BILL NO. 85

1 In this Act,

(a) "corporation" means the Board of Trustees of the Nova Scotia Freemasons' Home incorporated by Chapter 129 of the Acts of 1943, An Act to Incorporate the Board of Trustees of the Nova Scotia Freemasons' Home;

(b) "foundation" means The Masonic Foundation of Nova Scotia incorporated pursuant to the Societies Act on June 10, 1969.

2 Notwithstanding clause 4(b) of Chapter 129 of the Acts of 1948, the corporation shall take all measures necessary to transfer all the assets of the corporation to the foundation as a "specified gift" within the meaning of subsection 149.1(1) of the Income Tax Act (Canada) effective January 1, 2007, or the tenth day following the coming into force of this Section, whichever is later.

3 Upon the taking place of the transfer referred to in Section 2,

(a) all the assets and liabilities of the corporation immediately before the transfer become assets and liabilities of the foundation;

(b) a reference in any enactment or document, including any conveyance, contract or will, to the corporation shall, as regards any subsequent matter, transaction or thing, be held and construed to be a reference to the foundation; and

(c) the foundation assumes responsibility to provide support to any Freemasons, their spouses and widows who were provided with support and assistance by the corporation at the time of the transfer.

4 (1) The officers of the corporation have the power to execute any documents necessary to effect the transfer referred to in Section 2 and, upon the transfer having been completed in accordance with the Income Tax Act (Canada), shall advise the Minister of Justice that the transaction is complete and that Chapter 129 of the Acts of 1948 may be repealed.

(2) Chapter 129 of the Acts of 1948 is repealed on such day as the Governor in Council orders and declares by proclamation.

5 This Act comes into force on such day as the Governor in Council orders and declares by proclamation.