANDATE/TERMS OF REFERENCE: To receive, maintain, control and use donations for scholarship awards. Donations received herein shall be deposited into this trust account and may be invested in such securities as the trustees may invest in under the Trustee Act, and the earnings derived from the investment of such monies form part of the trust fund. Trustees to determine the disbursement of the funds to focus on choosing a suitable recipient of a scholarship.