Constitution


FINANCIAL

Institute Account

28. The Institute shall establish, under its management in a chartered bank, an account to be known as the Institute for Environmental Monitoring and Research Account, in this section called the "Account".

Credits to Account

29. There shall be credited to the Account all amounts received by the Institute.

Charges to Account

30. There shall be charged to the Account all expenditures incurred by or for the Institute.

Members Expenses

31. The Institute will defray out-of-pocket expenses of Members related to the work of the Board in accordance with federal Treasury Board guidelines.

Grant

32. The Government of Canada will, subject to Article 4 of this Constitution, transfer to the Institute a grant of an amount not to exceed $1.125 million annually.

Application Of Income Tax and Estate Tax Acts

33. The Institute shall be deemed,

(a) for the purposes of the Income Tax Act, to be an organization in Canada of the kind described in paragraph 69(1) (f) of that Act,

and;

(b) for the purposes of the Estate Tax Act, to be an organization in Canada of the kind described in subparagraph 7(1) (d) (i) of that Act.

Fiscal Year

34. The fiscal year for the Institute will extend from 1 April to 31 March.

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